Incap: The market verdict seems slightly exaggerated
Yesterday, Incap issued a profit warning for the current year after the company's largest customer decided to lower its inventory levels due to the normalization of the component situation and a slowing growth outlook. In the short term, there are few positive drivers for the stock, but we don’t see the problems associated with the largest client as structural.
Incap
Incap operates in the industrial sector. The company supplies equipment and associated services for industrial companies, where the range includes PCB assembly, system integrations, box building integration, design validation, and inspection methods. The largest operations are in the Nordic countries, the Baltics, and Asia. The company was originally established in 1985 and is headquartered in Helsinki.
Read more on company pageKey Estimate Figures2023-04-18
| 2022 | 23e | 24e | |
|---|---|---|---|
| Revenue | 263.8 | 237.0 | 266.4 |
| growth-% | 55.36 % | -10.15 % | 12.39 % |
| EBIT (adj.) | 40.0 | 31.0 | 38.2 |
| EBIT-% (adj.) | 15.16 % | 13.08 % | 14.35 % |
| EPS (adj.) | 0.98 | 0.78 | 0.99 |
| Dividend | 0.00 | 0.15 | 0.20 |
| Dividend % | 1.52 % | 2.03 % | |
| P/E (adj.) | 17.53 | 12.63 | 9.96 |
| EV/EBITDA | 12.01 | 7.50 | 5.71 |
