Incap: Report significantly reduces risk around the stock
The negative surprise element that we had flagged in our pre-comment on Incap's outlook materialized and we lowered our forecasts for the company quite significantly, especially for this year. On the other hand, the strong profitability in Q4, the solid cash flow in H2 and the comments on the quarterly turnaround, as well as the decline in the revenue share of the largest customer have, in our view, also removed a fair amount of risk from the stock.
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 Figures23/02
| 2023 | 24e | 25e | |
|---|---|---|---|
| Revenue | 221.6 | 210.0 | 241.5 |
| growth-% | -15.99 % | -5.23 % | 15.00 % |
| EBIT (adj.) | 30.6 | 23.3 | 30.0 |
| EBIT-% (adj.) | 13.81 % | 11.07 % | 12.40 % |
| EPS (adj.) | 0.75 | 0.56 | 0.76 |
| Dividend | 0.00 | 0.00 | 0.00 |
| Dividend % | |||
| P/E (adj.) | 10.38 | 17.67 | 12.95 |
| EV/EBITDA | 6.70 | 9.32 | 7.19 |
