Incap: Time for a breather
Incap's revenue grew by a massive 50% to EUR 71 million in Q3. The growth that was probably driven by key customer volumes exceeded our expectations. We did not make any substantial estimate changes after the report. Incap's share is still not unreasonably highly valued, considering the company’s positive outlook but we do not feel that the share’s risk adjusted expected return reaches the required return in the short term.
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 Figures27.10.2022
2021 | 22e | 23e | |
---|---|---|---|
Revenue | 169.8 | 268.1 | 294.3 |
growth-% | 59.43 % | 57.90 % | 9.79 % |
EBIT (adj.) | 26.8 | 40.7 | 44.7 |
EBIT-% (adj.) | 15.77 % | 15.18 % | 15.20 % |
EPS (adj.) | 0.74 | 1.02 | 1.17 |
Dividend | 0.16 | 0.18 | 0.20 |
Dividend % | 1.02 % | 1.92 % | 2.14 % |
P/E (adj.) | 21.17 | 9.15 | 7.97 |
EV/EBITDA | 15.76 | 6.54 | 5.42 |