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Incap: Good outlook with risks priced in a balanced manner
We made only minor changes to our earnings estimates following the company's Q4 report. In our view, the Incap share is still not unreasonably expensive given the overall positive outlook for the company.
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Incap operates in the industrial sector. The company supplies equipment and services for industrial players, where the range includes PCB assembly, system integration, box building integration, design validation, and inspection methods. The largest operations are found in the Nordic, Baltic and Asian regions. The company was originally established in 1985 and is headquartered in Helsinki.
Read more on company pageKey Estimate Figures22.02.2023
| 2022 | 23e | 24e | |
|---|---|---|---|
| Revenue | 263.8 | 311.0 | 341.7 |
| growth-% | 55.4 % | 17.9 % | 9.9 % |
| EBIT (adj.) | 40.0 | 46.7 | 51.1 |
| EBIT-% (adj.) | 15.2 % | 15.0 % | 14.9 % |
| EPS (adj.) | 0.98 | 1.17 | 1.32 |
| Dividend | 0.00 | 0.15 | 0.20 |
| Dividend % | 1.5 % | 2.0 % | |
| P/E (adj.) | 17.5 | 8.5 | 7.5 |
| EV/EBITDA | 12.0 | 5.4 | 4.4 |
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