Incap: Perky performance
Incap released its Q1 report yesterday. Thanks to the raised estimates announced by the company last week, we could expect better than predicted performance from the company and this also materialized. Incap has raised its efficiency to an astonishing level and there is a lot of leeway in the balance sheet to implement the inorganic strategy. Thus, we consider Incap’s longer term value creation potential to be good and relative to this the share is not especially expensive.
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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 Figures27.04.2021
| 2020 | 21e | 22e | |
|---|---|---|---|
| Revenue | 106.5 | 131.7 | 148.2 |
| growth-% | 49.9 % | 23.7 % | 12.5 % |
| EBIT (adj.) | 14.6 | 19.2 | 21.7 |
| EBIT-% (adj.) | 13.8 % | 14.6 % | 14.6 % |
| EPS (adj.) | 0.37 | 0.52 | 0.58 |
| Dividend | 0.00 | 0.08 | 0.09 |
| Dividend % | 0.0 % | 1.1 % | 1.2 % |
| P/E (adj.) | 9.8 | 13.9 | 12.6 |
| EV/EBITDA | 7.1 | 9.9 | 8.2 |
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