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Research

Incap: Tough and fierce

By Joonas KorkiakoskiAnalyst
Incap
Download report (PDF)

Incap published its Q2 report yesterday. A strong Q1 was followed by a better than expected Q2 and there was really nothing to fault in the report. Incap’s operational performance is convincing, and the balance sheet offers plenty of leeway also for M&A transactions in line with the company strategy. Relative to the good earnings growth outlook, the share is not too 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 page

Key Estimate Figures29.07.2021

202021e22e
Revenue106.5142.7162.6
growth-%49.9 %34.0 %14.0 %
EBIT (adj.)14.620.223.8
EBIT-% (adj.)13.8 %14.2 %14.6 %
EPS (adj.)0.370.540.64
Dividend0.000.120.13
Dividend %0.0 %1.2 %1.3 %
P/E (adj.)9.817.815.2
EV/EBITDA7.112.310.5

Forum discussions

From personal experience, most deals, especially b2b deals at scale, get done without the branding or website playing any role in it. While ...
yesterday
by grandmaster
8
I understand the point and have the same gut feeling. But considering that this image series doesn’t represent 100% of Incap’s image and it’...
yesterday
by Wallet Buffet, Omahanonennuste
8
I wish this thread would discuss everything but incap’s appearance, but as an incap owner myself, I see this as something that needs to be developed...
yesterday
by Belfastinbingviini
9
Seeing Incap grow over the years has been a nice journey, especially with this latest acquisition. But going on Lacon’s LinkedIn page to do ...
yesterday
by grandmaster
9
Hello Everyone here at Incap forum! Thank you very much for the interest in Incap, excellent questions during the Q4 Webcast and the general...
2/27/2026, 2:09 PM
by Antti Pynnönen
50
Antti Viljakainen has written a new company report on Incap regarding Q4 The overall picture of Incap’s Q4 report was positive thanks to strong...
2/27/2026, 5:58 AM
by Sijoittaja-alokas
18
For those who prefer to listen in Swedish, there is also an interview with Otto Pukk in Swedish, from today:
2/26/2026, 12:41 PM
by Isa Hudd
18
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