Incap: From victory to victory
Incap, who issued a positive earnings revision yesterday, will publish its Q3 report on Thursday 10/27. We were not really surprised by the revision but did raise our estimates for 2022 and the next few years by about 10% after the outlook for the rest of the year was confirmed. On the other hand, the estimate hikes are partially neutralized by Incap’s higher required return due to increased interest rates. We believe that Incap's share price is currently just barely attractively priced (2023e P/E 13x, 3-year PEG 1.6x) and the expected return is marginally higher than the required return
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 Figures18.10.2022
2021 | 22e | 23e | |
---|---|---|---|
Revenue | 169.8 | 252.5 | 276.4 |
growth-% | 59.43 % | 48.73 % | 9.46 % |
EBIT (adj.) | 26.8 | 40.0 | 43.9 |
EBIT-% (adj.) | 15.77 % | 15.82 % | 15.87 % |
EPS (adj.) | 0.74 | 1.04 | 1.18 |
Dividend | 0.16 | 0.18 | 0.20 |
Dividend % | 1.02 % | 1.91 % | 2.13 % |
P/E (adj.) | 21.17 | 9.02 | 7.94 |
EV/EBITDA | 15.76 | 6.50 | 5.43 |