Report clearly brightened the horizon
Incap had a much better start to the year than we expected, with deliveries to the largest customer already recovering well from the Q4 lows, according to our estimates, and other customers maintaining organic growth. We have significantly raised our forecasts for this year and the coming years, and the rapid quarterly turnaround has again lowered the risk level of the stock. Incap's growth and earnings trend is turning upwards with rolling earnings in H2, against which the stock is still reasonably priced (2024e: EV/EBIT 10x). As a result, we continue to view the stock's expected return as attractive over the one-year and medium-term horizons.
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 Figures09.05
2023 | 24e | 25e | |
---|---|---|---|
Omsætning | 221,6 | 235,9 | 271,3 |
vækst-% | -15,99 % | 6,44 % | 15,02 % |
EBIT (adj.) | 30,6 | 29,3 | 34,7 |
EBIT-% (adj.) | 13,81 % | 12,43 % | 12,79 % |
EPS (adj.) | 0,75 | 0,74 | 0,89 |
Udbytte | 0,00 | 0,00 | 0,00 |
Udbytte % | |||
P/E (adj.) | 10,38 | 13,53 | 11,24 |
EV/EBITDA | 6,70 | 8,03 | 6,47 |