Incap

Country:
Sector:
Market cap (m):
Finland
Capital Goods
EUR 288.37
Bloomberg:
Reuters:
Website:
ICP1V FH
ICP1V.HE
Share price (close):
EUR 9.86

Latest Reports

Incap
3 MAY 2023
Commissioned Research: Gathering strength
Quality, reliable delivery and low costs are the main success factors in the competitive EMS sector and, in our view, Incap has them all. Incap also has a clientele portfolio that can offer notable and long-term growth potential. The company's business is concentrated on renewable energy and energy security. We also believe that Incap will be able to sustain its operating margin above 13% thanks to its competitive and decentralised production platform. We initiate coverage of Incap and calculate a fair value range of EUR 13.5-16.5 per share. Our valuation approach is based on a DCF and backed up by peer group comparison. Marketing material commissioned by Incap.

Equity analysts

Key persons

CEO: Otto Pukk

CFO: Antti Pynnönen

Chairman: Ville Vuori

Numbers
Export to Excel
Nordea
EURm
2019
2020
2021
2022
2023E
2024E
2025E
Total revenues
71.0
106.5
169.8
263.8
232.0
257.2
280.4
Ebitda (adj.)
11.46
15.94
29.26
42.68
36.17
39.09
42.12
Ebitda - margin
16.1%
15.0%
17.2%
16.2%
15.6%
15.2%
15.0%
EBIT (adj.)
10.1
12.6
26.0
38.9
32.2
35.0
37.9
EBIT (adj.) margin
14.2%
11.8%
15.3%
14.7%
13.9%
13.6%
13.5%
PTP (adj.)
9.7
11.5
25.7
36.6
30.4
33.1
35.8
Net profit from cont oper (adj)
6.27
9.22
21.06
27.55
23.11
25.14
27.24
Shareholders´ Equity
21.9
38.6
62.9
87.4
110.5
135.7
162.9
Net interest bearing debt
0.0
5.4
1.7
13.6
-16.5
-35.4
-59.6
Net gearing
0.0%
13.9%
2.7%
15.6%
-15.0%
-26.1%
-36.6%
Net debt/EBITDA
0.0
0.3
0.1
0.3
-0.5
-0.9
-1.4
Free cash flow to equity
6.2
-4.8
4.5
-6.2
32.4
20.8
26.2
Diluted number of shares in issue, year-end (m)
21.8
22.9
29.3
29.3
29.3
29.3
29.3
Nordea Markets estimates published on May 3, 2023
Source: Company data, Nordea estimates
Per share data and multiples
Export to Excel
Nordea
EUR and %
2019
2020
2021
2022
2023E
2024E
2025E
EPS (adj.)
0.29
0.40
0.72
0.94
0.79
0.86
0.93
EPS (adj.) growth
7.3%
40.3%
78.2%
30.8%
-16.1%
8.8%
8.4%
DPS
0.00
0.00
0.00
0.00
0.00
0.00
0.00
BVPS
1.0
1.7
2.1
3.0
3.8
4.6
5.6
P/E (adj.)
10.1
9.1
21.8
18.2
12.5
11.5
10.6
EV/Sales
0.89
0.84
2.72
1.95
1.17
0.99
0.82
EV/EBITDA (adj.)
5.51
5.63
15.77
12.06
7.53
6.48
5.44
EV/EBIT (adj.)
6.27
7.12
17.77
13.23
8.46
7.25
6.06
P/BV
2.89
2.19
7.31
5.73
2.61
2.13
1.77
Dividend yield
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
FCF Yield bef A&D, lease adj
8.9%
0.7%
0.8%
-1.6%
10.6%
6.5%
8.4%
RoE
33.3%
30.5%
41.5%
36.7%
23.3%
20.4%
18.2%
ROIC
36.3%
27.4%
34.5%
34.4%
24.5%
26.9%
27.8%
Nordea Markets estimates published on May 3, 2023
Source: Company data, Nordea estimates

Source: Refinitiv