Incap

Country:
Sector:
Market cap (m):
Finland
Capital Goods
EUR 268.20
Bloomberg:
Reuters:
Website:
ICP1V FH
ICP1V.HE
Share price (close):
EUR 9.17

Latest Reports

Incap
30 OCT 2026
Commissioned Research: A genuine positive surprise in Q3
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10 pages
Incap
29 OCT 2026
Commissioned Research: Adjusted EBITA clearly above consensus in Q3 - FY guidance unchanged
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4 pages
Incap
22 OCT 2026
Commissioned Research: Strong reported growth but margins need proof
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10 pages
Incap
31 JUL 2026
Commissioned Research: H2 is likely to be stronger than H1
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10 pages
Incap
30 JUL 2026
Commissioned Research: EBITA margin below our expectation in Q2 - FY guidance unchanged
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4 pages
Incap
27 JUL 2026
Commissioned Research: Profit warning due to margin pressure
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10 pages
Incap
24 JUL 2026
Commissioned Research: Incap downgraded its FY 2026 EBITA guidance to EUR 26-29m
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3 pages
Incap
8 JUL 2026
Commissioned Research: Incap received EUR 11m order from KNDS
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3 pages
Incap
4 MAY 2026
Commissioned Research: Risks related to revenue volatility have not abated
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10 pages
Incap
30 APR 2026
Commissioned Research: A weak start of the year, but full year guidance is unchanged
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4 pages
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Equity analysts

Key persons

CEO: Otto Pukk

CFO: Antti Pynnönen

Chairman: Ville Vuori

Numbers
Export to Excel
Nordea
EURm
2022
2023
2024
2025
2026E
2027E
2028E
Total revenue
214.6
294.1
330.5
353.6
275.5
320.0
341.0
EBITDA (adj.)
32.3
41.0
49.3
52.5
34.5
41.5
44.5
EBITDA (adj.) margin
15.1%
13.9%
14.9%
14.8%
12.5%
13.0%
13.0%
EBIT (adj.)
25.7
27.2
33.3
36.4
24.5
31.5
34.5
EBIT (adj.) margin
12.0%
9.25%
10.1%
10.3%
8.89%
9.84%
10.1%
PTP (adj.)
22.7
27.1
31.7
34.9
23.5
29.5
32.5
Net profit (cont. oper.) (adj.)
14.4
20.0
24.1
26.5
16.5
21.5
24.0
Shareholders' equity
135.2
155.3
179.3
205.8
n.a.
n.a.
n.a.
Net debt
-53.3
-13.2
-38.3
-66.6
-8.80
-20.3
-53.0
Net gearing
-39.4%
-8.50%
-21.4%
-32.3%
n.a.
n.a.
n.a.
Net debt/EBITDA
-1.67
-0.32
-0.78
-1.27
-0.26
-0.49
-1.19
Free cash flow
18.4
-37.9
26.9
30.1
856.6
1,024
n.a.
Diluted no. of shares, year-end (m)
29.4
29.4
29.4
29.4
n.a.
n.a.
n.a.
Nordea Markets estimates published on Oct 30, 2026
Source: Company data, Nordea estimates
Note: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers.
Per share data and multiples
Export to Excel
Nordea
EURm
2022
2023
2024
2025
2026E
2027E
2028E
EPS (adj. EUR)
0.49
0.68
0.82
0.90
0.56
0.74
0.84
EPS (adj.) growth
-39.3%
39.5%
20.2%
10.2%
19.1%
33.0%
12.1%
DPS (ord. EUR)
0.00
0.00
0.00
0.00
0.00
0.00
0.08
BVPS
4.59
5.27
6.09
6.99
5.10
5.80
6.63
P/E (adj.)
20.1
13.5
11.2
10.2
n.a.
n.a.
n.a.
EV/Sales
1.10
0.87
0.70
0.58
n.a.
n.a.
n.a.
EV/EBITDA (adj.)
7.30
6.26
4.70
3.88
n.a.
n.a.
n.a.
EV/EBIT (adj.)
9.19
9.44
6.97
5.59
n.a.
n.a.
n.a.
P/BV
2.14
1.74
1.51
1.31
n.a.
n.a.
n.a.
Dividend yield (ord.)
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.87%
FCF yield before A&D, lease-adj.
5.72%
3.81%
9.30%
10.5%
334.7%
400.2%
n.a.
ROE
10.4%
13.8%
14.4%
13.8%
11.6%
13.6%
13.4%
ROIC
21.1%
17.8%
17.5%
19.3%
n.a.
n.a.
n.a.
Nordea Markets estimates published on Oct 30, 2026
Source: Company data, Nordea estimates
Note: Nordea estimates are adjusted where stated, whereas consensus estimates are presented as reported numbers.

Source: LSEG Data & Analytics