Board Change • May 21
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. Independent Director Julianna Borsos was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Tillkännagivande • Dec 05
Incap Oyj (HLSE:ICP1V) agreed to acquire Lacon Electronic GmbH for €50 million. Incap Oyj (HLSE:ICP1V) agreed to acquire Lacon Electronic GmbH for €50 million on December 3, 2025. The purchase price €50 million, payable to the sellers in cash at closing. The acquisition agreement includes a possible earn-out payment to be paid to the sellers in 2027, amounting to €5 million, at the maximum. The earn-out is based on Lacon Group’s financial performance in 2026 and the maximum amount would be reached with an EBITDA of €10.5 million The transaction will be financed with Incap’s own funds and a bank loan of approximately €30 million.
The closing of the agreement is subject to the applicable foreign direct investment control clearances in Germany and Romania and is expected to occur in the first quarter of 2026.
Sebastian Kamm, Florian Streiber, Sascha Dethof, Anita Malec, Marcus Kamp, Thorsten Ihler, Bahne Sievers, Inga Wömmel, Matthias Berger, André Suttorp of Fieldfisher (Germany) LLP acted as legal advisors to Incap Oyj. Tillkännagivande • Jul 25
Incap Corporation Provides Earnings Guidance for the Full Year 2025 Incap Corporation provided earnings guidance for the full year 2025. for the year, the company expects revenue of EUR 210 million to EUR 230 million and operating profit (EBIT) of EUR 23 million to EUR 29 million. Tillkännagivande • Feb 21
Incap Oyj to Report Fiscal Year 2024 Final Results on Apr 14, 2025 Incap Oyj announced that they will report fiscal year 2024 final results at 10:00 AM, USSR Zone1 on Apr 14, 2025 Reported Earnings • Oct 27
Third quarter 2024 earnings released: EPS: €0.17 (vs €0.15 in 3Q 2023) Third quarter 2024 results: EPS: €0.17 (up from €0.15 in 3Q 2023). Revenue: €62.9m (up 26% from 3Q 2023). Net income: €4.94m (up 12% from 3Q 2023). Profit margin: 7.9% (down from 8.8% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Electronic industry in Germany. Reported Earnings • Jul 28
Second quarter 2024 earnings released: EPS: €0.17 (vs €0.19 in 2Q 2023) Second quarter 2024 results: EPS: €0.17 (down from €0.19 in 2Q 2023). Revenue: €57.9m (up 2.5% from 2Q 2023). Net income: €5.06m (down 11% from 2Q 2023). Profit margin: 8.8% (down from 10% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Tillkännagivande • May 11
Incap Oyj Announces Audit and Remuneration Committee Appointments The Board of Directors of Incap Oyj decided to establish two Committees, an Audit Committee and a Remuneration Committee. Kaisa Kokkonen was elected as the Chairman and Julianna Borsos and Antti Pynnönen as members of the Audit Committee. Ville Vuori was elected Chairman and Carl-Gustaf von Troil and Otto Pukk as members of the Remuneration Committee. Reported Earnings • May 09
First quarter 2024 earnings released: EPS: €0.17 (vs €0.29 in 1Q 2023) First quarter 2024 results: EPS: €0.17 (down from €0.29 in 1Q 2023). Revenue: €51.5m (down 29% from 1Q 2023). Net income: €4.95m (down 41% from 1Q 2023). Profit margin: 9.6% (down from 12% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Electronic industry in Germany. Reported Earnings • Apr 07
Full year 2023 earnings released: EPS: €0.68 (vs €0.94 in FY 2022) Full year 2023 results: EPS: €0.68 (down from €0.94 in FY 2022). Revenue: €221.7m (down 16% from FY 2022). Net income: €19.8m (down 28% from FY 2022). Profit margin: 8.9% (down from 11% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Valuation Update With 7 Day Price Move • Feb 29
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to €8.73, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 12x in the Electronic industry in Germany. Total loss to shareholders of 50% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €16.76 per share. Reported Earnings • Feb 23
Full year 2023 earnings released: EPS: €0.68 (vs €0.94 in FY 2022) Full year 2023 results: EPS: €0.68 (down from €0.94 in FY 2022). Revenue: €222.0m (down 16% from FY 2022). Net income: €19.8m (down 28% from FY 2022). Profit margin: 8.9% (down from 11% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Electronic industry in Germany. Tillkännagivande • Feb 22
Incap Oyj Appoints David Spehar as Member of Management Team Incap Oyj announced David Spehar (born 1967, MBA, Industrial Engineering) has been appointed member of Incap Group’s Management Team as of 21 February 2024. Mr. Spehar joined Incap in July 2023 through the acquisition of Pennatronics Inc., an Electronics Manufacturing Services company in Pennsylvania, USA. He has 17 years of experience with Pennatronics as General Manager and VP of Operations at the company’s factory outside of Pittsburgh, Pennsylvania. On 7 July 2023, he was appointed Managing Director of Incap Electronics US Inc., and he will continue in that position. As of 21 February 2024, the members of Incap Corporation’s Management Team are President & CEO, Otto Pukk; Director of Operations, India and Sales APAC, Murthy Munipalli; Director of Operations, Estonia, Margus Jakobson; Director of Operations, Slovakia, Miroslav Michalik; Director of Operations, U.K., Jamie Maughan; Director of Operations, U.S., David Spehar and CFO Antti Pynnönen. Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €6.92, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Electronic industry in Germany. Total loss to shareholders of 54% over the past year. Reported Earnings • Oct 26
Third quarter 2023 earnings released: EPS: €0.15 (vs €0.28 in 3Q 2022) Third quarter 2023 results: EPS: €0.15 (down from €0.28 in 3Q 2022). Revenue: €50.5m (down 32% from 3Q 2022). Net income: €4.42m (down 46% from 3Q 2022). Profit margin: 8.8% (down from 11% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Electronic industry in Germany. Valuation Update With 7 Day Price Move • Oct 10
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to €6.28, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Electronic industry in Germany. Total loss to shareholders of 50% over the past year. Reported Earnings • Jul 30
Second quarter 2023 earnings released: EPS: €0.19 (vs €0.19 in 2Q 2022) Second quarter 2023 results: EPS: €0.19 (down from €0.19 in 2Q 2022). Revenue: €56.4m (down 7.8% from 2Q 2022). Net income: €5.69m (flat on 2Q 2022). Profit margin: 10% (in line with 2Q 2022). Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Tillkännagivande • Jul 29
Incap Oyj Re-Affirms Earnings Guidance for the Year 2023 Incap Oyj re-affirmed earnings guidance for the year 2023. As communicated on 18 April 2023, the company estimates that its revenue and operating profit (EBIT) for 2023 will be lower than in 2022. Tillkännagivande • Jul 07
Incap Oyj (HLSE:ICP1V) acquired Pennatronics Corporation. Incap Oyj (HLSE:ICP1V) entered into an agreement to acquire Pennatronics Corporation for $26.3 million on July 1, 2023. The enterprise value of the acquired company is 18.6 million. In addition to this, approximately $1.6 million will be paid with Incap's shares to the owners of the acquired company. The acquisition agreement includes an additional payment in the form of a potential earn-out that will be paid in 2024 depending on Pennatronics' business performance during the financial year ending in March 2024. Its maximum amount is $3 million based on Pennatronics' EBITDA during the financial year ending in March 2024. Incap may at a later stage, subject to market conditions, explore the option of equity financing to optimize its capital structure. Pennatronics' revenue for the financial year that ended on 31 March 2023 was $30 million, and EBITDA was $2.9 million, or 10 percent of net sales.
The closing of the agreement will occur after the 4th of July festivities in the U.S. The closing is not subject to any approval by competition authorities or any other conditions precedent. Pennatronics' figures will be included in Incap Group's reporting as of July 2023. The transaction is estimated to have a positive impact on Incap Corporation's revenue in 2023. Additionally, the transaction is expected to have a slightly positive impact on operating profit (EBIT) due to one-time integration and transaction costs as well as the purchase price allocation amortization. The amount of integration costs incurring will be specified in more detail during the financial year 2023.
After the acquisition, the former owners of Pennatronics, Ralph B. Andy and Keith D. James, are committed to support Incap over the transition period.
Incap Oyj (HLSE:ICP1V) acquired Pennatronics Corporation on July 5, 2023. Pennatronics Inc. will be named as Incap Electronics US, Inc. and the company will start the brand change process. Board Change • May 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. Independent Director Kaisa Kokkonen was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Apr 18
Now 43% undervalued after recent price drop Over the last 90 days, the stock is down 35%. The fair value is estimated to be €20.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 44% over the last 3 years. Earnings per share has grown by 46%. For the next 3 years, revenue is forecast to grow by 9.3% per annum. Earnings is also forecast to grow by 10% per annum over the same time period. Reported Earnings • Apr 05
Full year 2022 earnings released: EPS: €0.94 (vs €0.72 in FY 2021) Full year 2022 results: EPS: €0.94 (up from €0.72 in FY 2021). Revenue: €263.8m (up 55% from FY 2021). Net income: €27.6m (up 31% from FY 2021). Profit margin: 11% (down from 12% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in Germany. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €17.44, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 19x in the Electronic industry in Germany. Total returns to shareholders of 30% over the past year. Reported Earnings • Feb 23
Full year 2022 earnings released: EPS: €0.94 (vs €0.72 in FY 2021) Full year 2022 results: EPS: €0.94 (up from €0.72 in FY 2021). Revenue: €264.4m (up 56% from FY 2021). Net income: €27.6m (up 31% from FY 2021). Profit margin: 10% (down from 12% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Electronic industry in Germany. Tillkännagivande • Feb 02
Incap Corporation Appoints Margus Jakobson as Member of Management Team Incap’s Margus Jakobson appointed member of Incap Group’s Management Team. Margus Jakobson (born 1979, Civ. Eng.), interim Managing Director of Incap Estonia, has been appointed member of Incap Group’s Management Team as well as Director of Operations Estonia and Managing Director of Incap Estonia as of 1 February 2023. Margus Jakobson joined Incap Estonia in 2016 and has previously been Member of Incap Estonia’s Management responsible for QHSE, process and strategy development. Before joining Incap Margus Jakobson held several managerial positions at electronics and technology companies such as ETAL Group, Nordic Houses and Pharmadule, among others. As of 1 February 2023, the members of Incap Group’s Management Team are Otto Pukk, President and CEO; Margus Jakobson, Director of Operations Estonia; Murthy Munipalli, Director of Operations India and Sales APAC; Jamie Maughan, Director of Operations UK; Miroslav Michalik, Director of Operations Slovakia and Antti Pynnönen, CFO. Buying Opportunity • Dec 30
Now 20% undervalued Over the last 90 days, the stock is up 32%. The fair value is estimated to be €21.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 40% over the last 3 years. Earnings per share has grown by 41%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings is also forecast to grow by 12% per annum over the same time period. Tillkännagivande • Nov 15
Incap Corporation Announces Executive Changes Incap announced that Greg Grace will leave his position as Incap’s Director of Operations Estonia and Managing Director of Incap Estonia. The recruitment process for a new Director of Operations Estonia and Managing Director of Incap Estonia will begin immediately. Margus Jakobson, Member of the Incap Estonia Management Team responsible for QHSE, is appointed as interim Managing Director of Incap Estonia with immediate effect. The members of Incap Group’s Management Team are currently Otto Pukk, President and CEO; Murthy Munipalli, Director of Operations India and Sales APAC; Jamie Maughan, Director of Operations UK; Miroslav Michalik, Director of Operations Slovakia and Antti Pynnönen, CFO. Tillkännagivande • Oct 27
Incap Corporation Provides Earnings Guidance for the Fiscal Year 2022 Incap Corporation provided earnings guidance for the fiscal year 2022. For the period, the company expects revenue, operating profit (EBIT) will be significantly higher than in 2021. Revenue is estimated to be EUR 262 million – EUR 270 million, and operating profit (EBIT) is estimated to be EUR 38 million – EUR 42 million. Tillkännagivande • Oct 18
Incap Corporation Provides Earnings Guidance for the Fiscal Year 2022 Incap Corporation provided earnings guidance for the fiscal year 2022. For the period, the company expects revenue, operating profit (EBIT) will be significantly higher than in 2021. The increase in the revenue and operating profit estimate is driven by improved visibility related to the customers' forecasts and the company's own assessment of the business development. Previously Incap estimated that its revenue, operating profit (EBIT) for 2022 would be clearly higher than in 2021. Reported Earnings • Jul 29
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €7.76m from profit in 1H 2021). Profit margin: (down from 11% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 10%, compared to a 20% growth forecast for the industry in Germany. Tillkännagivande • Jul 28
Incap Oyj Revises Earnings Guidance for the Year 2022 Incap Oyj revised earnings guidance for the year 2022. The company estimates that its revenue, operating profit (EBIT) for 2022 will be clearly higher than in 2021. Previously the company estimated that its revenue, operating profit (EBIT) for 2022 will be higher than in 2021. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improved over the past week After last week's 15% share price gain to €12.86, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 18x in the Electronic industry in Germany. Tillkännagivande • Jul 21
Incap Corporation Provides Earning Forecast for the Year 2022 Incap Corporation provided earning forecast for the year 2022. For the period, the company estimates that its revenue, operating profit for 2022 will be clearly higher than in 2021. The increase in the revenue and operating profit estimate is driven by improved visibility related to the customers' forecasts and the company's own assessments of the business development. Tillkännagivande • Jun 01
Incap Estonia Upgrades Two Current SMT Production Lines and Adds Third SMT Line to Factory in Kuressaare Incap Estonia is upgrading its two current SMT production lines and adding a third SMT line to its factory in Kuressaare. The new investment will increase the overall SMT production capacity by more than 50% and will be opened in the third quarter of this year. According to Greg Grace, Managing Director of Incap Estonia, the investment in two existing and one new SMT line will help the company to support its growth and customer demands. Incap Estonia is investing EUR 1.35 million in a long-term lease agreement of six years by renting new production equipment from SMT Renting. The contract for investments was signed with SMT Renting which has also provided the SMT lines for Incap in 2017 as well as in 2020.To maintain a well-functioning, agile and flexible modern manufacturing facility in Incap’s Kuressaare factory, the upgrades on the lines will be completed in the third quarter of this year. Incap Estonia is part of Incap Corporation, which is an international contract manufacturer. Electronics manufactured by Incap Estonia can be found for example in smart meters, in light electric vehicles on the streets, in smart led lights in different regions in Estonia as well as in the machinery of the world’s most famous marine company. Valuation Update With 7 Day Price Move • May 11
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €11.98, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 22x in the Electronic industry in Germany. Tillkännagivande • May 02
Incap Oyj Approves Dividend for the Year Ended 31 December 2021 Incap Oyj announced that at its Annual General Meeting held on 29 April 2022, the Annual General Meeting authorised in accordance with the Board's proposal the Board of Directors to decide on a distribution of dividend from the profits in accordance with the adopted financial statements of the financial year 1 January 2021 to 31 December 2021, to be distributed in one or several instalments at a later stage based on the Board of Director’s assessment. The total amount of dividend based on this authorisation will be divided between one current and four new shares, so that the total maximum amount of dividend is EUR 0.16 per share. The authorisation shall be valid until the commencement of the next Annual General Meeting. Tillkännagivande • Apr 28
Incap Oyj Provides Earning Guidance for 2022 Incap Oyj provided earning guidance for 2022. The company estimates that its revenue, operating profit (EBIT) for 2022 will be higher than in 2021. Tillkännagivande • Apr 01
Incap Oyj Proposes Dividend for the Year Ended December 31, 2021 Incap Oyj proposed dividend of a maximum of EUR 0.80 per share from the profits in accordance with the adopted financial statements of the financial year 1 January 2021 to 31 December 2021. The proposal consider at the AGM to be held on April 29, 2022. Buying Opportunity • Mar 29
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €91.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 35% per annum over the last 3 years. Earnings per share has grown by 32% per annum over the last 3 years. Reported Earnings • Mar 01
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €3.60 (up from €2.02 in FY 2020). Revenue: €170.0m (up 58% from FY 2020). Net income: €21.1m (up 129% from FY 2020). Profit margin: 12% (up from 8.6% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. 
