Incap's Q4 net sales missed market consensus (LSEG Data & Analytics), but profitability was better than expected.
Profitability (adj. EBIT margin) was better than market consensus (LSEG) expected in Q4.
Recent years have been quite volatile for Incap. Quarterly revenue growth fluctuated between +40% and -30% during 2024-25.
Incap has agreed to acquire Lacon for an equity value of EUR 50m.
Incap acquires Lacon which has production sites in Germany and in Romania.
A trade war between the US and India created headwind for Incap's operations in Q3.
Volumes were down and utilisation ratios weaker than year ago in Q3, like the company had anticipated.
The trade war has both directly and indirectly negatively affected Incap.
Some customers have postponed their orders due to uncertainties related to the US trade war.
Net sales and clean EBIT were below market consensus (LSEG) in Q2.
Incap downgraded its full year outlook on 22 July 2025.
Incap has guided for net sales to grow by 0-20% for 2025.
Today, we hosted a presentation by Incap's CEO Otto Pukk, at our virtual Nordic EMS seminar on Thursday (June 5).
The start of 2025 was weaker than market consensus (LSEG) expected.
Net sales was 8% below consensus (LSEG) in Q1. Clean EBIT margin was also weaker than market consensus in Q1.
Incap had already anticipated a slow start for 2025, and now the entire EMS sector is holding its breath, waiting to see how the trade war u...
We believe that the company's revenue growth of 40% y/y and record-high EBIT margin of 15% in Q4 2024 were not enough for investors.
Revenue growth was -7% in Q4 y/y by excluding the largest customer.
Revenue growth could be as high as ~50% y/y for Q4 2024E, due to a low comparison.
The company's Q3 net sales and adjusted EBIT were close to LSEG Data & Analytics consensus.
EMS market has been weak but Incap was able to improve net sales in y/y and also in q/q basis.
Several EMS companies have claimed weak end demand in H2 2024.
Net sales and clean EBIT were in line with consensus but the share price declined by 7.
Net sales and adjusted EBIT were close to market consensus (LSEG) in Q2.
Incap upgraded its 2024 full-year guidance on 18 July.
Incap upgraded its 2024 full year guidance. Net sales is now guided to grow (previously decline) in 2024 y/y.
This year could turn out to be better than expected for Incap.
Net sales were 12% above consensus (LSEG) in Q1. Revenue decreased by 29% y/y in Q1 but grew by 38% y/y when excluding the company’s largest...
Net sales have declined for the last four quarters on a q/q basis but this trend could come to an end in Q1 2024.
Incap's Q4 net sales and adjusted EBIT margin beat consensus (LSEG Data & Analytics) expectations.
Net sales was 7% above consensus (LSEG) in Q4. Also adjusted EBIT margin of 10.
Our estimates for net sales and EBIT are slightly above consensus for Q4.
Q3 net sales and clean EBIT were above Refinitiv consensus expectations.
Net sales was above consensus (Refinitiv) in Q3. Clean operating profit margin was also better than consensus in Q3.
Incap downgraded its 2023 guidance on 5 October due to weaker-than-expected orders from its main customer, which is conducting an inventory ...
Incap is relatively confident about its full-year net sales development, despite inventory destocking by its main customer.
Net sales was close to consensus (Refinitiv) in Q2.
We expect relatively good Q2 results, but H2 2023 estimates include a lot of uncertainty due to a major customer's need to reduce inventory.
Quality, reliable delivery and low costs are the main success factors in the competitive EMS sector and, in our view, Incap has them all.
