Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
/
Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Incap Oyj is a Finland-based electronics manufacturing services (EMS) provider headquartered in Helsinki. Established in 1985 and listed on the Nasdaq Helsinki since 1997, the company delivers comprehensive solutions including prototyping, engineering, PCB assembly, box-build assembly, cable harnesses, magnetic assemblies, and after-sales services. Incap Oyj operates globally with facilities in Finland, Estonia, India, Slovakia, the UK, USA, and Hong Kong, employing around 2,300 skilled personnel to support an entrepreneurial and customer-driven culture. It serves diverse industries such as aerospace, automotive, medical, defense, industrial automation, green energy, telecom, and consumer electronics, with a strong emphasis on quality, flexibility, and on-time delivery. Notable expansions include acquisitions like AWS Electronics Group in 2020, Pennatronics Inc. in 2023, and Lacon Group in 2025, enhancing its presence in key markets across Europe, North America, and Asia. Incap Oyj's scalable model and commitment to continuous improvement position it as a strategic partner in the competitive EMS sector.
€8.78
+€0.07 (+0.80%)
EOD Jul 2, 2026
11.78% operating margin is respectable but not wide. ROIC at 9.69%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue declined 6.7% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 45% versus the prior year, cash generation momentum has weakened. ROIC dropped from 14.32% to 9.69%, capital efficiency is deteriorating.
20.2x earnings, 14.3x FCF. Valuation is in a reasonable range. The main question is whether the business can re-accelerate or if current trajectory is already priced in.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
€209M
▼ -6.7% YoY
Net Income (TTM)
€13M
▼ -38.5% YoY
Op. Margin
10.61%
▼ -0.8pp YoY
ROIC
9.69%
▼ -4.6pp YoY
Cash Flow & Balance Sheet
FCF (FY)
€18M
▼ -44.7% YoY
Op. Cash Flow (FY)
€30M
▼ -28.9% YoY
Net Debt
-€53M
Net Cash Position
Cash & Equiv.
€81M
3Y CAGR: -6.6%
Continue Research
At a P/E of 20.2 and a price-to-free-cash-flow of 14.3, Incap Oyj (ICP1V.XHEL) trades below a two-stage DCF intrinsic value of about €32.81 per share, so at €8.78 the stock looks undervalued (273.7% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Incap Oyj scores 42/100 on Intrinsiqq's quality scorecard (a mixed business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about €32.81 per share for ICP1V.XHEL, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around €24.61. At today's €8.78, that puts the stock about 273.7% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Incap Oyj scores 42 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a mixed business on these measures. Recent fundamentals include a 10.6% operating margin and a 9.7% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
That depends on valuation and quality together, not either alone. ICP1V.XHEL currently trades below its estimated intrinsic value and scores 42/100 on quality (mixed). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.