Company Overview
Incap Corporation is a leading global electronics manufacturing services (EMS) provider, offering a wide range of design, production, and logistics services to customers worldwide. With its strong presence in Europe, North America, Asia, and other regions, Incap has established itself as a trusted partner for companies seeking high-quality electronic products.
Incap's primary mission is to provide innovative solutions that enable its customers to succeed in the global market. The company's core values include a commitment to excellence, customer satisfaction, and continuous improvement. By focusing on these principles, Incap aims to build long-term relationships with its clients and contribute to their growth and success.
Key Products/Services
Incap offers a comprehensive range of products and services, including:
- Design Services: Incap provides design services for electronic products, including PCB design, component selection, and testing.
- Manufacturing Services: The company offers manufacturing services for a wide range of electronic components, including PCB assembly, component insertion, and final testing.
- Logistics Services: Incap provides logistics services, including warehousing, shipping, and inventory management.
- Test and Inspection Services: The company offers test and inspection services to ensure the quality of its products.
Incap's products and services are designed to provide customers with a competitive edge in the market. By leveraging Incap's expertise and capabilities, companies can reduce their production costs, improve product quality and decrease their time-to-market.
Benefits
The benefits of working with Incap include:
- Increased Efficiency: Incap's manufacturing services enable customers to produce high-quality electronic products quickly and efficiently.
- Improved Product Quality: The company's rigorous testing and inspection processes ensure that its products meet the highest standards of quality.
- Reduced Costs: By leveraging Incap's economies of scale, companies can reduce their production costs and improve their bottom line.
- Increased Flexibility: Incap offers a range of design, manufacturing, and logistics services, making it easy for customers to adapt to changing market conditions.
Incap's commitment to excellence, customer satisfaction, and continuous improvement has earned the company a reputation as a trusted partner in the electronics manufacturing services industry. By investing in Incap, investors can tap into the company's expertise, capabilities, and global reach, while also supporting its mission to enable customers to succeed in the global market.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 29.3 | 29.4 | 29.4 | 29.4 | 29.4 | 29.4 | 29.4 |
| Target Valuation (MEur) | 236.9 | 206.7 | 95.9 | 195.0 | 165.4 | 89.7 | 89.7 |
| Targer Price | 8.09 | 7.02 | 3.26 | 6.62 | 5.62 | 3.04 | 3.04 |
| Potential, % | -52.7 | -9.4 | -68.2 | -32.6 | -32.2 | -63.2 | -63.2 |
| Recommendation | Sell | Hold | Sell | Sell | Sell | Sell | Sell |
| MCAP (MEur) | 500.8 | 228.1 | 301.4 | 289.2 | 243.8 | 243.8 | 243.8 |
| Price | 17.1 | 7.75 | 10.24 | 9.82 | 8.28 | 8.28 | 8.28 |
| EV | 515.0 | 220.0 | 260.0 | 236.0 | 233.0 | 216.0 | 201.0 |
| P/S | 1.9 | 1.03 | 1.31 | 1.35 | 0.88 | 0.87 | 0.92 |
| EV/S | 1.95 | 0.99 | 1.13 | 1.1 | 0.84 | 0.77 | 0.76 |
| EV/EBIT | 13.2 | 7.8 | 8.92 | 9.34 | 8.04 | 6.5 | 7.46 |
| P/E | 18.14 | 11.54 | 13.26 | 20.7 | 11.34 | 9.19 | 11.34 |
| P/B | 5.73 | 2.14 | 2.27 | 2.14 | 1.56 | 1.33 | 1.19 |
| P/OCF | -619.77 | 5.11 | 7.8 | 10.71 | 11.08 | 8.29 | 9.09 |
| EV/OCF | -636.97 | 4.93 | 6.74 | 8.75 | 10.6 | 7.33 | 7.48 |
| P/FCF | -80.41 | 9.0 | 9.44 | 15.67 | -6.44 | 13.85 | 16.27 |
| EV/FCF | -82.64 | 8.68 | 8.16 | 12.81 | -6.16 | 12.25 | 13.38 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 263.8 | 221.5 | 230.1 | 214.6 | 278.5 | 280.1 | 264.6 |
| Rev. Growth, % | 55.5 | -16.0 | 3.9 | -6.7 | 29.8 | 0.6 | -5.5 |
| Ebit | 39.0 | 28.2 | 29.2 | 25.3 | 29.0 | 33.2 | 26.9 |
| Ebit Growth, % | 50.0 | -27.7 | 3.5 | -13.4 | 14.6 | 14.5 | -19.0 |
| Ebit, % | 14.8 | 12.7 | 12.7 | 11.8 | 10.4 | 11.9 | 10.2 |
| Profit | 27.6 | 19.8 | 22.7 | 14.0 | 21.5 | 26.5 | 21.5 |
| EPS | 0.94 | 0.67 | 0.77 | 0.48 | 0.73 | 0.9 | 0.73 |
| Profit Growth, % | 30.8 | -28.3 | 14.6 | -38.3 | 53.6 | 23.3 | -18.9 |
| Profit, % | 10.5 | 8.9 | 9.9 | 6.5 | 7.7 | 9.5 | 8.1 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 91.8 | 71.0 | 61.4 | 52.1 | 83.8 | 84.1 | 84.8 |
| Acc. Receivable | 36.4 | 23.9 | 34.7 | 27.7 | 34.4 | 34.6 | 34.6 |
| Cash | 7.6 | 42.6 | 72.2 | 80.8 | 71.5 | 89.1 | 104.1 |
| Equity | 87.4 | 106.8 | 133.0 | 135.2 | 156.3 | 182.8 | 204.3 |
| ROE, % | 31.6 | 18.5 | 17.1 | 10.4 | 13.8 | 14.5 | 10.5 |
| ROCE, % | 35.8 | 20.0 | 17.8 | 15.5 | 13.4 | 13.6 | 10.1 |
| Net Debt | 13.9 | -8.2 | -41.0 | -52.9 | -10.7 | -28.3 | -43.3 |
| Gearing, % | 15.9 | -7.7 | -30.8 | -39.1 | -6.8 | -15.5 | -21.2 |
| Equity ratio, % | 51.9 | 58.5 | 61.9 | 65.2 | 55.5 | 62.4 | 67.0 |
| Acc. Payable | 56.7 | 37.8 | 45.5 | 39.4 | 41.2 | 36.1 | 38.9 |
| Total Assets | 168.3 | 182.3 | 214.8 | 207.6 | 281.7 | 292.8 | 304.9 |
| ROA, % | 16.4 | 10.9 | 10.6 | 6.7 | 7.6 | 9.1 | 7.1 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -0.8 | 44.6 | 38.6 | 27.0 | 22.0 | 29.4 | 26.8 |
| Investment Cash Flow | -5.4 | -19.3 | -6.7 | -8.6 | -59.9 | -11.8 | -11.8 |
| Free Cash Flow | -6.2 | 25.3 | 31.9 | 18.4 | -37.9 | 17.6 | 15.0 |
| OCF/CAPEX | 0.0 | 2.31 | 5.76 | 3.16 | 0.37 | 2.49 | 2.27 |
| Financial Cash Flow | 5.1 | 10.1 | -3.8 | -3.8 | 27.2 | 0.0 | 0.0 |
Disclaimer
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