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olivLaw · European equity research

Incap Oyj ICP1V.HE

Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland

8.78EUR−3.41% · 1 dayClose 05 Nov 2026

At the close of 05 Nov 2026, Incap Oyj (ICP1V.HE) stock was 8.78 EUR (−3.41% on the day), with market capitalisation 261.0 m EUR, P/E 18.7 on diluted EPS of 0.47 EUR over the last 12 months, beta 0.86, 52-week range 7.23–10.72 EUR.

Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
261.0 m EUR
shares as of 31 Dec 2025
P/E (TTM)
18.7
Diluted EPS TTM 0.47 · TTM to 31 Dec 2025
E/P (TTM)
5.35%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
0.86
Volatility (1y) 35%
52-week range
7.2310.72

Price history

Loading chart…

Technical reading

RSI (14)
50.3
neutral
Bollinger (20, 2)
8.33 – 9.39
in the lower half of the band · %B 0.42 · band width 12.0%
SMA 50 / 200
8.55 / 9.08
mixed trend
MACD (12, 26, 9)
0.13 / 0.13
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month+2.0%+0.4%+1.6 pp—
3 months+8.7%−3.3%+11.9 pp—
6 months−2.4%+4.0%−6.4 pp—
Year to date−10.6%+8.1%−18.7 pp—
1 year−4.7%+10.7%−15.4 pp−1.2%
3 years+27.8%+50.1%−22.3 pp+4.1%
5 years−38.3%+43.6%−82.0 pp—
Max drawdown (1y)
−32.6%
17 Apr 2026 → 29 Jul 2026
Max drawdown (5y)
−72.8%
21 Feb 2023 → 30 Oct 2023
Compound annual growth (5y)
−9.2%
EURO STOXX 50 +7.5%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 50 percentile of its own 2-quarter history (min 13.3, median 17.1, max 20.9; quarters with earnings only).

Fiscal years

Fiscal year20242025
Revenue230.1 m214.6 m
Revenue YoYunavailable−6.7%
Net income22.7 m14.0 m
Net income YoYunavailable−38.5%
Diluted EPS0.770.47
Diluted EPS YoYunavailable−39.0%
net %9.9%6.5%
Free cash flowunavailableunavailable

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
80.8 m EUR
Financial debt
19.6 m EUR
Net debt
-61.2 m EUR
Equity
135.2 m EUR
Total assets
207.6 m EUR
Debt / equity
0.14x
Current ratio
3.65x
ROE
10.4%
ROA
6.6%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2024
230.1 m
2025
214.6 m

esef· 21 Apr 2026verified

Operating income
2024
29.2 m
2025
25.3 m

esef· 21 Apr 2026verified

Depreciation & amortisation
2024
5.6 m
2025
6.0 m

esef· 21 Apr 2026verified

EBITDA
2024
34.8 m ≈
2025
31.3 m ≈

esef· 21 Apr 2026derived

Interest expense
2024
2.8 m
2025
6.4 m

esef· 21 Apr 2026verified

Pre-tax income
2024
30.1 m
2025
22.3 m

esef· 21 Apr 2026verified

Income tax
2024
7.4 m
2025
8.3 m

esef· 21 Apr 2026verified

Net income
2024
22.7 m
2025
14.0 m

esef· 21 Apr 2026verified

Diluted EPS
2024
0.77
2025
0.47

esef· 21 Apr 2026verified

Weighted average diluted shares
2024
29.5 m
2025
29.6 m

esef· 21 Apr 2026verified

Balance sheet · EUR

Cash
2024
72.2 m
2025
80.8 m

esef· 21 Apr 2026verified

Receivables
2024
33.9 m
2025
27.7 m

esef· 21 Apr 2026verified

Inventories
2024
61.4 m
2025
52.1 m

esef· 21 Apr 2026verified

Current assets
2024
168.3 m
2025
162.4 m

esef· 21 Apr 2026verified

Property, plant & equipment, net
2024
24.3 m
2025
26.2 m

esef· 21 Apr 2026verified

Goodwill
2024
8.6 m
2025
8.2 m

esef· 21 Apr 2026verified

Intangibles (excl. goodwill)
2024
5.5 m
2025
4.7 m

esef· 21 Apr 2026verified

Total assets
2024
214.8 m
2025
207.6 m

esef· 21 Apr 2026verified

Accounts payable
2024
45.7 m
2025
39.9 m

esef· 21 Apr 2026verified

Long-term debt
2024
21.6 m
2025
19.6 m

esef· 21 Apr 2026verified

Current liabilities
2024
50.0 m
2025
44.4 m

esef· 21 Apr 2026verified

Total liabilities
2024
81.9 m
2025
72.3 m

esef· 21 Apr 2026verified

Equity
2024
133.0 m
2025
135.2 m

esef· 21 Apr 2026verified

Shares outstanding at year end
2024
29.5 m
2025
29.7 m

esef· 21 Apr 2026derived

Cash flow · EUR

Operating cash flow
2024
38.6 m
2025
27.0 m

esef· 21 Apr 2026verified

Investing cash flow
2024
-6.7 m
2025
-8.6 m

esef· 21 Apr 2026verified

Financing cash flow
2024
-3.8 m
2025
-3.8 m

esef· 21 Apr 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-6.7%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
-13.3%
computed by olivLawFY 2025
Net income growth (YoY)
-38.5%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
-39.0%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
14.6%
computed by olivLawFY 2025
EBIT margin
11.8%
computed by olivLawFY 2025
Net margin
6.5%
computed by olivLawFY 2025
FCF margin
unavailable
input data missing

Returns

ROE
10.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
6.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
20.2%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
15.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-61.2 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
-2.0x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Debt / equity
0.1x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
4.0x
computed by olivLawFY 2025

Liquidity

Current ratio
3.7x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
2.5x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
1.8x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
27.0 m EUR
computed by olivLawFY 2025
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
86.4%
computed by olivLawFY 2025

Efficiency

Days sales outstanding
52 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
261.0 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
199.8 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
18.7x
computed by olivLawFY 2025
P/E (TTM)
18.7x
computed by olivLawFY 2025
Earnings yield
5.4%
computed by olivLawFY 2025
P/B
1.9x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
1.2x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
6.4x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBIT
7.9x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/Sales
0.9x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 58.3% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

8.78 EUR

05 Nov 2026Source: olivLaw, closing series

Market cap: 261.0 m EUR

Key indicators

Market capitalisation
261.0 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
18.7x
computed by olivLawFY 2025
P/B
1.9x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
6.4x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROE
10.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
6.5%
computed by olivLawFY 2025
Revenue growth (YoY)
-6.7%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

27/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: esefpublished 21 Apr 2026
verified 56derived 2

Score by group

58% · Insufficient data

Estimated value range

Low
6.14
EUR per share
Mid
6.85
EUR per share
High
8.34
EUR per share
Price: 8.78 EUR
The price is above the range
Potential to the central value: -21.9% (value / price − 1)
Margin of safety: -28.1% (1 − price / value)
Agreement between methods: same comparison basis (not independent confirmations) · 2 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.87 – 8.51 EUR.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (EUR per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDA8.41 – 8.51 (Mid 8.49)
    5 companies used · median multiple 6.1x · quartiles 6.0x – 6.1x
    ANORA.HE, ETTE.HE, HARVIA.HE, HONBS.HE, KAMUX.HE
  • Peers: P/E3.87 – 8.17 (Mid 5.22)
    23 companies used · median multiple 11.1x · quartiles 8.2x – 17.4x
    ALMA.HE, APETIT.HE, ASPO.HE, ATRAV.HE, BIOBV.HE, CAPMAN.HE, CONSTI.HE, DIGIA.HE, ELEAV.HE, ELISA.HE, ENENTO.HE, ETTE.HE, FORTUM.HE, FSECURE.HE, GLA1V.HE, GRK.HE, HARVIA.HE, ILKKA.HE, INVEST.HE, KALMAR.HE, KAMUX.HE, KCR.HE, KEMIRA.HE
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

Assumptions (illustrative, editorial)

Risk-free rate
3.0%
Equity risk premium
5.5%
Beta (default)
1.00
Cost of equity
8.5%
Terminal growth
2.0%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 58.3% of at least 60%

FactorValueScoreWeight used
ROIC · Quality20.2%88 (vs peers)18%
Net margin · Quality6.5%62 (vs peers)11%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheet-2.0x100 (vs peers)18%
Interest coverage · Balance sheet4.0x38 (on a fixed band)11%
Current ratio · Balance sheet3.7x100 (on a fixed band)7%
P/E (TTM) · Valuation18.7x36 (vs peers)18%
EV/EBITDA · Valuation6.4x43 (vs peers)18%
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet81/100 · 3/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality78/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation39/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Incap Oyj (ICP1V.HE). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 214.6 m EUR in 2025; YoY growth -6.7%; net margin 6.5%; ROE 10.4%; net debt/EBITDA -2.0x.

The estimated value range is 6.14–8.34 EUR per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 6.85 EUR, the price of 8.78 EUR leaves a potential of -21.9% (value / price − 1) and a margin of safety of -28.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • ROIC: 20.2%
  • Net debt / EBITDA: -2.0x
  • Current ratio: 3.7x

What contradicts it

  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Listed companies from Finland · same country · compared with 39 companies

Multiples and returns vs the median

P/E
18.7x
vertical median 14.2x
above median (+32.0%)
EV/EBITDA
6.4x
vertical median 6.1x
at median
P/S
1.2x
vertical median 0.5x
above median (+152.4%)
P/B
1.9x
vertical median 1.4x
above median (+35.0%)
ROE
10.4%
vertical median 7.5%
above median (+38.6%)
Net margin
6.5%
vertical median 2.9%
above median (+122.5%)
EBIT margin
11.8%
vertical median 4.9%
above median (+138.4%)
Revenue YoY
-6.7%
vertical median 1.2%
below median (−653.3%)
Net debt/EBITDA
-2.0x
vertical median -0.0x
below median
Dividend yield
—
vertical median 4.0%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
FORTUM.HEFortum Oyj20.8 bn27.28.7%15.3%−14.0%+32% / +81%
ELISA.HEElisa Oyj5.6 bn16.327.0%15.2%+3.0%−8% / −15%
KEMIRA.HEKemira Oyj2.5 bn13.610.5%6.6%−6.6%−17% / +4%
KALMAR.HEKalmar Oyj2.4 bn14.724.1%9.4%+1.2%+0% / unavailable
KCR.HEKonecranes Oyj2.2 bn5.620.3%9.5%−0.9%−4% / +134%
EXEL.HEExel Composites Oyj1.8 bn—-18.5%-5.3%+3.6%+163% / +74%
BITTI.HEBittium Oyj1.2 bn55.817.5%17.9%+40.1%+73% / +603%
ALMA.HEAlma Media Oyj1.2 bn21.223.0%16.9%+4.6%+9% / +57%
FIA1S.HEFinnair Oyj927.4 m50.42.9%0.6%+1.9%+54% / +22%
GRK.HEGRK Infra Oyj788.5 m18.327.8%4.9%+19.7%+52% / unavailable
HARVIA.HEHarvia Oyj768.7 m29.321.0%13.3%+13.5%−1% / +64%
ATRAV.HEAtria Oyj451.7 m11.19.8%2.2%+3.3%+13% / +57%
ANORA.HEAnora Group Oyj317.6 m57.81.4%0.8%−4.9%+26% / +11%
CAPMAN.HECapMan Oyj300.2 m23.16.8%20.9%+9.4%−8% / −20%
ICP1V.HEIncap Oyj261.0 m18.710.4%6.5%−6.7%−3% / +37%
FSECURE.HEF-Secure Oyj243.7 m10.943.4%15.3%−0.4%−17% / −23%
ASPO.HEAspo Oyj219.4 m9.315.4%5.0%+2.1%+2% / +9%
ETTE.HEEtteplan Oyj173.7 m16.48.8%2.9%+0.1%−27% / −51%
DIGIA.HEDigia Oyj131.6 m10.514.5%5.9%+5.5%−16% / −12%
ILKKA.HEIlkka Oyj93.8 m8.16.2%30.8%+22.6%+0% / +21%
CONSTI.HEConsti Oyj77.4 m11.615.3%2.0%+2.9%−8% / −6%
APETIT.HEApetit Oyj75.6 m8.48.2%5.4%+3.1%−14% / −3%
ESENSE.HEEnersense International Oyj74.9 m74.73.1%0.4%−27.7%+12% / +9%
CTH1V.HEComponenta Oyj66.1 m324.00.8%0.2%−4.6%+49% / +182%
KAMUX.HEKamux Oyj47.4 m10.34.2%0.5%+0.8%−40% / −77%

1- and 3-year price returns: for ICP1V.HE from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (EUR)

Estimated priceBearBaseBull
1 years
4.69
Total return -47% · Per year -47%
8.34
Total return -5% · Per year -5%
12.62
Total return 44% · Per year 44%
3 years
3.73
Total return -58% · Per year -25%
7.53
Total return -14% · Per year -5%
12.62
Total return 44% · Per year 13%
5 years
2.96
Total return -66% · Per year -20%
6.79
Total return -23% · Per year -5%
12.62
Total return 44% · Per year 8%
What moves the 3-year price the most
  • Exit P/E± 1.88
  • Net margin± 1.32
  • Annual revenue growth± 1.19
  • Annual dilution± 0.11

AI analysis

The qualitative analysis has not been written for this company yet.

Products, market & competition

The qualitative analysis has not been written for this company yet.

News & filings

In the press

No news in our archive over the last 180 days.

Annual reports (ESEF)

Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.