Incap Oyj (ICP1V.HE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+6.9%

€9.56

vs €8.95 price

Levered DCF

€10.27

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

4.02

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	20.89×	13.3×	11.4×	18.19×	21.81×	9.23×	11.61×	5.45×
P/B	2.14×	2.27×	2.13×	5.73×	7.3×	2.18×	3.38×	2.02×
P/S	1.35×	1.31×	1.03×	1.9×	2.71×	0.79×	1.04×	0.54×
EV / EBITDA	7.66×	6.88×	6.67×	12.54×	15.55×	5.8×	6.59×	3.86×
Gross margin	17.9%	33.6%	15.8%	28.2%	31.2%	31.6%	27.6%	27.3%
Operating margin	11.8%	12.7%	12.6%	14.8%	15.3%	11.8%	14.2%	14.6%
Net margin	6.5%	9.9%	8.9%	10.5%	12.4%	8.7%	8.8%	9.9%
Current ratio	3.65×	3.37×	3.26×	2×	1.7×	1.79×	2.62×	1.77×
Debt / equity	0.23×	0.23×	0.32×	0.24×	0.18×	0.3×	0.33×	0.38×
Interest coverage	3.98×	11.98×	15.71×	58.74×	42.86×	21.9×	29.66×	16.67×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.3%	17.1%	18.6%	31.6%	33.5%	23.9%	28.7%	37.2%
Return on invested capital	9.5%	13.1%	14.6%	26.4%	27.8%	19.8%	22.5%	29.3%
Return on assets	6.7%	10.6%	10.9%	16.4%	16.3%	12.1%	17.2%	18.2%
Free cash flow yield	6.3%	11.0%	16.6%	-1.3%	1.1%	2.3%	8.4%	6.1%
Earnings yield	4.8%	7.5%	8.7%	5.5%	4.6%	10.9%	8.5%	18.3%
Enterprise value	€239.6M	€260.2M	€219.1M	€514.1M	€461.3M	€91.7M	€75M	€34.9M
Net debt / EBITDA	-1.58×	-1.09×	-0.26×	0.33×	0.07×	0.47×	0.09×	0.34×
Cash conversion cycle (days)	77	134	130	129	124	13	89	18