Omvänd vinstvarning från Incap
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Intressant hur de olika aktörerna i branschen har det just nu. Inför rapportperioden flaggar Scanfil för bättre än väntat, Incap sämre.
I dag kvartalsrapport för NOTEs del:
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Otto Pukk om Q1:an, vinstvarningen och hur han sover om natten:
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Den som hellre tittar på engelska versionen:
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Uppdaterad analys!
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A few days ago Nordea started covering Incap. Plus 60 pages PDF to read. 
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Incapin viktiga kundens roll minskar, men det är känt och det syns kanske alltför mycket i aktiekursen. Enligt mina egna tankar är Incap dock ett kvalitetsföretag, där många grundläggande aspekter är i mycket bra skick.
Företaget verkar vara snabb och smidig. Låga kostnader och hög lönsamhet, tillsammans med världens megatrender, stöder företagets framtid.
Naturligtvis finns det också risker, som förändringar i konkurrenssituationen, försämring av kundernas förhållanden och det faktum att jag tror att aktörerna inom denna bransch har ganska begränsad prissättningskraft.
Det här var mina enkla tankar om detta företag. Jag följer det med intresse, men äger det ännu inte. 
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Nu omfattande analys ute! Läsvärd!!
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Incap reported their Q2 result today. Incap’s largest customer announced that it would have to temporarily reduce its orders due to overstocking. Company’s focus has been on new customer acquisition, increasing sales to existing ones and opening up new opportunities through an acquisition in the USA. Incap’s CEO Otto Pukk interviewed by analyst Antti Viljakainen.
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Här är en färsk och utmärkt nyhet om Incap.
We reiterate our EUR 12.00 target price and Accumulate recommendation for Incap. We made no changes to Incap’s near-term earnings estimates after the Q2 report. The inventory adjustment related to the largest customer depresses the company’s result to a clear downward trend at least in H2, but we do not consider the problem structural. Incap’s long-term strengths, i.e. excellent cost competitiveness and a light organization, have not disappeared and the company managed to carry out a promising acquisition in the US in July. We believe that Incap offers a good expected return for brave and patient investors at the current valuation level (2023e: EV/EBIT 9x).
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Good reading for all interested in Incap.
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This is an excellent piece - worth reading!
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Utmärkt Tommi och Antti.
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Här är en ny analys av företaget. Kan det vara så att aktien snart blir riktigt billig… 
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Contract manufacturing industry has improved profitability in recent years. Even though margins are not so wide, industry is not very capital intense which means it’s possible to generate good ROIC even with thin margins. Inderes Head of Research Antti Viljakainen comments contract manufacturers.
Content: 00:00 Intro 00:12 Three things to look for in contract manufacturers 01:49 Summary
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Ny intervju med Incaps VD Otto Pukk på svenska
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In this video, we’ll get to know two contract manufacturers.
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Detta borde intressera investerare som är intresserade av kontraktsproducenter.
Incap’s (and Scanfil’s) Swedish peer Note issued a profit warning related to its FY’23 sales yesterday. The warning is rather mild and it seem to stem from company specific reasons related to new customer ramp ups. At the same time, Note gave also the guidance for FY’23, which indicates slowing growth and slight margin improvement. Note will have also CMD later today ( the link is here) and the company published also a new medium term financial targets for growth and profitability.
Note’s share is down by more than 15% now, so the market got disapointed. The reasons are a bit difficult to assess as there are no estimates at Bloomberg for Note, even though SEB should be covering the company. However, I guess that the net sales warning for this year and the guidance of slower growth for the next years may be the main disappointing themes to the market. In addition, the share price movement is also be affected by the fact that Note has been premium-priced compared to many of its peers recently due its strong track record in growth and profitability.
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