Ny intervju med Incaps VD Otto Pukk på svenska
3 gillningar
In this video, we’ll get to know two contract manufacturers.
1 gillning
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.
3 gillningar
Den svenska konkurrenten NOTE släppte sin Q4 denna morgon. Kan det säga något om marknaden?
2 gillningar
Note’s report was well taken in the market as the share is rising by some 8%. There is no information about the forecasts for Q4’23, Q1 or the full year 2024 at Bloomberg even if SEB should cover the share.
Note is counting on some degree of “hockey stick” for H2, although the snapshot still shows no clear signs of improvement in Q1. Naturally that can come true if/when inflation keeps on slowing down and the central bank rate cuts start supporting the economy and investment demand roughly as predicted.
3 gillningar
Incap ended the year 2024 better than I expected: organic growth 15% and 10,4 % adjusted EBIT which are both good. However, the outlook was a bit disappointing, although such a scenario was there. I was hoping that Incap would have get back on the growth track this year, and analysts’ estimates was on that track.
4 gillningar
Q4:a och bokslutskommuniké av Incap i dag. Otto Pukk är både friskspråkig OCH svenskspråkig. I dagens intervju används allt från uttryck som “Dark hours” till “it is what it is”. Att intervjua på per är trist Teams, så jag tänker ta Pukk på orden (dvs på allvar planera resa till lämplig fabrik). Vore väl kul att se :)?
Kolla in dagens intervju här:
2 gillningar
Incap is a high-quality company that HAD significant risks, but perhaps not anymore…
Here is a fresh and high-quality analysis of the company.
The negative surprise element that we had flagged in our pre-comment on Incap’s outlook materialized and we lowered our forecasts for the company quite significantly, especially for this year. On the other hand, the strong profitability in Q4, the solid cash flow in H2 and the comments on the quarterly turnaround, as well as the decline in the revenue share of the largest customer have, in our view, also removed a fair amount of risk from the stock.
3 gillningar
Incap related Q&A post by the company 
3 gillningar
Spontana tankar kring Q4:an och nuläget:
- Tuff Q4:a, men förhoppningsvis “darkest hours” (för att använda Pukk’s egna ord) bakomlagda.
- Kapaciteten i Indien: bra om det förekommer nyförsäljning vid sidan av den största kunden. En höjning av användningsgraden → bra att den sker på många fronter. Bra med små tecken på att det sker “ramp up” : dvs viss återanställning av personal, även om mkt låga nivåer.
- Drastiska drops i både topline (o övrigt) gällande den största kunden, MEN att ha i åtanke: den övergripande risken med bolaget minskar - att man växer inom alla andra kundsegment positivt.
- Fortfarande lönsamt, med råge, trots enorm påverkan av den största kunden gällande “helhetskakan”.
2 gillningar