Professional
Added to YB: 2026-05-22
Pitch date: 2026-05-13
INCOAX.ST [bullish]
InCoax Networks AB (publ)
Author Info
We perform researched powered investment banking with a belief that Scandinavia will be a hotspot for the major future innovations within tech and lifescience. Visit their website.
Company Info
InCoax Networks AB (publ) re-purposes existing property coaxial networks in fiber and fixed wireless access extension deployments for communication service providers in the European Union, North America, and internationally.
Market Cap
SEK 76.7M
Pitch Price
N/A
Price Target
1.50
Dividend
N/A
EV/EBITDA
-1.78
P/E
N/A
EV/Sales
1.61
Sector
Communications Equipment
Category
turnaround
InCoax: A fiber access-play with potentially game-changing partnerships
INCOAX.ST: Niche leader in MoCA-based fiber access for MDUs, solves last-mile problem 65% cheaper than fiber. Proven tech validated by Google Fiber (SEK183m orders), Nokia partnership (SEK10m initial order), & US Tier-1 operator. TAM: USD8.4bn (US/Germany/UK MDUs). 2025 sales SEK49m, 63% GM. Estimates: 52% sales CAGR 26E-28E, 15% EBITDA margin 2027E, 24% 2028E. Risks: high customer concentration (80% Google), tariff exposure, Nokia/Tier-1 ramp uncertain. Base case SEK1.5 (222% upside), range SEK0.2-3.4.
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