Incap: Gathering strength - Nordea

Quality, reliable delivery and low costs are the main success factors in the competitive EMS sector and, in our view, Incap has them all. Incap also has a clientele portfolio that can offer notable and long-term growth potential. The company's business is concentrated on renewable energy and energy security. We also believe that Incap will be able to sustain its operating margin above 13% thanks to its competitive and decentralised production platform. We initiate coverage of Incap and calculate a fair value range of EUR 13.5-16.5 per share. Our valuation approach is based on a DCF and backed up by peer group comparison. Marketing material commissioned by Incap.

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