Incap: Guidance should indicate revenue growth in 2024 - Nordea

Our estimates for net sales and EBIT are slightly above consensus for Q4. We expect full-year guidance to highlight growing revenue for 2024 y/y, and we argue that flat growth guidance would be a great disappointment. One key issue affecting revenue growth will be order intake from the biggest customer, which underwent inventory destocking in H2 2023. Visibility for the full year could remain weak but we forecast 19% revenue growth for the year (2023E: -16%). Ahead of the Q4 earnings announcement, we keep our fair value range of EUR 11.8-14.5 per share intact, based on a DCF analysis and peer group comparison. Marketing material commissioned by Incap.

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