Incap: Net sales below and clean EBIT above consensus in Q4 - Nordea

Revenue growth was -7% in Q4 y/y by excluding the largest customer. Moreover, the company expects a cautious start for 2025 due to tariffs and geopolitical challenges, mostly linked to the new US administration. The biggest customer grew by 148% in Q4 we calculate, leading even to a 15% adjusted EBIT margin in Q4. The company guides higher net sales and EBIT for 2025 y/y. We believe the company’s internal aim is for over 10% revenue growth in 2025. We also believe market consensus for clean EBIT in 2025 is still realistic. Dividend proposal was zero (consensus 0).

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