Incap: Q3 as expected, 2025 looking bright - Nordea

The company's Q3 net sales and adjusted EBIT were close to LSEG Data & Analytics consensus. The midpoint of Incap's new specified 2024 guidance indicates revenue growth of 5% y/y with an EBIT margin of 12.4%, which we argue is realistic. The EMS market has been challenging in H2 2024 but Incap is doing better than many of its competitors. Moreover, revenue growth in 2025 could exceed 15% with a 5pp higher EBIT margin than the peer group average. Our fair value range remains at EUR 12.1-14.8 per share, based on a DCF analysis and backed by a peer group comparison. Marketing material commissioned by Incap.

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