Incap: Q3 in line with consensus, FY guidance unchanged - Nordea

EMS market has been weak but Incap was able to improve net sales in y/y and also in q/q basis. The company’s net sales and adjusted EBIT were close to market consensus (LSEG) in Q3. Organic revenue growth without the biggest customer was 6.1% in Q3 y/y. Visibility has not greatly improved but the company’s outlook for the year remains unchanged. The biggest customer could reach EUR ~24m run rate on net sales per quarter we believe. We believe market consensus for clean EBIT in 2024 is realistic. Net sales could even grow by 15-20% in 2025 due to low comparison period.

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