Incap: Q3 was a relief but uncertainty on 2024 remains - Nordea

Q3 net sales and clean EBIT were above Refinitiv consensus expectations. Excluding its largest customer, Incap's revenue grew by 20% y/y in Q3 2023. Profitability has remained at a good level despite the 29% decline in reported net sales y/y. Full-year guidance was reiterated but visibility is weak and volatility in orders could remain high in the near future. We still believe that the main customer's destocking process is a one-off event and likely will end in H1 2024. Our new fair value range of EUR 11.8-14.5 (12.7-15.6) per share is based on a DCF analysis backed by a peer group comparison. Marketing material commissioned by Incap.

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