Incap: Q4 was above consensus but FY 2024 EBIT is guided below last year - Nordea

Net sales was 7% above consensus (LSEG) in Q4. Also adjusted EBIT margin of 10.4% was above consensus (7.6%) in Q4. Utilisation ratio management has been successful. However, full year 2024 EBIT is guided down y/y which could lead market consensus EBIT to be downgraded by EUR 2-3m we believe. The destocking effect will still impact the revenue in H1 2024 but Incap has already started to increase the number of employees in India. Net sales could start to grow on q/q basis in 2024. Organic growth without the largest customer was even 17% in Q4 y/y. The company do not pay dividend which is in line with consensus expectations.

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