Incap: Returning to a growth path - Nordea

Incap upgraded its 2024 full-year guidance on 18 July. A peer company, Scanfil, downgraded its full-year guidance in June, but that could be related to its own customers rather than overall weakness in the EMS sector. Incap now guides net sales to grow (previously decline) in 2024 y/y. The company's EBIT is expected to be about the same as in 2023 (previously decline y/y). Ahead of the Q2 earnings announcement, we upgrade our estimates and trim our fair value range to EUR 12.1-14.8 (11.5-14.1) per share, based on the combination of a DCF analysis and peer group comparison. Marketing material commissioned by Incap.

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