Incap: We forecast revenue growth above 10% for 2025 - Nordea

Revenue growth could be as high as ~50% y/y for Q4 2024E, due to a low comparison. For 2025, we forecast 18% y/y revenue growth. The company's factory in the US is performing well, and Incap has not suffered from the relatively weak Nordic EMS market to the same extent as many of its competitors have. Moreover, orders coming from its biggest customer have recovered well. 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. Incap's 2025E EV/EBIT is currently 21% below the peer group median. Our fair value range indicates EV/EBIT of 9.2-11.6x for 2025E. Marketing material commissioned by Incap.

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