Organic revenue growth accelerated to 18% in Q3, which was a positive surprise. Relative profitability was also above market consensus. Moreover, strong order intake continued, supporting expectations for Q4. We conclude from this that Incap could be returning to growth mode after some weaker quarters. However, the biggest customer could reduce its orders in 2027 and the magnitude of this effect is uncertain. Despite the relatively good Q3, the full-year guidance was left intact. Our fair value range remains at EUR 10.6-12.9, based on our DCF analysis, backed by a peer group comparison.
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