Incap has agreed to acquire Lacon for an equity value of EUR 50m. Lacon has customers in the railway, medical and defence sectors. The acquisition could take revenue growth close to 40% in 2026, but the company expects the transaction to have only a small positive impact on EBIT in 2026. Based on the acquisition price, we calculate EV/EBIT of 12.7x for 2025E. The valuation of the deal is clearly above Incap's valuation but close to 2026E peer group median EV/EBIT. Incap's net sales and clean EBIT are declining y/y in 2025, which is one reason why its valuation has been at a discount compared to that of the peer group. Overall, we view the acquisition as a positive trigger for the equity story. Our new fair value range is EUR 11.7-14.3 (11.1-13.6), based on our DCF analysis and backed by a peer group comparison.
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