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SENASTE
Several EMS companies have claimed weak end demand in H2 2024. We still expect Incap to post more than 25% y/y growth in Q2 due to low comps and its customer portfolio. Incap witnessed an inventory destocking effect a year ago and is now returning to a growth path. The company has guided for net sales to grow and full-year 2024 EBIT to be about the same as in 2023. We do not see a risk of a guidance downgrade in October. 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 2024E EV/EBIT is currently 13% below the peer group median. Uncertainty related to Incap's order intake has not increased, as it has for many competitors, and hence we do not believe the share deserves to trade at a discount to the EMS sector. Marketing material commissioned by Incap.
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