Recent years have been quite volatile for Incap. Quarterly revenue growth fluctuated between +40% and -30% during 2024-25. The most recent headwinds were related to US tariffs imposed on India. Growth was -16% y/y in Q3 2025, but revenue growth could be as high as +53% y/y in Q3 2026 due to the Lacon acquisition. Overall, in our view, it makes sense for Incap to acquire new customers in order to broaden its customer portfolio and smooth out operational volatility. Reduced volatility and improved predictability could also support the company's valuation multiples. Our fair value range remains at EUR 11.7-14.3 per share, based on our DCF analysis and backed by a peer group comparison. Incap's 2026E P/E and EV/EBIT combined are currently 35% below the peer group median.
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