Incap: A slow start to the year - Nordea

The start of 2025 was weaker than market consensus (LSEG) expected. The EMS market could be in waiting mode with brand owners wanting to lower inventories in the case of a possible economic downturn. Reflecting the continued market uncertainty, we also lower our estimates. Our downgraded estimates indicate only a small y/y improvement in net sales and EBIT for 2025. We conclude that without a clear recovery in end demand, Incap's full-year guidance could come under pressure in July. Our fair value range for the Incap share remains at EUR 12.1-14.8, based on our DCF analysis and backed by a peer group comparison. Incap's valuation is below that of the peer group but rerating of valuation multiples is unlikely to happen before a clear positive earnings momentum is regained. Marketing material commissioned by Incap.

Länk till analysen i sin helhet: https://research.nordea.com/api/reportfileapi?id=1008788