Incap: Organic growth could be missing in Q3 y/y - Nordea

The trade war has both directly and indirectly negatively affected Incap. The US has imposed a 50% tariff on most exports from India, and Incap has customers that export to the US. The company's biggest site is in India, but another round of trade negotiations between India and the US is set to begin this week. Overall, the company's Q3 might not be a clear positive trigger. Moreover, we do not expect to see a full-year guidance upgrade. Our fair value range for Incap's share remains at EUR 11.1-13.6, based on our DCF analysis and backed by a peer group comparison. Incap's 2025E-26E P/E and EV/EBIT combined are currently ~31% below the peer group median. This valuation discount to the peer group comes from a negative estimate revision trend and from y/y declining revenue and EBIT for 2025E. Median revenue growth of the peer group  is 5.4% for 2025E.

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