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This year could turn out to be better than expected for Incap. The company still guides for declining net sales y/y in 2024, but we forecast sales growth and a guidance upgrade in July at the latest. The destocking effect from the main customer could end in Q2, while other customers are growing very well. We raise our estimates and derive a new fair value range of EUR 11.5-14.1 (10.8-13.2) per share, based on our DCF analysis and backed by a peer group comparison. Valuation multiples could remain below the levels seen in 2021-22 owing to volatility in orders and as the uncertainty related to estimates has been high over the past 12 months. Marketing material commissioned by Incap.
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