Incap's Q4 net sales missed market consensus (LSEG Data & Analytics), but profitability was better than expected. Organic growth was not strong, and revenue growth was -7% y/y in 2025. However, organic growth in 2026 could exceed 10% if the US tariffs against India are eased. In addition, reported growth could be over 30% this year due to the Lacon acquisition. 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 34% below the peer group median. Volatility in net sales could be one reason for a valuation discount compared to the peer group. The company is continuing to invest in growth, and it proposes no dividend to be paid this spring.
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