Report clearly brightened the horizon

Incap had a much better start to the year than we expected, with deliveries to the largest customer already recovering well from the Q4 lows, according to our estimates, and other customers maintaining organic growth. We have significantly raised our forecasts for this year and the coming years, and the rapid quarterly turnaround has again lowered the risk level of the stock. Incap's growth and earnings trend is turning upwards with rolling earnings in H2, against which the stock is still reasonably priced (2024e: EV/EBIT 10x). As a result, we continue to view the stock's expected return as attractive over the one-year and medium-term horizons.