We expect relatively good Q2 results, but H2 2023 estimates include a lot of uncertainty due to a major customer’s need to reduce inventory. Our full-year 2023 organic revenue growth forecast is currently -12% (reported growth forecast -7%). Incap’s biggest customer still has a competitive portfolio, which is why we are not overly concerned about next year. Our forecast for organic sales growth next year is 11%, with additional M&A growth potential of 6%. We believe Incap will be able to sustain its operating margin close to 13% thanks to its proactive management of utilisation ratios. Our fair value range of EUR 13.5-16.5 per share is based on DCF analysis and backed up by a peer group comparison.

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