Incap is a high-quality company that HAD significant risks, but perhaps not anymore…
Here is a fresh and high-quality analysis of the company. 
The negative surprise element that we had flagged in our pre-comment on Incap’s outlook materialized and we lowered our forecasts for the company quite significantly, especially for this year. On the other hand, the strong profitability in Q4, the solid cash flow in H2 and the comments on the quarterly turnaround, as well as the decline in the revenue share of the largest customer have, in our view, also removed a fair amount of risk from the stock.
