Här är en mycket omfattande och högkvalitativ analys av Incap. Det är värt att läsa, du kommer inte att hitta en bättre informationskälla någon annanstans. 
We reiterate our Accumulate recommendation for Incap and raise our target price to EUR 13.50 (was EUR 12.50). Since the rocket-like growth at the start of the decade, the company has faced a pressure test in the past quarters due to the destocking of the largest customer, but we feel Incap is passing the test with flying colors. We estimate that the company’s demand picture is starting to look slightly brighter and expect Incap’s key strength, i.e. cost efficiency, to carry the company also in growth mode. We still find Incap’s valuation reasonable (2025e: EV/EBIT 9x) considering the earnings turnaround budding in H2 and the earnings growth potential of the next few years.
