H2 is likely to be stronger than H1
Igår, 07:00
Organic growth was above our Q2 forecast, but the company has recently faced some profitability issues. Part of the declining EBITA margin can be explained by the Lacon acquisition. At the same time, competition in India has also intensified. In addition, project delays, combined with material availability problems, have increased headwinds. However, Incap expects H2 to be stronger than H1 2026. The midpoint of the full-year 2026 guidance indicates a 9.8% adjusted EBITA margin (Q2 2026: 8.8%). We lower our 2026 EBITA estimate slightly. One risk is that the current order book will not convert into better profitability in H2. Our fair value range remains at EUR 10.6-12.9, based on our DCF analysis, backed by a peer group comparison.
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H2 is likely to be stronger than H1
Igår, 07:00
Organic growth was above our Q2 forecast, but the company has recently faced some profitability issues. Part of the declining EBITA margin can be explained by the Lacon acquisition. At the same time, competition in India has also intensified. In addition, project delays, combined with material availability problems, have increased headwinds. However, Incap expects H2 to be stronger than H1 2026. The midpoint of the full-year 2026 guidance indicates a 9.8% adjusted EBITA margin (Q2 2026: 8.8%). We lower our 2026 EBITA estimate slightly. One risk is that the current order book will not convert into better profitability in H2. Our fair value range remains at EUR 10.6-12.9, based on our DCF analysis, backed by a peer group comparison.
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