Some customers have postponed their orders due to uncertainties related to the US trade war. Another negative driver for the weak Q2 was depreciation of the USD and INR against the EUR. We downgrade our estimates because of the negative profit warning issued on 22 July 2025. A trade deal with the US and India, however, could be a positive trigger for Incap in H2 2025. Our new fair value range for the Incap share is EUR 11.1-13.6 (12.1-14.8), based on our DCF analysis and backed by a peer group comparison. Incap's 2025E-26E P/E and EV/EBIT combined are 19% below the peer group median. With declining net sales and declining EBIT in 2025 y/y, we believe Incap could maintain small valuation discount to peers. - Marketing material commissioned by Incap.

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