Fair Value at €2.0 p/s, long-term story remains strong Despite a more challenging outlook in the short-term - 1Q23E likely to be in line with 2H22P trends - and forecasts well below management 2024E targets, we still believe in the strong potential of INC in the longer-run (market opportunities, dedicated funds, concentration potential). As such, our DCF points at €2.3 fair Equity Value p/s (from €2.7) while peers’ multiples lead to €1.6 p/s (hit by lower forecasts). Combined, we adjust fair Equity Value at €2.0 p/s from €2.5, still embedding a 30% upside.
mica poco 50 cents..robo