Incap stock: fair value
ICP1V.HEThe fair value of Incap under our model is $21.91, the price is 52% below.
The fair value is an estimate from our model, not a price target.
Daily figure as of 13 Nov 2026
Valuation signal
Significantly undervaluedIn our model the price counts as cheap below $16.86 and expensive above $31.30 (uncertainty medium, based on the price swings of the past year).
The two parts of the fair value come to $19.22 (cash-flow model) and $24.60 (industry comparison), and the gap between them shows how uncertain the estimate is. The price is below both.
Calculated with a cost of equity of 9.4%. At 10.4% the fair value would be $20.61, at 8.4% it would be $23.66.
Where the number comes from
Half from the cash-flow model, half from earnings times the industry P/E (28.5).
Ten-year cash-flow model from smoothed free cash flow and its past growth until it reaches 2.6%. Discounted at 9.4% (government bond yield 2.6% plus beta 1.48 times a risk premium of 4.6%); no analyst estimates were available.
Calculate with your own assumptionsThe calculation step by step
With these figures the cash flow model arrives at $19.22 per share: free cash flow for the next ten years, each year discounted to today at 9.4%, plus the terminal value for the years after. The table explains the calculation; it is not a recommendation.
Calculation as a table
| Year | Free cash flow | Source | Discount factor | Present value (discounted at 9.4%) |
|---|---|---|---|---|
| 2026 | $27.04M | extrapolated at 22.4% | 0.9140 | $24.71M |
| 2027 | $31.48M | extrapolated at 16.5% | 0.8354 | $26.3M |
| 2028 | $35.36M | extrapolated at 12.3% | 0.7635 | $27M |
| 2029 | $38.68M | extrapolated at 9.4% | 0.6979 | $26.99M |
| 2030 | $41.53M | extrapolated at 7.4% | 0.6379 | $26.49M |
| 2031 | $44M | extrapolated at 5.9% | 0.5830 | $25.65M |
| 2032 | $46.17M | extrapolated at 4.9% | 0.5329 | $24.6M |
| 2033 | $48.13M | extrapolated at 4.3% | 0.4870 | $23.44M |
| 2034 | $49.94M | extrapolated at 3.8% | 0.4452 | $22.23M |
| 2035 | $51.65M | extrapolated at 3.4% | 0.4069 | $21.01M |
| Step | Value |
|---|---|
| Sum of present values (ten years) | $248.43M |
| Terminal value: cash flow 2035 × (1 + 2.6%) / (9.4% − 2.6%) | $780.64M |
| Present value of terminal value (× 0.4069) | $317.62M |
| Equity value (sum plus present value of terminal value) | $566.05M |
| Shares (diluted) | 29.45M |
| Value per share (equity value divided by shares) | $19.22 |
| Earnings per share, last twelve months | $0.86 |
| × 28.5 (industry P/E) | $24.60 |
| Fair value (average of both parts) | $21.91 |
The model uses free cash flow after interest, which belongs to shareholders, discounted at the cost of equity. Net debt is therefore not deducted again.
Data status and sources
- Score
- Daily value of 13 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Currency
- Amounts in US dollars, converted at the ECB reference rate of 12 Nov 2026 ($1 = €0.9024)
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Strong, published since 7 Nov 2026 (in the score history since 30 Oct 2026)
- Valuation signal Undervalued since 13 Nov 2026
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.