Incap announced yesterday it has acquired the US EMS company Pennatronics. We find the acquisition strategically good and also believe the acquisition price is quite reasonable. We included the immediate acquisition in our estimates for Incap and the changes at EPS level were slightly positive for the next few years. Despite the slight decreasing effect of the acquisition, Incap's risk profile remains highish, but we believe that the share valuation is low (2024e: P/E 11x, EV/EBIT 7x). Thus, looking beyond the challenges of this year the share’s risk-adjusted expected return is sufficient in our opinion.