He was 6th in the Tour of Britain TT last year. Defending his leader jersey.
Tbh seen the the course, the sprint stages are too easy for him and the other stages too hard. So not sure if he's doing anything here other than warming up.
That ITT (or at least his placement in the ranking) was obviously against a weaker field. Thomas, Evenepoel, Küng & Dennis are all better ITT'ers compared to the top in Tour of Britain. But more importantly, is that he finished ahead of Van Emden, Politt, Frison, Haga, Sivakov, Van Moer & Dowsett. All good to great ITT'ers. It was a bit shorter though, so it might have suited him just a bit better. The big unknown factor is, how much he had been practicing back then, and if he's been practicing since. The course in Algarve has plenty of twisting and turning, which should suit him as well. I expect him to do well, top 10 in the ITT is certainly possible if he goes for it, but i can't see him on the podium. Form should be good in between CX and spring.
As for Evenepoel, i'm not sure he's finding an ITT course tailored for him. He's good at cornering manageable corners, but he's not the best at twisting and turning and getting going again imho. Also, the "hilly/mountainous" stages might not be enough to make a difference. I can't really see him grinding away from others here, i expect many would be able to drop him in the final k of the climb with a simple acceleration. For me, he isn't the favorite on this course against these competitors.