Reported Earnings • Nov 04
Third quarter 2024 earnings released: EPS: US$0.69 (vs US$0.26 loss in 3Q 2023) Third quarter 2024 results: EPS: US$0.69 (up from US$0.26 loss in 3Q 2023). Revenue: US$24.4m (up 23% from 3Q 2023). Net income: US$2.05m (up US$2.82m from 3Q 2023). Profit margin: 8.4% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. New Risk • Aug 09
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 5.1% Last year net profit margin: 7.4% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (17% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (5.1% net profit margin). Market cap is less than US$100m (€61.4m market cap, or US$67.0m). Reported Earnings • Aug 09
Second quarter 2024 earnings released: US$0.25 loss per share (vs US$0.20 profit in 2Q 2023) Second quarter 2024 results: US$0.25 loss per share (down from US$0.20 profit in 2Q 2023). Revenue: US$22.2m (up 7.4% from 2Q 2023). Net loss: US$731.9k (down 225% from profit in 2Q 2023). Board Change • Jul 23
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 8 highly experienced directors. Independent Director Richard Clinton was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Jun 15
President recently bought €103k worth of stock On the 13th of June, Arron Sutherland bought around 5k shares on-market at roughly €20.72 per share. This transaction amounted to 6.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Arron has been a buyer over the last 12 months, purchasing a net total of €113k worth in shares. Annuncio • Jun 13
Stilwell Value Withdraws its Nomination for the Board of ICC Holdings On June 10, 2024, Stilwell Value LLC announced that on June 8, 2024, ICC Holdings, Inc. announced that it had entered into an Agreement and Plan of Merger with Mutual Capital Holdings, Inc. and Mutual Capital Merger Sub, Inc., pursuant to which Mutual Capital Merger Sub will be merged with and into the Company, with the Company continuing as the surviving corporation and a wholly owned subsidiary of Mutual Capital Holdings, Inc. Stilwell Value added that following the announced Merger, on June 10, 2024, Stilwell Activist Investments notified the Company of its withdrawal of the Stilwell Value Nominee for election to the Company’s Board of Directors at the annual meeting. Stilwell Value also stated that accordingly, it is filing this second supplement to its Definitive Proxy Statement with the SEC to disclose that it has terminated its proxy solicitation for the election of the Stilwell Value Nominee and will not vote any proxies received from shareholders of the Company on the green proxy card at the annual meeting. Stilwell Value stated that the Company has chosen to sell itself and is supportive of the Merger. Stilwell Value expressed its view that this outcome is in the best interest of all the Company shareholders and would like to thank its fellow shareholders who supported Stilwell Value throughout this process. Annuncio • Jun 10
Mutual Capital Group, Inc. entered into a definitive merger agreement to acquire ICC Holdings, Inc. (NasdaqCM:ICCH) from Tuscarora Wayne Insurance Company and others for $97.4 million. Mutual Capital Group, Inc. entered into a definitive merger agreement to acquire ICC Holdings, Inc. (NasdaqCM:ICCH) from Tuscarora Wayne Insurance Company and others for $97.4 million on June 8, 2024. MCG will acquire all outstanding ICCH shares for $23.50 in cash. The transaction, which was unanimously approved by both boards of directors, represents a total equity value of approximately $73.8 million. The acquisition price represents a multiple of 1.07 times ICCH’s book value at March 31, 2024, a 48% premium to ICCH’s volume weighted average stock price over the last 30 days and a 42% premium to ICCH’s 52-week high closing price. ICCH will continue to operate as an independent subsidiary of MCG after closing. Mutual Capital Investment Fund, LP, CIBC Bank, USA, and PS Bank offered financing. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions, including approval by ICCH shareholders and receipt of regulatory approvals. Directors and executive officers of ICCH, who control, in the aggregate, 25% of ICCH common stock, intend to vote their shares for the transaction. Tuscarora Wayne Insurance Company, a subsidiary of MCH and which controls 6.4% of ICCH common stock, intends to vote its shares for the transaction.
Griffin Financial Group, LLC is serving as a financial advisor to MCH and MCG. Janney Montgomery Scott, LLC rendered a fairness opinion to MCH and MCG, and Locke Lord LLP served as legal counsel. Stonybrook Capital, LLC is serving as financial advisor, Feldman Financial Advisors, Inc. offered a fairness opinion, and Stevens & Lee, P.C. is serving as legal advisor to ICCH. Annuncio • May 05
ICC Holdings, Inc., Annual General Meeting, Jun 14, 2024 ICC Holdings, Inc., Annual General Meeting, Jun 14, 2024. Reported Earnings • Mar 05
Full year 2023 earnings released: EPS: US$1.51 (vs US$0.19 loss in FY 2022) Full year 2023 results: EPS: US$1.51 (up from US$0.19 loss in FY 2022). Revenue: US$83.2m (up 19% from FY 2022). Net income: US$4.45m (up US$5.04m from FY 2022). Profit margin: 5.4% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Reported Earnings • Nov 10
Third quarter 2023 earnings released: US$0.26 loss per share (vs US$0.21 profit in 3Q 2022) Third quarter 2023 results: US$0.26 loss per share (down from US$0.21 profit in 3Q 2022). Revenue: US$19.8m (up 11% from 3Q 2022). Net loss: US$769.0k (down 222% from profit in 3Q 2022). Buying Opportunity • Aug 24
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 5.6%. The fair value is estimated to be €17.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: US$0.20 (vs US$1.35 loss in 2Q 2022) Second quarter 2023 results: EPS: US$0.20 (up from US$1.35 loss in 2Q 2022). Revenue: US$20.7m (up 40% from 2Q 2022). Net income: US$586.5k (up US$4.72m from 2Q 2022). Profit margin: 2.8% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Reported Earnings • May 10
First quarter 2023 earnings released: EPS: US$0.54 (vs US$0.052 loss in 1Q 2022) First quarter 2023 results: EPS: US$0.54 (up from US$0.052 loss in 1Q 2022). Revenue: US$19.6m (up 23% from 1Q 2022). Net income: US$1.58m (up US$1.74m from 1Q 2022). Profit margin: 8.0% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Reported Earnings • Mar 04
Full year 2022 earnings released: US$0.15 loss per share (vs US$1.36 profit in FY 2021) Full year 2022 results: US$0.15 loss per share (down from US$1.36 profit in FY 2021). Revenue: US$69.7m (up 13% from FY 2021). Net loss: US$471.3k (down 111% from profit in FY 2021). Annuncio • Dec 09
ICC Holdings, Inc. (NasdaqCM:ICCH) announces an Equity Buyback for $5 million worth of its shares. ICC Holdings, Inc. (NasdaqCM:ICCH) announces a share repurchase program. Under the program, the company will repurchase up to $5 million worth of its outstanding common stock. The program has no expiration date. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: US$0.21 (vs US$0.14 in 3Q 2021) Third quarter 2022 results: EPS: US$0.21 (up from US$0.14 in 3Q 2021). Revenue: US$17.8m (up 18% from 3Q 2021). Net income: US$629.7k (up 48% from 3Q 2021). Profit margin: 3.5% (up from 2.8% in 3Q 2021). The increase in margin was driven by higher revenue. Board Change • Nov 17
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 7 highly experienced directors. Independent Director Richard Clinton was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 10
Third quarter 2022 earnings released: EPS: US$0.21 (vs US$0.14 in 3Q 2021) Third quarter 2022 results: EPS: US$0.21 (up from US$0.14 in 3Q 2021). Revenue: US$17.8m (up 18% from 3Q 2021). Net income: US$629.7k (up 48% from 3Q 2021). Profit margin: 3.5% (up from 2.8% in 3Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • Aug 10
Second quarter 2022 earnings released: US$1.35 loss per share (vs US$0.18 profit in 2Q 2021) Second quarter 2022 results: US$1.35 loss per share (down from US$0.18 profit in 2Q 2021). Revenue: US$14.8m (flat on 2Q 2021). Net loss: US$4.13m (down US$4.69m from profit in 2Q 2021). Reported Earnings • May 11
First quarter 2022 earnings released: US$0.052 loss per share (vs US$0.38 profit in 1Q 2021) First quarter 2022 results: US$0.052 loss per share (down from US$0.38 profit in 1Q 2021). Revenue: US$16.0m (up 15% from 1Q 2021). Net loss: US$160.1k (down 114% from profit in 1Q 2021). Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 7 highly experienced directors. Independent Director Richard Clinton was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Annuncio • Apr 08
ICC Holdings, Inc., Annual General Meeting, May 18, 2022 ICC Holdings, Inc., Annual General Meeting, May 18, 2022, at 09:00 Central Daylight. Agenda: To consider elect three (3) Class II director nominees to the Board of Directors of ICC Holdings, Inc, each to serve until the 2025 Annual Meeting of Shareholders, or until the earlier of their resignation, or their respective successors shall have been elected and qualified; to consider ratify the appointment of Johnson Lambert, LLP as the company’s independent registered public accounting firm for the current fiscal year; and to consider transact other such business as may properly be brought before the meeting. Reported Earnings • Mar 02
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$1.41 (up from US$1.17 in FY 2020). Revenue: US$61.4m (up 12% from FY 2020). Net income: US$4.29m (up 22% from FY 2020). Profit margin: 7.0% (up from 6.4% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Recent Insider Transactions • Feb 04
Insider recently sold €67k worth of stock On the 1st of February, Patrick Leardo sold around 5k shares on-market at roughly €14.90 per share. In the last 3 months, they made an even bigger sale worth €75k. Insiders have been net sellers, collectively disposing of €1.2m more than they bought in the last 12 months. Recent Insider Transactions • Dec 22
Insider recently sold €75k worth of stock On the 17th of December, Patrick Leardo sold around 5k shares on-market at roughly €14.90 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €1.1m more than they bought in the last 12 months. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS US$0.14 (vs US$0.13 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: US$15.0m (up 5.0% from 3Q 2020). Net income: US$424.3k (up 5.0% from 3Q 2020). Profit margin: 2.8% (in line with 3Q 2020). 
