Invisio AB (publ)

DB:ICQ Stock Report

Market Cap: €1.1b

Invisio Valuation

Is ICQ undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of ICQ when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ICQ (€23.95) is trading above our estimate of fair value (€14.95)

Significantly Below Fair Value: ICQ is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ICQ?

Key metric: As ICQ is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for ICQ. This is calculated by dividing ICQ's market cap by their current earnings.
What is ICQ's PE Ratio?
PE Ratio61.3x
EarningsSEK 199.60m
Market CapSEK 12.23b

Price to Earnings Ratio vs Peers

How does ICQ's PE Ratio compare to its peers?

The above table shows the PE ratio for ICQ vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average23.4x
OHB OHB
12.8x11.0%€894.4m
FQT Frequentis
18.5x14.9%€317.1m
MTX MTU Aero Engines
23.6x10.7%€16.7b
RHM Rheinmetall
38.6x29.0%€26.4b
ICQ Invisio
61.3x28.5%€12.2b

Price-To-Earnings vs Peers: ICQ is expensive based on its Price-To-Earnings Ratio (61.3x) compared to the peer average (23.4x).

Price to Earnings Ratio vs Industry

How does ICQ's PE Ratio compare vs other companies in the European Aerospace & Defense Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
ICQ 61.3xIndustry Avg. 24.3xNo. of Companies8PE020406080100+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: ICQ is expensive based on its Price-To-Earnings Ratio (61.3x) compared to the European Aerospace & Defense industry average (24.6x).

Price to Earnings Ratio vs Fair Ratio

What is ICQ's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ICQ PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio61.3x
Fair PE Ratio20x

Price-To-Earnings vs Fair Ratio: ICQ is expensive based on its Price-To-Earnings Ratio (61.3x) compared to the estimated Fair Price-To-Earnings Ratio (20x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst ICQ forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€23.95
€23.97
+0.1%
5.6%€25.50€22.22n/a3
Nov ’25€23.00
€23.79
+3.5%
4.4%€24.75€22.32n/a3
Oct ’25€20.45
€23.54
+15.1%
3.7%€24.76€22.85n/a3
Sep ’25€20.70
€23.54
+13.7%
3.7%€24.76€22.85n/a3
Aug ’25€21.55
€22.65
+5.1%
0.4%€22.70€22.53n/a3
Jul ’25€20.40
€23.29
+14.2%
1.4%€23.53€22.82n/a3
Jun ’25€21.30
€21.74
+2.1%
5.0%€22.84€20.25n/a3
May ’25€20.50
€21.55
+5.1%
6.0%€22.84€20.25n/a2
Apr ’25€21.45
€21.54
+0.4%
3.1%€22.21€20.88n/a2
Mar ’25€19.44
€21.54
+10.8%
3.1%€22.21€20.88n/a2
Feb ’25€18.14
€20.63
+13.7%
1.1%€20.84€20.41n/a2
Jan ’25€17.78
€20.63
+16.0%
1.1%€20.84€20.41n/a2
Dec ’24€15.66
€20.63
+31.7%
1.1%€20.84€20.41n/a2
Nov ’24€14.10
€21.19
+50.3%
4.0%€22.04€20.34€23.002
Jul ’24€19.26
€22.63
+17.5%
1.0%€22.85€22.41€20.402
Jun ’24€19.32
€22.63
+17.1%
1.0%€22.85€22.41€21.302
May ’24€18.48
€18.54
+0.3%
7.3%€19.90€17.19€20.502
Apr ’24€18.82
€18.54
-1.5%
7.3%€19.90€17.19€21.452
Mar ’24€20.80
€18.54
-10.9%
7.3%€19.90€17.19€19.442
Feb ’24€15.92
€17.71
+11.2%
3.8%€18.38€17.04€18.142
Jan ’24€14.58
€17.89
+22.7%
2.6%€18.35€17.43€17.782
Dec ’23€15.54
€17.89
+15.1%
2.6%€18.35€17.43€15.662
Nov ’23€14.86
€18.56
+24.9%
2.4%€19.01€18.11€14.102

Analyst Forecast: Target price is less than 20% higher than the current share price.

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