Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €6.00, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Electronic industry in France. Total loss to shareholders of 62% over the past three years. Announcement • May 07
Icape Holding S.A. Provides Earning Guidance for the Year 2026 Icape Holding S.A. provided earning guidance for the Year 2026. For the year, the company expects consolidated annual revenue growth at least equivalent to that achieved in 2025 (+12% in 2025). EBIT margin rate of around 6% which includes the sales performance, the effects of cost reduction plans, synergies related to acquisitions, those related to the gradual closure of loss-making sites and the gradual implementation of a new innovative and disruptive IT tool. New Risk • Apr 26
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: 1.8% Last year net profit margin: 3.0% 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 Interest payments are not well covered by earnings (2.6x net interest cover). Minor Risks Share price has been volatile over the past 3 months (8.7% average weekly change). Profit margins are more than 30% lower than last year (1.8% net profit margin). Market cap is less than US$100m (€43.4m market cap, or US$50.9m). New Risk • Apr 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (€34.1m market cap, or US$40.0m). Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €5.00, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 6x in the Electronic industry in France. Total loss to shareholders of 67% over the past three years. Declared Dividend • Apr 09
Dividend reduced to €0.09 Dividend of €0.09 is 31% lower than last year. Ex-date: 30th June 2026 Payment date: 2nd July 2026 Dividend yield will be 2.1%, which is lower than the industry average of 2.4%. Sustainability & Growth Dividend is well covered by both earnings (18% earnings payout ratio) and cash flows (16% cash payout ratio). The dividend has decreased over the past 36 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 150% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Mar 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 57% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (€30.9m market cap, or US$35.6m). Reported Earnings • Mar 27
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: €0.05 loss per share (down from €0.46 profit in FY 2024). Revenue: €200.3m (up 10% from FY 2024). Net income: €3.59m (down 3.5% from FY 2024). Profit margin: 1.8% (down from 2.0% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Electronic industry in France. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 36% per year, which means it has not declined as severely as earnings. Announcement • Mar 27
Icape Holding S.A., Annual General Meeting, May 20, 2026 Icape Holding S.A., Annual General Meeting, May 20, 2026. Announcement • Mar 26
Icape Holding S.A. Proposes Dividend for the Fiscal Year Ended December 31, 2025 The Board of Directors of Icape Holding S.A., meeting on March 25, 2026, decided to propose to the General Assembly, to be held on May 20, 2026 the payment of a dividend of €0.09 per share for the fiscal year ended December 31, 2025. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €4.46, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 2x in the Electronic industry in France. Total loss to shareholders of 67% over the past three years. Announcement • Feb 12
Icape Holding S.A. Provides Earnings Guidance for the Year 2026 Icape Holding S.A. provided earnings guidance for the year 2026. For the year, annual consolidated revenue growth at least equivalent to that achieved in 2025 (+11.5% in 2025). Price Target Changed • Jan 17
Price target decreased by 9.8% to €9.83 Down from €10.90, the current price target is an average from 3 analysts. New target price is 57% above last closing price of €6.26. Stock is down 33% over the past year. The company is forecast to post earnings per share of €0.69 for next year compared to €0.46 last year. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €7.40, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 16x in the Electronic industry in France. Total loss to shareholders of 49% over the past three years. Major Estimate Revision • Nov 15
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from €0.83 to €0.72. Revenue forecast unchanged from €210.6m at last update. Net income forecast to grow 109% next year vs 52% growth forecast for Electronic industry in France. Consensus price target of €11.00 unchanged from last update. Share price rose 10% to €6.98 over the past week. Major Estimate Revision • Oct 08
Consensus EPS estimates increase by 21% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from €208.0m to €210.6m. EPS estimate increased from €0.689 to €0.83 per share. Net income forecast to grow 137% next year vs 46% growth forecast for Electronic industry in France. Consensus price target broadly unchanged at €11.00. Share price fell 7.1% to €6.50 over the past week. New Risk • Oct 07
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.0% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (1.9% net profit margin). Market cap is less than US$100m (€53.4m market cap, or US$62.3m). Reported Earnings • Oct 06
First half 2025 earnings released First half 2025 results: EPS: €0.13. Revenue: €102.0m (up 18% from 1H 2024). Net income: €1.09m (down 13% from 1H 2024). Profit margin: 1.1% (down from 1.5% in 1H 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Electronic industry in France. New Risk • Oct 01
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: 1.9% Last year net profit margin: 3.0% 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 Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risks Profit margins are more than 30% lower than last year (1.9% net profit margin). Market cap is less than US$100m (€56.6m market cap, or US$66.4m). Upcoming Dividend • Jun 23
Upcoming dividend of €0.13 per share Eligible shareholders must have bought the stock before 30 June 2025. Payment date: 02 July 2025. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of French dividend payers (5.4%). Higher than average of industry peers (0.5%). Announcement • May 22
The ICAPE Group Approves Cash Dividend for the Financial Year 2024, Payable on July 2, 2025 The ICAPE Group at its Combined General Meeting held on May 21, 2025, approved dividend payment of €0.13 per share in cash for the financial year 2024. ICAPE Group's Board of Directors fixed the detachment date for the dividend on June 30, 2025, with payment to take place on July 2, 2025. Announcement • May 14
The ICAPE Group Reaffirms Earnings Guidance for 2026 The ICAPE Group reaffirmed earnings guidance for 2026. For the year, the company reaffirmed all its indicators for 2026, including: an average annual organic growth rate of 10% between 2023 and 2026; around €120 million in additional revenue from external growth between the start of 2023 and the end of 2026; an EBIT margin of around 9.5% by 2026. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €7.70, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 9x in the Electronic industry in France. Total loss to shareholders of 21% over the past year. New Risk • Apr 07
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risks Profit margins are more than 30% lower than last year (2.0% net profit margin). Market cap is less than US$100m (€55.0m market cap, or US$60.3m). Reported Earnings • Apr 07
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: €0.46 (down from €0.68 in FY 2023). Revenue: €181.7m (up 1.2% from FY 2023). Net income: €3.72m (down 32% from FY 2023). Profit margin: 2.0% (down from 3.1% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 38%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Electronic industry in France. Declared Dividend • Mar 30
Dividend reduced to €0.13 Dividend of €0.13 is 35% lower than last year. Ex-date: 27th June 2025 Payment date: 2nd July 2025 Dividend yield will be 1.8%, which is lower than the industry average of 2.4%. Sustainability & Growth The dividend has not increased over the past 2 years but payments have been stable during that time. EPS is expected to grow by 243% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 29
Icape Holding S.A., Annual General Meeting, May 21, 2025 Icape Holding S.A., Annual General Meeting, May 21, 2025. Major Estimate Revision • Mar 28
Consensus EPS estimates increase by 16%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from €207.9m to €203.9m. EPS estimate rose from €0.634 to €0.735. Net income forecast to shrink 17% next year vs 38% growth forecast for Electronic industry in France . Consensus price target of €10.90 unchanged from last update. Share price rose 4.7% to €7.12 over the past week. Announcement • Mar 28
The ICAPE Group Proposes Distribution of Ordinary Dividend for the 2024, Payable on July 2, 2025 The ICAPE Group intends to continue its dividend distribution policy initiated since its IPO, in 2022. To this end, the Board of Directors decided to propose to the Annual General Meeting to be held on Wednesday, May 21, 2025, the distribution of an ordinary dividend in respect of the 2024 financial year of €0.13 per share, representing 28% of the consolidated net income generated in 2024. The detachment date for this dividend is scheduled for June 27, 2025, with payment on July 2, 2025. Announcement • Mar 27
Icape Holding S.A. Provides Earnings Guidance for 2025 and 2026 Icape Holding S.A. provided earnings guidance for 2025 and 2026. In 2025, the ICAPE Group intends to pursue its external growth policy by targeting companies with synergies that could lead to significant organic growth post-integration. To date, the Group is in discussions with 12 international targets for a potential of approximately €105.0 million in additional revenue.
Strengthened by its role as an expert across the entire printed circuit board value chain, its offensive external growth strategy and the ongoing optimization of its organization, the Group reaffirms all its indicators for 2026, namely: an average annual organic growth rate of 10% between 2023 and 2026; around €120 million in additional revenue from external growth between the start of 2023 and the end of 2026. Buy Or Sell Opportunity • Mar 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.3% to €7.18. The fair value is estimated to be €9.02, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 17% over the last year. Earnings per share has declined by 37%. Revenue is forecast to grow by 29% in 2 years. Earnings are forecast to grow by 28% in the next 2 years. Valuation Update With 7 Day Price Move • Feb 18
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €7.22, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 7x in the Electronic industry in France. Total loss to shareholders of 25% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €9.02 per share. Announcement • Feb 13
Icape Holding S.A. (ENXTPA:ALICA) acquired Kingfisher Pcbs Ltd. Icape Holding S.A. (ENXTPA:ALICA) acquired Kingfisher Pcbs Ltd on February 13, 2025. This acquisition is financed in cash and will be consolidated in the ICAPE Group's accounts from February 2025.
Icape Holding S.A. (ENXTPA:ALICA) completed the acquisition of Kingfisher Pcbs Ltd on February 13, 2025. Buy Or Sell Opportunity • Jan 02
Now 25% undervalued The stock has been flat over the last 90 days, currently trading at €9.10. The fair value is estimated to be €12.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 17% over the last year. Earnings per share has declined by 37%. Revenue is forecast to grow by 35% in 2 years. Earnings are forecast to grow by 38% in the next 2 years. New Risk • Dec 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 5.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (73% net debt to equity). Share price has been volatile over the past 3 months (5.4% average weekly change). Market cap is less than US$100m (€61.3m market cap, or US$64.1m). Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to €9.08, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 7x in the Electronic industry in France. Total loss to shareholders of 29% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €11.24 per share. Announcement • Dec 18
Icape Holding S.A. (ENXTPA:ALICA) acquired Alr Services Limited. Icape Holding S.A. (ENXTPA:ALICA) acquired Alr Services Limited on December 18, 2024. Alr Services has a portfolio of 300 EMS1 and OEM2 customers in the defense and, to a lesser extent, automotive industries, ALR Services Ltd. expects to achieve revenue of £2.5 million in 2024. As a result of this merger, ALR Services now has access to an enriched range of services and to the full purchasing power of the ICAPE Group. This acquisition is financed in cash and will be consolidated in the ICAPE Group's accounts from January 1, 2025.
Icape Holding S.A. (ENXTPA:ALICA) completed the acquisition of Alr Services Limited on December 18, 2024. Announcement • Nov 27
Icape Holding S.A. (ENXTPA:ALICA) acquired an unknown minority stake in Jiva Materials Limited. Icape Holding S.A. (ENXTPA:ALICA) acquired an unknown minority stake in Jiva Materials Limited on November 26, 2024.
Icape Holding S.A. (ENXTPA:ALICA) completed the acquisition of an unknown minority stake in Jiva Materials Limited on November 26, 2024. Price Target Changed • Nov 11
Price target decreased by 12% to €11.50 Down from €13.00, the current price target is an average from 2 analysts. New target price is 42% above last closing price of €8.10. Stock is down 24% over the past year. The company is forecast to post earnings per share of €0.36 for next year compared to €0.68 last year. Major Estimate Revision • Nov 08
Consensus EPS estimates fall by 23% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €197.8m to €182.1m. EPS estimate also fell from €0.464 per share to €0.356 per share. Net income forecast to shrink 27% next year vs 13% growth forecast for Electronic industry in France . Consensus price target down from €13.00 to €12.50. Share price rose 3.3% to €8.08 over the past week. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €7.56, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Electronic industry in France. Total loss to shareholders of 32% over the past year. Reported Earnings • Sep 29
First half 2024 earnings released First half 2024 results: Revenue: €86.6m (down 8.4% from 1H 2023). Net income: €1.26m (down 32% from 1H 2023). Profit margin: 1.5% (down from 1.9% in 1H 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Electronic industry in France. Major Estimate Revision • Sep 27
Consensus EPS estimates fall by 30% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €201.8m to €197.8m. EPS estimate also fell from €0.664 per share to €0.465 per share. Net income forecast to shrink 32% next year vs 64% growth forecast for Electronic industry in France . Consensus price target down from €15.00 to €13.00. Share price fell 3.2% to €9.10 over the past week. Price Target Changed • Sep 26
Price target decreased by 9.4% to €14.50 Down from €16.00, the current price target is an average from 2 analysts. New target price is 54% above last closing price of €9.42. Stock is down 30% over the past year. The company is forecast to post earnings per share of €0.47 for next year compared to €0.68 last year. Announcement • Sep 20
Icape Holding S.A. (ENXTPA:ALICA) completed the acquisition of NTW Inc. Icape Holding S.A. (ENXTPA:ALICA) agreed to acquire NTW Inc. on September 16, 2024. The transaction is financed in cash. Completion of the acquisition is subject to customary suspensive conditions and is expected to take place on September 19, 2024.
Icape Holding S.A. (ENXTPA:ALICA) completed the acquisition of NTW Inc. on September 19, 2024. Announcement • Sep 16
Icape Holding S.A. (ENXTPA:ALICA) agreed to acquire NTW Inc. Icape Holding S.A. (ENXTPA:ALICA) agreed to acquire NTW Inc. on September 16, 2024. The transaction is financed in cash. Completion of the acquisition is subject to customary suspensive conditions and is expected to take place on September 19, 2024. Major Estimate Revision • Sep 08
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €206.3m to €201.8m. EPS estimate also fell from €0.76 per share to €0.664 per share. Net income forecast to shrink 2.1% next year vs 35% growth forecast for Electronic industry in France . Consensus price target down from €16.00 to €15.00. Share price was steady at €9.90 over the past week. Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €11.20, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 10x in the Electronic industry in France. Total loss to shareholders of 24% over the past year. Upcoming Dividend • Jun 12
Upcoming dividend of €0.20 per share Eligible shareholders must have bought the stock before 19 June 2024. Payment date: 21 June 2024. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of French dividend payers (5.2%). Higher than average of industry peers (0.7%). New Risk • Jun 03
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of French stocks, typically moving 9.3% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (9.3% average weekly change). Announcement • May 23
The ICAPE Group Approves Dividend for the Year 2023, Payable on June 21, 2024 The ICAPE Group announced that at its general meeting held on May 22, 2024, shareholders approved dividend payment of €0.20 per share for the 2023 financial year. The Board of Directors fixed June 19, 2024, as the detachment date for the dividend, with payment to take place on June 21, 2024. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €11.40, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 10x in the Electronic industry in France. Total loss to shareholders of 30% over the past year. Declared Dividend • Apr 15
Dividend of €0.20 announced Dividend of €0.20 is the same as last year. Ex-date: 19th June 2024 Payment date: 21st June 2024 Dividend yield will be 1.9%, which is lower than the industry average of 2.4%. Sustainability & Growth Dividend is well covered by both earnings (19% earnings payout ratio) and cash flows (39% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to grow by 5.0% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to €10.70, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Electronic industry in France. Total loss to shareholders of 34% over the past year. Reported Earnings • Mar 30
Full year 2023 earnings released Full year 2023 results: Revenue: €179.5m (down 18% from FY 2022). Net income: €5.20m (down 30% from FY 2022). Profit margin: 2.9% (down from 3.4% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Electronic industry in France. Announcement • Mar 28
Icape Holding S.A. Proposes Distribution of Ordinary Dividend for the 2023, Payable on June 21, 2024 Board of Directors of Icape Holding S.A. decided to propose to the Annual General Meeting to be held on May 22, 2024, the distribution of an ordinary dividend in respect of the 2023 financial year of €0.20 per share, representing 39% of the consolidated net income generated in 2023. The detachment date for this dividend is scheduled for June 19, 2024, with payment on June 21, 2024. Announcement • Mar 27
Icape Holding S.A. to Report Fiscal Year 2023 Final Results on Apr 05, 2024 Icape Holding S.A. announced that they will report fiscal year 2023 final results on Apr 05, 2024 Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €7.78, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 10x in the Electronic industry in France. Total loss to shareholders of 44% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €4.52 per share. New Risk • Feb 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (9.6% operating cash flow to total debt). Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (6.4% average weekly change). Market cap is less than US$100m (€82.9m market cap, or US$89.3m). Major Estimate Revision • Feb 09
Consensus EPS estimates fall by 14% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from €0.77 to €0.66. Revenue forecast unchanged from €186.4m at last update. Net income forecast to shrink 31% next year vs 9.7% growth forecast for Electronic industry in France . Consensus price target down from €18.50 to €16.00. Share price fell 8.6% to €10.60 over the past week. New Risk • Feb 06
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €93.0m (US$99.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (9.6% operating cash flow to total debt). Minor Risk Market cap is less than US$100m (€93.0m market cap, or US$99.9m). Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to €13.00, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 12x in the Electronic industry in France. Total loss to shareholders of 17% over the past year. Reported Earnings • Oct 30
First half 2023 earnings released: EPS: €0.22 (vs €0.12 in 1H 2022) First half 2023 results: EPS: €0.22 (up from €0.12 in 1H 2022). Revenue: €94.5m (down 12% from 1H 2022). Net income: €1.84m (up 173% from 1H 2022). Profit margin: 1.9% (up from 0.6% in 1H 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Electronic industry in France. New Risk • Oct 28
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €91.4m (US$96.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). High level of non-cash earnings (21% accrual ratio). Minor Risk Market cap is less than US$100m (€91.4m market cap, or US$96.6m). Major Estimate Revision • Oct 27
Consensus revenue estimates fall by 11% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €208.6m to €186.4m. EPS estimate fell from €0.98 to €0.77 per share. Net income forecast to grow 4.0% next year vs 43% growth forecast for Electronic industry in France. Consensus price target down from €20.75 to €18.50. Share price fell 13% to €11.30 over the past week. Major Estimate Revision • Oct 04
Consensus EPS estimates increase by 19% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from €0.90 to €1.07. Revenue forecast steady at €207.6m. Net income forecast to grow 2.6% next year vs 34% growth forecast for Electronic industry in France. Consensus price target of €20.52 unchanged from last update. Share price fell 2.6% to €13.35 over the past week. New Risk • Sep 28
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 11% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). High level of non-cash earnings (21% accrual ratio). Reported Earnings • Sep 28
First half 2023 earnings released First half 2023 results: Revenue: €94.5m (down 14% from 1H 2022). Net income: €1.90m (up 100% from 1H 2022). Profit margin: 2.0% (up from 0.9% in 1H 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Electronic industry in France. Price Target Changed • Sep 15
Price target decreased by 9.8% to €20.75 Down from €23.00, the current price target is an average from 2 analysts. New target price is 51% above last closing price of €13.70. Stock is down 18% over the past year. The company is forecast to post earnings per share of €0.90 for next year compared to €1.08 last year. Reported Earnings • Mar 31
Full year 2022 earnings released Full year 2022 results: Revenue: €219.6m (up 30% from FY 2021). Net income: €7.30m (up 198% from FY 2021). Profit margin: 3.3% (up from 1.5% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Electronic industry in France. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to €16.00, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 13x in the Electronic industry in France. Announcement • Feb 15
Icape Group Provides Revenue Guidance for 2023 and 2024 Icape Group provides earnings guidance for 2023 and 2024. The Group intends to pursue its external growth dynamics in the short and medium term by securing nearly €30 million additional revenue per year in 2023 and 2024, in order to benefit from the current consolidation of the PCB distribution market. ICAPE Group confirms all the commercial and financial objectives communicated at the time of its IPO. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Deputy CEO, CFO & Director Shora Rokni was the last director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.