OM:ICO

Stock Analysis Report

Executive Summary

Iconovo AB (publ) develops and licenses inhalation devices in Sweden.

Rewards

Earnings are forecast to grow 129.78% per year

Revenue grew by 1.6% over the past year

Risk Analysis

Does not have meaningful revenue (SEK22M)

Does not have a meaningful market cap (SEK446M)



Snowflake Analysis

High growth potential with excellent balance sheet.

Share Price & News

How has Iconovo's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: ICO has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-2.4%

ICO

1.0%

SE Medical Equipment

2.0%

SE Market


1 Year Return

98.2%

ICO

40.4%

SE Medical Equipment

21.6%

SE Market

Return vs Industry: ICO exceeded the Swedish Medical Equipment industry which returned 40.4% over the past year.

Return vs Market: ICO exceeded the Swedish Market which returned 21.6% over the past year.


Shareholder returns

ICOIndustryMarket
7 Day-2.4%1.0%2.0%
30 Day6.8%-3.4%-0.4%
90 Day17.5%10.1%6.7%
1 Year98.2%98.2%41.9%40.4%26.7%21.6%
3 Yearn/a65.1%45.7%32.8%12.4%
5 Yearn/a72.0%45.0%62.5%27.6%

Price Volatility Vs. Market

How volatile is Iconovo's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Iconovo undervalued compared to its fair value and its price relative to the market?

7.42x

Price to Book (PB) ratio


Share Price vs. Fair Value

Below Fair Value: ICO (SEK65.8) is trading above our estimate of fair value (SEK0.3)

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


Price To Earnings Ratio

PE vs Industry: ICO is unprofitable, so we can't compare its PE Ratio to the Medical Equipment industry average.

PE vs Market: ICO is unprofitable, so we can't compare its PE Ratio to the Swedish market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate ICO's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: ICO is overvalued based on its PB Ratio (7.4x) compared to the SE Medical Equipment industry average (4.4x).


Next Steps

Future Growth

How is Iconovo forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

129.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ICO is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (-0.4%).

Earnings vs Market: ICO is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: ICO's is expected to become profitable in the next 3 years.

Revenue vs Market: ICO's revenue (39.2% per year) is forecast to grow faster than the Swedish market (4.4% per year).

High Growth Revenue: ICO's revenue (39.2% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ICO's Return on Equity is forecast to be low in 3 years time (11.1%).


Next Steps

Past Performance

How has Iconovo performed over the past 5 years?

-1096.3%

Last years earnings growth


Earnings and Revenue History

Quality Earnings: ICO is currently unprofitable.

Growing Profit Margin: ICO is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: Insufficient data to determine if ICO's year-on-year earnings growth rate was positive over the past 5 years.

Accelerating Growth: Unable to compare ICO's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: ICO is unprofitable, making it difficult to compare its past year earnings growth to the Medical Equipment industry (28.2%).


Return on Equity

High ROE: ICO has a negative Return on Equity (-6.31%), as it is currently unprofitable.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Iconovo's financial position?


Financial Position Analysis

Short Term Liabilities: ICO's short term assets (SEK47.5M) exceed its short term liabilities (SEK4.3M).

Long Term Liabilities: ICO has no long term liabilities.


Debt to Equity History and Analysis

Debt Level: ICO is debt free.

Reducing Debt: ICO had no debt 5 years ago.


Balance Sheet

Inventory Level: ICO has a low level of unsold assets or inventory.

Debt Coverage by Assets: Insufficient data to determine if ICO's debt is covered by short term assets.


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: ICO has sufficient cash runway for more than a year based on its current free cash flow.

Forecast Cash Runway: Insufficient data to determine if ICO has enough cash runway if its free cash flow continues to grow or shrink based on historical rates.


Next Steps

Dividend

What is Iconovo's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

companyn/amarketbottom25%1.6%markettop25%4.7%industryaverage1.0%forecastin3Yearsn/a

Current dividend yield vs market & industry

Notable Dividend: Unable to evaluate ICO's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate ICO's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if ICO's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if ICO's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of ICO's dividend in 3 years as they are not forecast to pay a notable one for the Swedish market.


Next Steps

Management

What is the CEO of Iconovo's salary, the management and board of directors tenure and is there insider trading?

2.9yrs

Average board tenure


CEO

Orest Lastow (55yo)

0yrs

Tenure

0

Dr. Orest Lastow serves as Chief Executive Officer and Head of R&D at Iconovo AB (publ). He Founded it in 2013. 


Board Age and Tenure

2.9yrs

Average Tenure

54yo

Average Age

Experienced Board: ICO's board of directors are not considered experienced ( 2.9 years average tenure), which suggests a new board.


Insider Trading

Insider Buying: ICO insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Sellkr2,98104 Nov 19
Mikael Arinder
EntityIndividual
Role
Chief Operating Officer
Vice President of Operations
Shares54.6
Max Pricekr54.60
Buykr20,00011 Jun 19
Roger Lassing
EntityIndividual
Shares500
Max Pricekr40.00
Buykr12,60029 May 19
Roger Lassing
EntityIndividual
Shares300
Max Pricekr42.00
Buykr21,51014 May 19
Roger Lassing
EntityIndividual
Shares500
Max Pricekr43.02
Buykr31,85213 May 19
Roger Lassing
EntityIndividual
Shares750
Max Pricekr42.47
Buykr162,16314 Dec 18
Mats Johansson
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares5,000
Max Pricekr32.92

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Management Team

  • Anna Gallon (48yo)

    Chief Financial Officer

    • Tenure: 0.9yrs
  • Orest Lastow (55yo)

    CEO, Head of R&D and Director

    • Tenure: 0yrs
  • Mikael Arinder

    Vice President of Operations

    • Tenure: 0yrs
  • Carl Forslund

    Head of Industrial Design

    • Tenure: 0yrs

Board Members

  • Mats Johansson (58yo)

    Chairman of the Board

    • Tenure: 6.9yrs
  • Kjell Larsson

    Member of Scientific Advisory Board

    • Tenure: 0yrs
  • Leif Hansen (53yo)

    Director

    • Tenure: 1.9yrs
  • Lennart Holm (59yo)

    Member of Business Advisory Board

    • Tenure: 0yrs
  • Rikard Roos (45yo)

    Member of Business Advisory Board

    • Tenure: 0yrs
  • Orest Lastow (55yo)

    CEO, Head of R&D and Director

    • Tenure: 0yrs
  • Berndt Axelsson (60yo)

    Director

    • Tenure: 6.9yrs
  • Björn Andersson

    Member of Business Advisory Board

    • Tenure: 0yrs
  • Maria Bech (51yo)

    Independent Director

    • Tenure: 1.9yrs
  • Sven Totté (50yo)

    Director

    • Tenure: 2.9yrs

Company Information

Iconovo AB (publ)'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Iconovo AB (publ)
  • Ticker: ICO
  • Exchange: OM
  • Founded: 2013
  • Industry: Health Care Equipment
  • Sector: Healthcare
  • Market Cap: kr445.861m
  • Shares outstanding: 6.78m
  • Website: https://www.iconovo.se

Location

  • Iconovo AB (publ)
  • Medicon Village
  • Scheelevägen 2
  • Lund
  • Skåne County
  • 223 81
  • Sweden

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ICOOM (OMX Nordic Exchange Stockholm)YesCommon SharesSESEKApr 2018

Biography

Iconovo AB (publ) develops and licenses inhalation devices in Sweden. It develops ICOres, a reservoir-based dry powder inhaler; ICOcap, a capsule based dry powder inhaler; ICOone, a unit dose disposable dr ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/12/10 23:03
End of Day Share Price2019/12/10 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.