OM:ICO

Stock Analysis Report

NOT FOR DISTRIBUTION
Header cover image

Executive Summary

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


Snowflake Analysis

Excellent balance sheet with high growth potential.

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's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

2.5%

ICO

-1.0%

SE Medical Equipment

-0.9%

SE Market


1 Year Return

3.6%

ICO

21.9%

SE Medical Equipment

17.2%

SE Market

Return vs Industry: ICO underperformed the Swedish Medical Equipment industry which returned 24% over the past year.

Return vs Market: ICO underperformed the Swedish Market which returned 17.8% over the past year.


Shareholder returns

ICOIndustryMarket
7 Day2.5%-1.0%-0.9%
30 Day-1.4%3.7%1.3%
90 Day-13.6%10.9%7.4%
1 Year3.6%3.6%23.7%21.9%19.3%17.2%
3 Yearn/a76.7%56.1%35.7%21.1%
5 Yearn/a78.0%47.3%65.0%32.9%

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?

22.6%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: ICO (SEK57) is trading below our estimate of fair value (SEK73.61)

Significantly Below Fair Value: ICO is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: ICO is unprofitable, so we can't compare its PE Ratio to the SE 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 good value based on its PB Ratio (4.5x) compared to the SE Medical Equipment industry average (5.3x).


Next Steps

Future Growth

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

69.8%

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 (0.5%).

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 (40.4% per year) is forecast to grow faster than the Swedish market (3% per year).

High Growth Revenue: ICO's revenue (40.4% 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 (5%).


Next Steps

Past Performance

How has Iconovo performed over the past 5 years?

-104.7%

Historical annual 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: ICO is unprofitable, and losses have increased over the past 5 years at a rate of 104.7% per year.

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 (18.4%).


Return on Equity

High ROE: ICO has a negative Return on Equity (-20.1%), as it is currently unprofitable.


Next Steps

Financial Health

How is Iconovo's financial position?


Financial Position Analysis

Short Term Liabilities: ICO's short term assets (SEK84.2M) exceed its short term liabilities (SEK7.4M).

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


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 current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

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

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

How experienced are the management team and are they aligned to shareholders interests?

1.8yrs

Average management tenure


CEO

Johan Waborg

0.75

Tenure

Mr. Johan Wäborg serves as Chief Executive Officer at Iconovo AB (publ) since 2020.


Leadership Team

NamePositionTenureCompensationOwnership
Johan Waborg
Chief Executive Officer0.75yrno datano data
Orest Lastow
CTO, Co-Founder & Director7.75yrsno data10.88%
SEK 47.4m
Anna Gallon
Chief Financial Officer1.75yrsno data0.018%
SEK 78.4k
Mikael Arinder
Vice President of Operations4.75yrsno data0.045%
SEK 195.2k
Carl Forslund
Head of Industrial Designno datano datano data

1.8yrs

Average Tenure

56yo

Average Age

Experienced Management: ICO's management team is not considered experienced ( 1.8 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Orest Lastow
CTO, Co-Founder & Director7.75yrsno data10.88%
SEK 47.4m
Mats Johansson
Chairman of the Board7.75yrsno data11.83%
SEK 51.5m
Kjell Larsson
Member of Scientific Advisory Boardno datano datano data
Leif Hansen
Director2.75yrsno data0.33%
SEK 1.5m
Lennart Holm
Member of Business Advisory Boardno datano datano data
Maria Bech
Independent Director2.75yrsno data0.026%
SEK 112.0k
Rikard Roos
Member of Business Advisory Boardno datano datano data
Berndt Axelsson
Director7.75yrsno data4.06%
SEK 17.7m
Björn Andersson
Member of Business Advisory Boardno datano datano data
Sven Totté
Director3.75yrsno data0.31%
SEK 1.3m
Agneta Walhagen
Director1.75yrsno datano data

3.8yrs

Average Tenure

56yo

Average Age

Experienced Board: ICO's board of directors are considered experienced (3.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: ICO insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 14.8%.


Top Shareholders

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: kr435.456m
  • Shares outstanding: 7.78m
  • Website: https://www.iconovo.se

Number of Employees


Location

  • Iconovo AB (publ)
  • Medicon Village
  • Scheeletorget 1
  • 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 Analysis2020/10/19 20:40
End of Day Share Price2020/10/19 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


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.