Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €7.00, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 23x in the Electronic industry in Germany. Total loss to shareholders of 57% over the past three years. Tillkännagivande • 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 • May 05
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 German stocks, typically moving 12% 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 Interest payments are not well covered by earnings (2.6x net interest cover). Share price has been highly volatile over the past 3 months (12% average weekly change). 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 (1.8% net profit margin). Market cap is less than US$100m (€38.7m market cap, or US$45.3m). Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €4.69, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 28x in the Electronic industry in Germany. 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (12% 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). Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to €5.16, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 24x in the Electronic industry in Germany. Total loss to shareholders of 26% over the past year. 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 higher than the industry average of 1.4%. 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. Share price has been volatile over the past 3 months (8.7% average weekly change). 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 released: €0.05 loss per share (vs €0.46 profit in FY 2024) 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 is forecast to grow 10% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Electronic industry in Germany. Tillkännagivande • Mar 27
Icape Holding S.A., Annual General Meeting, May 20, 2026 Icape Holding S.A., Annual General Meeting, May 20, 2026. Tillkännagivande • 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 13
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €4.25, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 29x in the Electronic industry in Germany. Total loss to shareholders of 39% over the past year. New Risk • Mar 11
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 German stocks, typically moving 8.1% 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 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. Share price has been volatile over the past 3 months (8.1% average weekly change). Profit margins are more than 30% lower than last year (1.9% net profit margin). Market cap is less than US$100m (€36.1m market cap, or US$41.9m). Tillkännagivande • 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). Board Change • Nov 17
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 2 independent directors. 7 non-independent directors. Independent Director Philippe Darfeuil was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Tillkännagivande • 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. Tillkännagivande • 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. Reported Earnings • Apr 07
Full year 2024 earnings released: EPS: €0.46 (vs €0.68 in FY 2023) 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 is forecast to grow 11% p.a. on average during the next 2 years, compared to a 9.1% growth forecast for the Electronic industry in Germany. Board Change • Apr 02
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Director Pascale Auger was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Tillkännagivande • Mar 29
Icape Holding S.A., Annual General Meeting, May 21, 2025 Icape Holding S.A., Annual General Meeting, May 21, 2025. Tillkännagivande • 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. Tillkännagivande • 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. Board Change • Mar 15
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Director Pascale Auger was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Tillkännagivande • 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. Tillkännagivande • 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. Tillkännagivande • 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. Board Change • Oct 23
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Director Pascale Auger was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Tillkännagivande • 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. Tillkännagivande • 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. Tillkännagivande • 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. Declared Dividend • Apr 23
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 2.0%, which is higher than the industry average of 1.4%. 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 22% After last week's 22% share price gain to €10.25, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 13x in the Electronic industry in Germany. 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 10% growth forecast for the Electronic industry in Germany. Tillkännagivande • 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. Tillkännagivande • 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 Board Change • Mar 11
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Director Brigitte Le Borgne was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Board Change • Nov 09
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 8 new directors. 4 experienced directors. No highly experienced directors. 3 independent directors (7 non-independent directors). Independent Director Brigitte Le Borgne is the most experienced director on the board, commencing their role in 2021. They were also the last independent director to join the board. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. 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 11% growth forecast for the Electronic industry in Germany. Board Change • Sep 13
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 8 new directors. 4 experienced directors. No highly experienced directors. 3 independent directors (7 non-independent directors). Independent Director Brigitte Le Borgne is the most experienced director on the board, commencing their role in 2021. They were also the last independent director to join the board. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Aug 14
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 8 new directors. 4 experienced directors. No highly experienced directors. 3 independent directors (7 non-independent directors). Independent Director Brigitte Le Borgne is the most experienced director on the board, commencing their role in 2021. They were also the last independent director to join the board. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • May 11
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. Tillkännagivande • 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. Tillkännagivande • Sep 08
ICAPE Group Reaffirms Revenue Guidance for the Year 2022 ICAPE Group reaffirmed revenue guidance for the year 2022. Based on the performances achieved over the period, ICAPE Group reaffirms its ambition to reach a revenue of about €230 million by the end of 2022, including at least €23 million for the acquisitions made during the year - representing about €35 million of revenue in full year - and intends to pursue its external growth strategy through the acquisition of companies meeting the following criteria: moderate size, large portfolio of local customers, gross margin above 25% while being profitable and strong potential for commercial synergies with the Group. Tillkännagivande • Sep 05
Icape Holding S.A. to Report First Half, 2022 Results on Oct 05, 2022 Icape Holding S.A. announced that they will report first half, 2022 results on Oct 05, 2022 Tillkännagivande • Aug 30
Icape Holding S.A. (ENXTPA:ALICA) acquired Møn Print A/S for €0.7 million (DKK 5.2 million). Icape Holding S.A. (ENXTPA:ALICA) acquired Møn Print A/S for €0.7 million (DKK 5.2 million) on August 29, 2022. The purchase price may be subject to additional payments depending on MON PRINT’s 2022 and 2023 results. The acquisition is fully financed by Icape Holding in cash. As a result of the transaction, Møn Print A/S will be named ICAPE DENMARK and will be integrated as a subsidiary of Icape Holding. In 2021, Møn Print generated annual net sales of DKK 9.4 million and EBIT of DKK 0.7 million.Icape Holding S.A. (ENXTPA:ALICA) completed the acquisition of Møn Print A/S on August 29, 2022.