Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €126, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 21x in the Electronic industry in Germany. Total loss to shareholders of 41% over the past year. New Risk • Jul 28
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 51% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (51% net debt to equity). Share price has been volatile over the past 3 months (8.3% average weekly change). Profit margins are more than 30% lower than last year (2.2% net profit margin). New Risk • Jul 24
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 8.3% 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 Share price has been volatile over the past 3 months (8.3% average weekly change). Profit margins are more than 30% lower than last year (2.4% net profit margin). Duyuru • Jul 24
Cicor Technologies Ltd. Provides Earnings Guidance for the Second Half of the Year 2026 Cicor Technologies Ltd. provided earnings guidance for the second half of the year 2026. The company expects the record-high orderbook support expectations for a stronger second half of the year. The company expects sequential revenue growth between 10% and 25% from first half to second half. This growth is partially driven by acquisition effects and is based on the assumption that supply chain constraints do not worsen. Reported Earnings • Jul 23
First half 2026 earnings released: EPS: CHF2.77 (vs CHF1.93 in 1H 2025) First half 2026 results: EPS: CHF2.77 (up from CHF1.93 in 1H 2025). Revenue: CHF334.1m (up 19% from 1H 2025). Net income: CHF12.2m (up 44% from 1H 2025). Profit margin: 3.7% (up from 3.0% in 1H 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Electronic industry in Germany. Buy Or Sell Opportunity • Jul 21
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to €125. The fair value is estimated to be €157, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 36%. For the next 3 years, revenue is forecast to grow by 9.4% per annum. Earnings are also forecast to grow by 32% per annum over the same time period. Buy Or Sell Opportunity • Jul 03
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.4% to €121. The fair value is estimated to be €155, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 36%. For the next 3 years, revenue is forecast to grow by 9.4% per annum. Earnings are also forecast to grow by 32% per annum over the same time period. Duyuru • Jun 16
Cicor Technologies Ltd. Confirms Earnings Guidance for the Year 2026 Cicor Technologies Ltd. confirmed earnings guidance for the year 2026. For the year, the Group expects revenues between CHF 700 million and CHF 750 million. Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €176, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 24x in the Electronic industry in Germany. Total returns to shareholders of 31% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €162 per share. Board Change • May 20
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). Independent Non-Executive Chairman of the Board Daniel Frutig 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. Insufficient board refreshment. Duyuru • Mar 25
Cicor Technologies Ltd., Annual General Meeting, Apr 15, 2026 Cicor Technologies Ltd., Annual General Meeting, Apr 15, 2026, at 14:00 W. Europe Standard Time. Duyuru • Oct 30
Cicor Technologies Ltd. (SWX:CICN) agreed to acquire TT Electronics plc (LSE:TTG) from Aberforth Partners LLP and others for approximately £290 million. Cicor Technologies Ltd. (SWX:CICN) agreed to acquire TT Electronics plc (LSE:TTG) from Aberforth Partners LLP and others for approximately £290 million on October 30, 2025. A cash consideration valued at £1 per share will be paid by Cicor Technologies Ltd. 0.0028 New Cicor Shares will be paid for each TT Electronics plc share. The Offer Value of 155 pence per TT Share, consisting of 100 pence per share in cash and 55 pence per share in New Cicor Shares. The cash consideration payable pursuant to the Acquisition will be financed by debt to be incurred by Cicor under the bridge Facilities Agreement pursuant to a £195 million senior term facility A available thereunder
The Acquisition will be subject to approval by the requisite majorities of TT Electronics plc shareholders, sanction of the Scheme by the Court, the SIX Exchange Regulation, the Acquisition becoming Effective by no later than the Long Stop Date, receipt of certain antitrust and other regulatory approvals, including merger control approvals in Australia, Germany, Mexico, the United Kingdom and the United States, and foreign investment approvals in France, Italy, the United Kingdom and the United States. No consent, approval, waiver or resolution of the shareholders of Cicor Technologies Ltd. is required to implement the Acquisition. The deal has been unanimously approved by the board. The expected completion of the transaction is January 1, 2026 to June 30, 2026.
Tommy Hadewicz and Raffael Huber of UBS Group AG acted as financial advisor for Cicor Technologies Ltd. Joe Hannon, Ben Edenharder and Anisah Mahomed of UBS AG, London Branch acted as financial advisor for Cicor Technologies Ltd. Freshfields LLP acted as legal advisor for Cicor Technologies Ltd. Baker & McKenzie acted as legal advisor for Cicor Technologies Ltd. Allen Overy Shearman Sterling LLP acted as legal advisor for TT Electronics plc. Schellenberg Wittmer acted as legal advisor for TT Electronics plc. James Dawson, Jeremy Stamper and Ruaridh Duff of Gleacher Shacklock LLP, Investment Banking Arm acted as financial advisor for TT Electronics plc. Ravi Gupta, Neil Thwaites and Matthew Price of N.M. Rothschild & Sons Limited acted as financial advisor for TT Electronics plc. Duyuru • Aug 05
Cicor Technologies Ltd. (SWX:CICN) completed the acquisition of Malaga Aerospace, Defense and Electronics Systems, S.A.U. from Latécoère S.A. (ENXTPA:LAT). Cicor Technologies Ltd. (SWX:CICN) signed an agreement to acquire Malaga Aerospace, Defense and Electronics Systems, S.A.U. from Latécoère S.A. (ENXTPA:LAT) on April 4, 2025. As part of the acquisition, Cicor Technologies Ltd will acquire 100% stake in Malaga Aerospace, Defense and Electronics Systems, S.A.U. The transaction will be financed from existing credit lines. For the period ending December 31, 2024, Malaga Aerospace, Defense and Electronics Systems, S.A.U. reported total revenue of €29 million.
The transaction is subject to regulatory filings and approvals in the relevant jurisdictions, including the approval by the Spanish Council of Ministers pursuant to defense foreign direct investment regulations. The transaction is is expected in the second half of 2025. Lincoln International SAS acted as financial advisor to Latécoère S.A. Baker & McKenzie SCP acted as legal advisor to Latécoère S.A. CMS Albiñana & Suárez de Lezo, S.L.P. led by Luis Miguel de Dios acted as legal advisor for Cicor Technologies Ltd. Crowe Spain led by Fernando Segú and Jaime Peiro acted as due diligence provider for Cicor Technologies Ltd. CMS Hasche Sigle Partnerschaft von Rechtsanwälten und Steuerberatern mbB led by Hendrick Hirsch acted as legal advisor for Cicor Technologies Ltd.
Cicor Technologies Ltd. (SWX:CICN) completed the acquisition of Malaga Aerospace, Defense and Electronics Systems, S.A.U. from Latécoère S.A. (ENXTPA:LAT) on August 4, 2025. following the fulfillment of all conditions precedent to the closing of the transaction, Latecoere (Paris:LAT) confirms the completion of the sale to the Cicor Group. Duyuru • Jun 04
Cicor Technologies Ltd. (SWX:CICN) agreed to acquire Manufacturing operation of Mercury Mission Systems International S.A. Cicor Technologies Ltd. (SWX:CICN) agreed to acquire Manufacturing operation of Mercury Mission Systems International S.A. on April 15, 2025. Mercury and Cicor have jointly decided to relocate production to the Cicor sites in Newport, United Kingdom, and Bronschhofen, Switzerland, within the next 18 months. As part of the agreement, Mercury will purchase boards from Cicor, as well continue to source boards from Mercury’s U.S. operations, to ensure a robust supply chain. Both parties intend to further expand the strategic business relationship in the coming years. The transaction is expected to be completed within approximately one month, subject to customary closing conditions including end customer consents. Hubertus Hillerström, Mark A. Reutter and Laura Luongo acted as legal advisors to Mercury Mission Systems International S.A.
Cicor Technologies Ltd. (SWX:CICN) completed the acquisition of Manufacturing operation of Mercury Mission Systems International S.A. on June 3, 2025 
