Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. 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 company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • 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. Duyuru • Mar 27
Icape Holding S.A., Annual General Meeting, May 20, 2026 Icape Holding S.A., Annual General Meeting, May 20, 2026. Duyuru • 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. Duyuru • 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). Duyuru • 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. Duyuru • 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. Duyuru • Mar 29
Icape Holding S.A., Annual General Meeting, May 21, 2025 Icape Holding S.A., Annual General Meeting, May 21, 2025. Duyuru • 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. Duyuru • 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. Duyuru • 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. Duyuru • 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. Duyuru • 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. 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 11% growth forecast for the Electronic industry in Germany. Duyuru • 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. Duyuru • 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. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment improves as stock rises 36% After last week's 36% share price gain to €12.20, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 15x in the Electronic industry in Germany. Total loss to shareholders of 15% 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 German dividend payers (4.6%). In line with average of industry peers (1.7%). Duyuru • 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 €11.05, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 13x in the Electronic industry in Germany. Total loss to shareholders of 30% over the past year. 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 2.1%, 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 15% After last week's 15% share price gain to €9.10, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 13x in the Electronic industry in Germany. Total loss to shareholders of 41% 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 10% growth forecast for the Electronic industry in Germany. Duyuru • 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. Duyuru • 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 14
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €7.60, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 17x in the Electronic industry in Germany. Total loss to shareholders of 46% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €4.41 per share. New Risk • Feb 05
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 Risks Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (€93.0m market cap, or US$99.9m). 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 12% growth forecast for the Electronic industry in Germany. 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 Risks Dividend is not well covered by cash flows (381% cash payout ratio). Market cap is less than US$100m (€91.4m market cap, or US$96.6m). 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. New Risk • Jul 31
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.5% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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 High level of non-cash earnings (37% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to €15.65, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 19x in the Electronic industry in Germany. 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 11% growth forecast for the Electronic industry in Germany. Duyuru • 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. Reported Earnings • Oct 08
First half 2022 earnings released First half 2022 results: Net income: €900.0k (up €900.0k from 1H 2021). 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. 
