Reported Earnings • Mar 23
Full year 2025 earnings released: EPS: ₪0.72 (vs ₪0.63 in FY 2024) Full year 2025 results: EPS: ₪0.72 (up from ₪0.63 in FY 2024). Revenue: ₪1.62b (up 1.4% from FY 2024). Net income: ₪41.1m (up 14% from FY 2024). Profit margin: 2.5% (up from 2.3% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Mar 22
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 4.6% to ₪6.75. The fair value is estimated to be ₪5.44, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years. Earnings per share has declined by 8.5%. Valuation Update With 7 Day Price Move • Feb 18
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₪6.23, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 21x in the Electronic industry in Israel. Total returns to shareholders of 33% over the past three years. New Risk • Dec 23
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 Israeli stocks, typically moving 6.4% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 112% Cash payout ratio: 199% Earnings have declined by 16% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.4% average weekly change). Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₪6.12, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 16x in the Electronic industry in Israel. Total returns to shareholders of 8.5% over the past three years. Duyuru • Dec 17
iCon Group Ltd announces Annual dividend, payable on December 30, 2025 iCon Group Ltd. announced Annual dividend of ILS 0.7020 per share payable on December 30, 2025, ex-date on December 23, 2025 and record date on December 23, 2025. Reported Earnings • Nov 23
Third quarter 2025 earnings released: EPS: ₪0.15 (vs ₪0.08 in 3Q 2024) Third quarter 2025 results: EPS: ₪0.15 (up from ₪0.08 in 3Q 2024). Revenue: ₪382.8m (up 14% from 3Q 2024). Net income: ₪8.56m (up 78% from 3Q 2024). Profit margin: 2.2% (up from 1.4% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Duyuru • Nov 21
iCon Group Ltd, Annual General Meeting, Dec 29, 2025 iCon Group Ltd, Annual General Meeting, Dec 29, 2025. Location: co. offices, Israel New Risk • Aug 28
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 6.6% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (6.6% operating cash flow to total debt). Earnings have declined by 17% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₪320.4m market cap, or US$96.4m). Reported Earnings • Aug 19
Second quarter 2025 earnings released: EPS: ₪0.11 (vs ₪0.14 in 2Q 2024) Second quarter 2025 results: EPS: ₪0.11 (down from ₪0.14 in 2Q 2024). Revenue: ₪365.4m (down 3.2% from 2Q 2024). Net income: ₪6.39m (down 19% from 2Q 2024). Profit margin: 1.7% (down from 2.1% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year whereas the company’s share price has fallen by 16% per year. New Risk • Jul 31
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₪336.4m (US$99.0m) 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 (6.6% operating cash flow to total debt). Earnings have declined by 17% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₪336.4m market cap, or US$99.0m). Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₪6.13, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 18x in the Electronic industry in Israel. Total loss to shareholders of 36% over the past three years. New Risk • Jul 21
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 Israeli stocks, typically moving 6.1% 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 Risks Debt is not well covered by operating cash flow (6.6% operating cash flow to total debt). Earnings have declined by 17% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.1% average weekly change). Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₪7.07, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 17x in the Electronic industry in Israel. Total loss to shareholders of 29% over the past three years. Reported Earnings • May 24
First quarter 2025 earnings released: EPS: ₪0.11 (vs ₪0.16 in 1Q 2024) First quarter 2025 results: EPS: ₪0.11 (down from ₪0.16 in 1Q 2024). Revenue: ₪346.8m (down 10% from 1Q 2024). Net income: ₪6.15m (down 32% from 1Q 2024). Profit margin: 1.8% (down from 2.3% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₪6.03, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 13x in the Electronic industry in Israel. Total loss to shareholders of 48% over the past three years. Reported Earnings • Mar 22
Full year 2024 earnings released: EPS: ₪0.63 (vs ₪0.58 in FY 2023) Full year 2024 results: EPS: ₪0.63 (up from ₪0.58 in FY 2023). Revenue: ₪1.60b (up 11% from FY 2023). Net income: ₪36.2m (up 11% from FY 2023). Profit margin: 2.3% (in line with FY 2023). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Duyuru • Jan 13
iCon Group Ltd (TASE:ICON) exercised its option to acquire remaining 14.70% stake in Visual D.G. Ltd. for ILS 12.5 million. iCon Group Ltd (TASE:ICON) exercised its option to acquire remaining 14.70% stake in Visual D.G. Ltd. for ILS 12.5 million on January 13, 2025. Reported Earnings • Nov 23
Third quarter 2024 earnings released: EPS: ₪0.08 (vs ₪0.08 in 3Q 2023) Third quarter 2024 results: EPS: ₪0.08 (in line with 3Q 2023). Revenue: ₪334.7m (up 8.7% from 3Q 2023). Net income: ₪4.80m (flat on 3Q 2023). Profit margin: 1.4% (down from 1.6% in 3Q 2023). The decrease in margin was driven by higher expenses. Duyuru • Nov 22
iCon Group Ltd, Annual General Meeting, Dec 30, 2024 iCon Group Ltd, Annual General Meeting, Dec 30, 2024. Location: co. offices, Israel Reported Earnings • Aug 18
Second quarter 2024 earnings released: EPS: ₪0.14 (vs ₪0.13 in 2Q 2023) Second quarter 2024 results: EPS: ₪0.14 (up from ₪0.13 in 2Q 2023). Revenue: ₪377.4m (up 7.1% from 2Q 2023). Net income: ₪7.83m (up 4.4% from 2Q 2023). Profit margin: 2.1% (in line with 2Q 2023). Reported Earnings • May 29
First quarter 2024 earnings released: EPS: ₪0.16 (vs ₪0.21 in 1Q 2023) First quarter 2024 results: EPS: ₪0.16 (down from ₪0.21 in 1Q 2023). Revenue: ₪387.0m (up 6.1% from 1Q 2023). Net income: ₪9.07m (down 22% from 1Q 2023). Profit margin: 2.3% (down from 3.2% in 1Q 2023). The decrease in margin was driven by higher expenses. Reported Earnings • Dec 02
Third quarter 2023 earnings released: EPS: ₪0.08 (vs ₪0.12 in 3Q 2022) Third quarter 2023 results: EPS: ₪0.08 (down from ₪0.12 in 3Q 2022). Revenue: ₪308.0m (flat on 3Q 2022). Net income: ₪4.79m (down 27% from 3Q 2022). Profit margin: 1.6% (down from 2.1% in 3Q 2022). Duyuru • Nov 29
Icon Group Appoints Russell Hill as Chief Operating Officer for Pharmacy Icon Group announced Russell Hill has been appointed to Chief Operating Officer (COO) for Pharmacy. Russell has been with Icon for almost 15 years and brings a wealth of experience to the role of COO. As a qualified pharmacist, Russell has in-depth clinical knowledge and understands the needs of pharmacists and the national pharmacy landscape. He has held numerous leadership roles within the group, including Director of Pharmacy Practice Unit, General Manager for Pharmacy Services in Western Australia, and State Manager for Icon's cancer services in Western Australia and South Australia. His extensive experience across both cancer care and pharmacy enables a comprehensive approach to operations and a focus on multidisciplinary clinical quality and expertise. Russell has been acting COO for the past six months and during that time he and the team have achieved significant milestones, including securing UnitingCare Queensland's (UCQ) Australian pharmacy services contract. Through his collaborative and people-focused leadership, Russell has played a key role in establishing a solid foundation for the success of pharmacies ambitious growth pipelines and to meet its strategic goals. Duyuru • Nov 22
iCon Group Ltd, Annual General Meeting, Dec 26, 2023 iCon Group Ltd, Annual General Meeting, Dec 26, 2023. Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₪4.09, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 9x in the Electronic industry in Israel. Total loss to shareholders of 37% over the past year. Reported Earnings • Sep 02
Second quarter 2023 earnings released: EPS: ₪0.13 (vs ₪0.17 in 2Q 2022) Second quarter 2023 results: EPS: ₪0.13 (down from ₪0.17 in 2Q 2022). Revenue: ₪352.5m (down 4.6% from 2Q 2022). Net income: ₪7.50m (down 21% from 2Q 2022). Profit margin: 2.1% (down from 2.6% in 2Q 2022). The decrease in margin was driven by lower revenue. Upcoming Dividend • Apr 11
Upcoming dividend of ₪0.18 per share at 3.3% yield Eligible shareholders must have bought the stock before 18 April 2023. Payment date: 02 May 2023. Trailing yield: 3.3%. Lower than top quartile of Israeli dividend payers (7.5%). Lower than average of industry peers (5.6%). Duyuru • Jan 18
Icon Group Appoints David Hackshall as Chief Digital Officer Icon Group appointed David Hackshall as Chief Digital Officer. David joins Icon in February, bringing over 25 years of industry experience across a diverse range of industries, including insurance, finance, marketing, and logistics. In his most recent role as Chief Information Officer (CIO) for Cochlear, David led business transformation initiatives to drive growth and position Cochlear as the world leader in customer experience for its sector. This role is vital for Icon Group as extend digital services and information technology platforms to serve patients better and transform digital healthcare. David commences on 1 February 2023 and will lead Icon's highly experienced IT team with a key focus on supporting business strategy through the deployment of technologies to deliver world-class operational excellence.