| Valuation method | Value, £ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 97.90 | -20 |
| Intrinsic value (DCF) | 34.59 | -72 |
| Graham-Dodd Method | 58.70 | -52 |
| Graham Formula | 178.80 | 45 |
Cicor Technologies Ltd. (0QPR.L) is a Switzerland-based global leader in the development and manufacturing of advanced electronic components, devices, and systems. Operating through its two key divisions—Advanced Microelectronics and Substrates (AMS) and Electronic Solutions (ES)—the company specializes in printed circuit boards, hybrid circuits, and printed electronics. Cicor also offers comprehensive electronic manufacturing services, including engineering, PCB assembly, microelectronic assembly, and test engineering, catering to high-growth industries such as industrial, medical, aerospace and defense, automotive, and communication sectors. Founded in 1966 and headquartered in Bronschhofen, Switzerland, Cicor has built a strong reputation for innovation and precision in the technology hardware and equipment sector. With a market capitalization of approximately CHF 578 million, the company continues to expand its footprint in specialized markets, leveraging its expertise in microelectronics and electronic solutions to meet the evolving demands of global industries.
Cicor Technologies presents a compelling investment case with its diversified revenue streams across high-growth sectors like medical, aerospace, and automotive. The company's solid financials, including CHF 480.8 million in revenue and CHF 27.3 million in net income for the latest fiscal period, underscore its operational efficiency. A strong operating cash flow of CHF 74.8 million and a conservative beta of 0.35 suggest stability, though its lack of dividend payouts may deter income-focused investors. Risks include exposure to cyclical industries and reliance on capital expenditures (CHF -13.1 million) for growth. However, its niche expertise in microelectronics and electronic manufacturing services positions it well for long-term growth in an increasingly digital and connected world.
Cicor Technologies differentiates itself through its dual-division approach—Advanced Microelectronics and Substrates (AMS) and Electronic Solutions (ES)—which allows it to serve a broad range of industries with specialized electronic components and manufacturing services. The company's competitive advantage lies in its ability to provide end-to-end solutions, from design to production, particularly in high-reliability sectors like aerospace, defense, and medical technology. Its Swiss heritage reinforces its reputation for precision and quality, critical in these demanding markets. However, Cicor faces stiff competition from larger global players with greater economies of scale. Its relatively modest market cap (CHF 578 million) limits its ability to compete on price in commoditized segments. That said, its focus on high-margin, low-volume specialized applications helps mitigate pricing pressures. The company’s strong cash position (CHF 74.2 million) and manageable debt (CHF 118.3 million) provide financial flexibility to invest in R&D and strategic acquisitions, further strengthening its competitive positioning.