| Valuation method | Value, € | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 25.78 | 333 |
| Intrinsic value (DCF) | 4.28 | -28 |
| Graham-Dodd Method | n/a | |
| Graham Formula | 4.29 | -28 |
Icape Holding S.A. (ALICA.PA) is a France-based company specializing in the manufacture and sale of printed circuit boards (PCBs) and customized technical parts globally. Founded in 1999 and headquartered in Fontenay-aux-Roses, the company serves diverse industries with a broad product portfolio, including single- and double-sided PCBs, aluminum, multilayer, HDI, flexible, and RF/microwave PCBs, as well as customized components like cables, connectors, transformers, and CNC-machined parts. Icape Holding operates both through traditional sales channels and an online platform, cipem-shop.com, enhancing accessibility for customers. As a key player in the PCB and technical parts sector, the company benefits from the growing demand for electronics in automotive, industrial, and consumer applications. With a market cap of approximately €62.8 million, Icape Holding is positioned in the competitive but high-growth technology hardware segment, leveraging its European base to serve global markets efficiently.
Icape Holding S.A. presents a niche investment opportunity in the PCB and technical parts manufacturing sector. The company's diversified product range and online sales platform provide resilience against market fluctuations. However, its modest market cap (€62.8M) and beta (0.258) suggest lower volatility but also limited scale compared to larger peers. Revenue (€181.7M) and net income (€3.7M) indicate thin margins, typical for hardware manufacturing. Positive operating cash flow (€7.3M) and a manageable debt-to-equity profile are strengths, but capital expenditures (€-1.96M) suggest restrained growth investments. The dividend yield (~1.7% based on €0.13/share) adds modest income appeal. Risks include exposure to cyclical electronics demand and competition from lower-cost Asian manufacturers. Investors should weigh its specialized positioning against margin pressures in the hardware sector.
Icape Holding competes in the fragmented PCB and custom technical parts market, where differentiation hinges on product breadth, customization capabilities, and regional supply chain agility. Its European base provides logistical advantages for local clients but faces stiff competition from Asian manufacturers dominating mass production. The company’s strength lies in its diversified PCB offerings (e.g., HDI, RF/microwave) and ability to deliver niche components like CNC-machined parts, catering to prototyping and mid-volume orders. However, its scale is limited compared to global leaders, restricting cost advantages. The online sales platform (cipem-shop.com) enhances accessibility but lacks the scale of broader e-commerce distributors. Icape’s focus on Europe insulates it somewhat from geopolitical risks but limits exposure to high-growth APAC markets. Competitively, it must balance customization (a strength) against pricing pressures from commoditized PCB producers. The company’s €62.8M market cap reflects its regional focus, and while its low beta suggests stability, growth may depend on capturing higher-margin industrial and automotive contracts.