| Valuation method | Value, CHF | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 110.87 | -10 |
| Intrinsic value (DCF) | 37.77 | -69 |
| Graham-Dodd Method | 62.13 | -49 |
| Graham Formula | 189.30 | 54 |
Cicor Technologies Ltd. (CICN.SW) is a Swiss-based 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, serving high-growth sectors such as industrial, medical, aerospace and defense, automotive, and communication markets. Founded in 1966 and headquartered in Bronschhofen, Switzerland, Cicor has built a reputation for precision and innovation in the technology hardware sector. With a market capitalization of CHF 542 million, the company continues to expand its global footprint, leveraging its expertise in microelectronics and electronic solutions to meet the evolving demands of high-tech industries.
Cicor Technologies presents a compelling investment case with its diversified revenue streams across high-growth industries such as medical, aerospace, and automotive. The company's solid financials—CHF 480.8 million in revenue and CHF 27.3 million in net income for the latest fiscal year—reflect its operational efficiency. A low beta of 0.35 suggests lower volatility compared to the broader market, appealing to risk-averse investors. However, the absence of dividends may deter income-focused shareholders. The company's strong operating cash flow (CHF 74.8 million) and manageable debt levels (CHF 118.3 million) provide financial flexibility for future growth initiatives. Investors should monitor Cicor's ability to maintain margins amid supply chain challenges and its capacity to innovate in competitive microelectronics markets.
Cicor Technologies competes in the highly specialized electronic components and manufacturing services sector, where differentiation is driven by technological expertise, precision, and reliability. The company's competitive advantage lies in its dual-division structure—AMS for advanced microelectronics and ES for broader electronic solutions—allowing it to serve niche high-tech markets while maintaining scalability. Cicor's focus on industries with stringent quality requirements (e.g., aerospace, medical devices) creates barriers to entry for less specialized competitors. Its Swiss heritage reinforces a reputation for precision engineering, a critical factor in winning contracts from multinational clients. However, Cicor faces intense competition from larger global players with greater R&D budgets and manufacturing scale. The company mitigates this by emphasizing customer-specific solutions and maintaining agility in prototyping and low-to-medium volume production—areas where larger competitors may be less flexible. Cicor's challenge is to balance its high-margin, specialized offerings with the need to compete on cost in more commoditized segments of the electronics market.