ICAPE HOLDING (FR:ALICA)
:ALICA
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ICAPE HOLDING
(ALICA)
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Rating:54Neutral
Price Target:
€6.50
▲(8.70% Upside)
Action:Reiterated
Date:05/13/26
The score is held back primarily by weak financial performance (loss and margin compression in 2025, high leverage, and uneven free cash flow). Strong technical momentum and the stock trading above key moving averages partially offset these risks, while valuation is mixed due to the negative P/E despite a modest dividend yield.
Positive Factors
Sourcing/trading model & supplier network
ICAPE’s intermediary sourcing model and broad supplier network create durable procurement scale and service differentiation. By matching customers to qualified PCB manufacturers and embedding quality/logistics support, the company can sustain recurring B2B flows, bargaining power with vendors, and stickier customer relationships over months.
Negative Factors
Elevated leverage (~2x equity)
Sustained debt around twice equity constrains strategic optionality and raises refinancing risk if market conditions tighten. High leverage amplifies earnings volatility into solvency pressure, limits capacity for opportunistic investment, and increases interest burden, weighing on durable financial resilience.
Read all positive and negative factors
Positive Factors
Negative Factors
Sourcing/trading model & supplier network
ICAPE’s intermediary sourcing model and broad supplier network create durable procurement scale and service differentiation. By matching customers to qualified PCB manufacturers and embedding quality/logistics support, the company can sustain recurring B2B flows, bargaining power with vendors, and stickier customer relationships over months.
Read all positive factors
ICAPE HOLDING (ALICA) vs. iShares MSCI France ETF (EWQ)
Market Cap
€52.41M
Dividend Yield2.17%
Average Volume (3M)1.68K
Price to Earnings (P/E)―
Beta (1Y)0.23
Revenue Growth10.23%
EPS Growth-110.11%
CountryFR
Employees634
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)-0.05
Shares Outstanding8,088,182
10 Day Avg. Volume1,999
30 Day Avg. Volume1,675
Financial Highlights & Ratios
PEG Ratio1.09
Price to Book (P/B)5.43
Price to Sales (P/S)0.70
P/FCF Ratio64.63
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€5.00Price Target Upside-16.39% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering1
EPS Forecast (FY)0.79
Revenue Forecast (FY)€227.23M
ICAPE HOLDING Business Overview & Revenue Model
Company Description
Icape Holding S.A engages in the manufacture and sale of printed circuit boards (PCBs) and customized technical parts worldwide. It offers single- and double-sided, aluminum, multilayer, HDI, back panel, flexible, semi- and rigid-flex, heavy coppe...
How the Company Makes Money
ICAPE Holding primarily makes money by selling printed circuit boards (PCBs) to business customers. Its core revenue model is a sourcing-and-distribution (trading) model: customers place orders for custom PCBs; ICAPE sources these boards from qual...
ICAPE HOLDING Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
45
Neutral
Cash Flow
39
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 200.28M | 181.70M | 179.54M | 219.64M | 163.88M |
| Gross Profit | 9.52M | 63.66M | 58.43M | 62.22M | 38.78M |
| EBITDA | 14.95M | 11.44M | 13.27M | 14.24M | 6.62M |
| Net Income | -1.17M | 3.72M | 3.38M | 5.48M | 2.45M |
Balance Sheet | |||||
| Total Assets | 145.25M | 159.62M | 150.84M | 144.74M | 108.72M |
| Cash, Cash Equivalents and Short-Term Investments | 17.89M | 26.73M | 32.80M | 27.99M | 26.03M |
| Total Debt | 53.37M | 66.77M | 59.50M | 43.59M | 38.22M |
| Total Liabilities | 120.45M | 128.45M | 119.16M | 115.67M | 102.71M |
| Stockholders Equity | 25.92M | 31.02M | 31.38M | 28.45M | 5.32M |
Cash Flow | |||||
| Free Cash Flow | 2.18M | 5.36M | 6.61M | -1.57M | -1.82M |
| Operating Cash Flow | 5.68M | 7.32M | 8.28M | 2.96M | 393.00K |
| Investing Cash Flow | -4.96M | -12.79M | -15.18M | -20.43M | -8.36M |
| Financing Cash Flow | -8.20M | -1.41M | 11.83M | 19.02M | 9.26M |
ICAPE HOLDING Technical Analysis
Positive
5.98
Price Trends
5.12
Positive
5.49
Positive
6.08
Positive
Market Momentum
0.46
Negative
57.50
Neutral
40.94
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:ALICA, the sentiment is Positive. The current price of 5.98 is below the 20-day moving average (MA) of 6.01, above the 50-day MA of 5.12, and below the 200-day MA of 6.08, indicating a bullish trend. The MACD of 0.46 indicates Negative momentum. The RSI at 57.50 is Neutral, neither overbought nor oversold. The STOCH value of 40.94 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FR:ALICA.
ICAPE HOLDING Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | €1.02B | 7.47 | ― | ― | ― | ― | |
54 Neutral | €52.41M | -8.36 | ― | 2.17% | 10.23% | -110.11% | |
53 Neutral | €21.57M | -1.28 | -59.96% | ― | ― | ― | |
52 Neutral | €981.05M | 197.15 | 2.04% | ― | -0.75% | -65.54% | |
50 Neutral | €82.64M | -0.68 | -4.96% | 5.91% | -29.90% | -17.13% |
* Technology Sector Average
FR:ALICA
ICAPE HOLDING
6.36
-1.41
-18.15%
FR:ALGID
Egide SA
1.07
0.53
96.69%
FR:XFAB
X-Fab Silicon Foundries SE
7.89
2.72
52.46%
FR:LACR
Lacroix Group SA
17.60
10.50
147.89%
FR:AL2SI
2CRSI SA
46.70
41.56
808.56%
FR:ALLOG
Logic Instrument SA Class A
1.84
0.06
3.37%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.