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Intercos S.p.A.
(ICOS)
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Rating:63Neutral
Price Target:
€14.00
▲(14.75% Upside)
Action:Reiterated
Date:03/29/26
The score is primarily supported by improving margins and a healthier, moderating leverage profile, but tempered by inconsistent revenue/FCF trends. Technically, the stock is above major moving averages, yet momentum indicators are mixed, and valuation is only moderately attractive given a ~21 P/E and a modest ~1.6% yield.
Positive Factors
Improving margins
Sustained margin expansion to ~14.3% EBITDA and ~9.2% EBIT indicates structural gains in unit economics and cost control. Higher operating profitability provides durable earnings buffer against revenue swings and funds R&D and industrial investments that support long-term B2B competitiveness.
Negative Factors
Top‑line volatility
Irregular revenue trends across recent years signal inconsistent order flows and reliance on timing of customer launches. Persistent top-line unpredictability complicates capacity planning and weakens the durability of margins, since fixed costs and mix shifts can quickly erode profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving margins
Sustained margin expansion to ~14.3% EBITDA and ~9.2% EBIT indicates structural gains in unit economics and cost control. Higher operating profitability provides durable earnings buffer against revenue swings and funds R&D and industrial investments that support long-term B2B competitiveness.
Read all positive factors
Intercos S.p.A. (ICOS) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€1.29B
Dividend Yield1.51%
Average Volume (3M)91.37K
Price to Earnings (P/E)25.6
Beta (1Y)0.42
Revenue Growth-1.66%
EPS Growth3.41%
CountryIT
Employees3,872
SectorConsumer Defensive
Sector Strength42
IndustryHousehold & Personal Products
Share Statistics
EPS (TTM)0.52
Shares Outstanding96,394,560
10 Day Avg. Volume77,170
30 Day Avg. Volume91,374
Financial Highlights & Ratios
PEG Ratio5.32
Price to Book (P/B)2.19
Price to Sales (P/S)1.02
P/FCF Ratio17.14
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€15.90Price Target Upside30.33% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.71
Revenue Forecast (FY)€1.10B
Intercos S.p.A. Business Overview & Revenue Model
Company Description
Intercos S.p.A., along with its affiliated companies, specializes in the global production and sale of cosmetic products, encompassing items for skin, hair, and body maintenance. The company offers an extensive portfolio, which includes makeup ess...
How the Company Makes Money
Intercos primarily makes money by selling cosmetics products it manufactures for other companies (B2B), generating revenue from contract manufacturing and the supply of finished goods across color cosmetics categories (e.g., products for lips, eye...
Intercos S.p.A. Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
68
Positive
Cash Flow
60
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.05B | 1.06B | 988.22M | 59.79M | 43.20M |
| Gross Profit | 196.25M | 207.00M | 199.38M | 65.83M | 48.04M |
| EBITDA | 142.28M | 112.75M | 127.15M | 118.47M | 38.61M |
| Net Income | 50.10M | 48.52M | 52.34M | 5.20M | 19.62M |
Balance Sheet | |||||
| Total Assets | 979.50M | 1.05B | 980.93M | 488.97M | 473.82M |
| Cash, Cash Equivalents and Short-Term Investments | 152.20M | 190.00M | 158.13M | 53.56M | 71.57M |
| Total Debt | 253.00M | 288.30M | 258.61M | 224.94M | 240.68M |
| Total Liabilities | 491.60M | 570.70M | 531.39M | 266.46M | 268.16M |
| Stockholders Equity | 485.60M | 476.70M | 447.50M | 222.51M | 205.67M |
Cash Flow | |||||
| Free Cash Flow | 62.17M | 54.80M | 48.22M | -4.04M | -6.30M |
| Operating Cash Flow | 107.43M | 99.40M | 103.18M | 9.38M | 4.31M |
| Investing Cash Flow | -67.42M | -61.40M | -53.72M | -46.51M | -26.15M |
| Financing Cash Flow | -71.79M | -2.16M | -77.58M | 8.25M | -1.55M |
Intercos S.p.A. Technical Analysis
Positive
12.20
Price Trends
12.46
Positive
12.18
Positive
11.89
Positive
Market Momentum
0.18
Positive
55.66
Neutral
72.18
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:ICOS, the sentiment is Positive. The current price of 12.2 is below the 20-day moving average (MA) of 12.90, below the 50-day MA of 12.46, and above the 200-day MA of 11.89, indicating a bullish trend. The MACD of 0.18 indicates Positive momentum. The RSI at 55.66 is Neutral, neither overbought nor oversold. The STOCH value of 72.18 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IT:ICOS.
Intercos S.p.A. Peers Comparison
UnderperformOutperform
Sector (62)
IT:ICOS
Intercos S.p.A.
13.08
1.24
10.44%
IT:BFG
B.F. S.p.A.
4.90
0.54
12.39%
IT:ENV
Enervit S.p.A.
4.88
1.71
53.99%
IT:FF
Fine Foods & Pharmaceuticals N.T.M. SpA
8.66
0.78
9.86%
IT:ERFO
Laboratorio Farmaceutico Erfo SpA
1.16
-0.10
-7.94%
IT:LON
Longino & Cardenal SpA
1.03
-0.21
-16.94%
Intercos S.p.A. Corporate Events
Intercos Lifts Treasury Stake with Latest Buyback Tranche
Jul 8, 2026
Intercos S.p.A. has continued its share buyback programme, acquiring 53,900 ordinary shares on regulated markets between 1 July and 7 July 2026 at a weighted average price of €13.0383, for a total outlay of about €702,765. The transact...
Intercos Launches 2035 Sustainability Plan and Commits to Science-Based Climate Targets
Jun 24, 2026
Intercos has unveiled a 2026–2035 Sustainability Plan that sets 24 measurable ESG targets, reinforcing its commitment to responsible growth across its entire value chain. The company has joined the United Nations Global Compact and formally ...
Intercos launches three-year AI roadmap to accelerate cosmetic innovation
Jun 8, 2026
Intercos, a global cosmetics manufacturer focused on innovation in make-up, skincare and personal care products, supplies major international brands through an extensive network of research centers, production plants and sales offices. With more t...
Intercos Increases Treasury Stake With Latest Share Buyback Tranche
Jun 4, 2026
Intercos S.p.A. has continued its share buyback programme, repurchasing 34,534 ordinary shares between 28 May and 3 June 2026 on regulated markets at a weighted average price of €12.4109, for a total outlay of €428,598.75. The transact...
Intercos Lifts Treasury Stake to 2.59% Through Ongoing Buyback
May 28, 2026
Intercos S.p.A. has continued its share buyback activity, purchasing 89,282 ordinary shares on regulated markets between 21 and 27 May 2026 for a total consideration of about €1.08 million, at a weighted average price of €12.0859 per s...
Intercos Reports Termination of Pledge on 140,000 Shares by Executive
May 22, 2026
Intercos S.p.A. disclosed a transaction by Renato Semerari, who performs administrative functions at the company, involving 140,000 ordinary shares. The operation, executed off-market on 21 May 2026, concerned the termination of a pledge over the ...
Intercos Expands Treasury Stock with Latest Share Buyback Tranche
May 21, 2026
Intercos S.p.A. has continued its share buyback programme, repurchasing 78,293 ordinary shares between 14 May and 20 May 2026 on regulated markets at a weighted average price of €11.8931, for a total outlay of about €931,000. The trans...
Intercos Publishes Minutes of April 2026 Shareholders’ Meeting
May 13, 2026
Intercos S.p.A. has made available to the public the minutes of its Ordinary and Extraordinary Shareholders’ Meeting held on 16 April 2026, which can now be consulted at the company’s registered office, on its corporate website and via...
Intercos Discloses April Share Purchases by Intermonte SIM
May 8, 2026
Intercos S.p.A. disclosed that Intermonte SIM, acting under an engagement, executed a series of share purchases in April 2026 on the Italian EXM market. Across three trading sessions, Intermonte SIM acquired a total of 75,700 Intercos shares at av...
Intercos Posts Softer Q1 Sales but Strong Orders Bolster 2026 Outlook
May 7, 2026
Intercos reported first-quarter 2026 net revenues of €227.5 million, a decline from a particularly strong prior-year period, as adverse currency movements and delayed client orders weighed on performance across all business units and regions...
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.