olivLaw · European equity research
Intercos S.p.a. ICOS.MI
Italy · Euronext Milan · ISIN IT0005455875 · Vertical: Listed companies from Italy
At the close of 06 Nov 2026, Intercos S.p.a. (ICOS.MI) stock was 13.86 EUR (+7.11% on the day), with market capitalisation 1.3 bn EUR, P/E 27.2 on diluted EPS of 0.51 EUR over the last 12 months, dividend yield 1.43%, beta 0.46, 52-week range 10.58–14.28 EUR.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 75.1
- overbought (≥ 70)
- Bollinger (20, 2)
- 11.75 – 13.31
- above the upper band · %B 1.35 · band width 12.5%
- SMA 50 / 200
- 12.67 / 12.58
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.14 / -0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +15.7% | −0.2% | +15.9 pp | — |
| 3 months | −0.6% | −5.4% | +4.8 pp | — |
| 6 months | +13.8% | +4.4% | +9.4 pp | — |
| Year to date | +25.3% | +6.5% | +18.9 pp | — |
| 1 year | +23.8% | +10.0% | +13.8 pp | −7.1% |
| 3 years | −0.4% | +48.6% | −49.0 pp | +6.7% |
| 5 years | unavailable | +41.4% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 21.7, median 26.5, max 27.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 988.2 m | 1.1 bn | 1.0 bn |
| Revenue YoY | unavailable | +7.8% | −1.7% |
| Net income | 52.3 m | 48.5 m | 49.8 m |
| Net income YoY | unavailable | −7.3% | +2.7% |
| Diluted EPS | 0.54 | 0.50 | 0.51 |
| Diluted EPS YoY | unavailable | −7.4% | +2.0% |
| net % | 5.3% | 4.6% | 4.8% |
| Free cash flow | 68.8 m | 54.8 m | 73.3 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 152.2 m EUR
- Financial debt
- 247.6 m EUR
- Net debt
- 95.4 m EUR
- Equity
- 487.9 m EUR
- Total assets
- 979.5 m EUR
- Debt / equity
- 0.51x
- Current ratio
- 1.78x
- ROE
- 10.3%
- ROA
- 4.9%
- FCF margin
- 7.0%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 988.2 m | 1.1 bn | 1.0 bn | esef· 07 Apr 2026verified |
| Cost of revenue | 788.8 m | 857.9 m | 827.8 m | esef· 07 Apr 2026verified |
| Gross profit | 199.4 m | 207.0 m | 219.4 m | esef· 07 Apr 2026verified |
| Research & development | 38.0 m | 40.4 m | 41.0 m | esef· 07 Apr 2026verified |
| Operating income | 85.5 m | 84.1 m | 96.0 m | esef· 07 Apr 2026verified |
| Interest expense | 20.7 m | 27.1 m | 32.1 m | esef· 07 Apr 2026verified |
| Pre-tax income | 72.4 m | 74.0 m | 74.1 m | esef· 07 Apr 2026verified |
| Income tax | 20.0 m | 25.3 m | 24.0 m | esef· 07 Apr 2026verified |
| Net income | 52.3 m | 48.5 m | 49.8 m | esef· 07 Apr 2026verified |
| Diluted EPS | 0.54 | 0.50 | 0.51 | esef· 07 Apr 2026verified |
| Dividend per share | 0.17 | 0.19 | 0.20 | esef· 07 Apr 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 152.8 m | 190.0 m | 152.2 m | esef· 07 Apr 2026verified |
| Inventories | 168.5 m | 193.3 m | 172.2 m | esef· 07 Apr 2026verified |
| Current assets | 513.4 m | 562.4 m | 484.3 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 239.0 m | 248.5 m | — | esef· 24 Sept 2025verified |
| Goodwill | 134.0 m | 133.7 m | 133.8 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 56.2 m | 63.2 m | 72.1 m | esef· 07 Apr 2026verified |
| Total assets | 980.9 m | 1.0 bn | 979.5 m | esef· 07 Apr 2026verified |
| Short-term debt | 200.1 m | 41.6 m | 47.4 m | esef· 07 Apr 2026verified |
| Long-term debt | 48.1 m | 237.5 m | 200.3 m | esef· 07 Apr 2026verified |
| Current liabilities | 461.4 m | 310.8 m | 272.0 m | esef· 07 Apr 2026verified |
| Equity | 449.5 m | 478.9 m | 487.9 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 96.9 m | 95.1 m | 95.8 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 103.1 m | 99.4 m | 118.6 m | esef· 07 Apr 2026verified |
| Capex | 34.3 m | 44.6 m | 45.3 m | esef· 07 Apr 2026verified |
| Free cash flow | 68.8 m ≈ | 54.8 m ≈ | 73.3 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -53.7 m | -61.4 m | -67.4 m | esef· 07 Apr 2026verified |
| Financing cash flow | -77.5 m | -2.2 m | -82.9 m | esef· 07 Apr 2026verified |
| Dividends paid | 16.0 m | 18.0 m | 19.0 m | esef· 07 Apr 2026verified |
| Share repurchases | — | 0 | 13.1 m | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 57 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 1.3 bn EUR
Key indicators
Coverage and freshness
Score by group
- Valuation46
- Balance sheet46
- Returns61
- Quality68
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.70 – 20.71 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)12.13 – 20.71 (Mid 15.30)WACC 7.7% · starting FCFF 95.0 m EUR · terminal value share of EV 76%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -5.5%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E3.22 – 11.58 (Mid 6.71)20 companies used · median multiple 13.2x · quartiles 6.3x – 22.7xAC5.MI, ACE.MI, ADB.MI, AEF.MI, AMP.MI, ARN.MI, ASC.MI, BC.MI, BEC.MI, CAI.MI, CIR.MI, CLF.MI, CMB.MI, COM.MI, CRL.MI, CY4.MI, DEX.MI, DIA.MI, DLG.MI, DNR.MI
- Dividend discount (DDM)2.70 – 3.68 (Mid 3.11)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Neutral profile · Score 57/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.3% | 64 (vs peers) | 17% |
| Net margin · Quality | 4.8% | 44 (vs peers) | 10% |
| FCF conversion · Quality | 147.1% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.0x | 23 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.8x | 82 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 27.2x | 27 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.5% | 69 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 2.4% | 35 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 25.9% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet46/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality68/100 · 3/3 factors with a value
- Returns61/100 · 2/2 factors with a value
- Valuation46/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
INTERCOS S.P.A. (ICOS.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.0 bn EUR in 2025; YoY growth -1.7%; net margin 4.8%; ROE 10.4%.
The estimated value range is 3.22–11.58 EUR per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 6.71 EUR, the price of 13.86 EUR leaves a potential of -51.6% (value / price − 1) and a margin of safety of -106.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 57/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 147.1%
- Current ratio: 1.8x
- Payout ratio (FCF): 25.9%
What contradicts it
- Interest coverage: 3.0x
- P/E (TTM): 27.2x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from Italy · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DLG.MIDe' Longhi S.p.a. | 6.8 bn | 21.5 | 15.4% | 8.4% | +8.7% | +24% / +60% |
| ACE.MIAcea S.p.a. | 4.6 bn | 9.6 | 18.2% | 16.6% | +0.2% | −4% / +72% |
| DIA.MIDiasorin S.p.a. | 4.4 bn | 29.0 | 9.2% | 13.0% | +0.8% | +34% / −5% |
| CRL.MICarel Industries S.p.a. | 2.9 bn | 39.5 | 16.1% | 11.7% | +8.7% | +3% / +10% |
| AMP.MIAmplifon S.p.a. | 2.7 bn | 30.5 | 8.5% | 3.8% | −0.6% | −7% / −57% |
| ICOS.MIIntercos S.p.a. | 1.3 bn | 27.2 | 10.4% | 4.8% | −1.7% | +20% / +0% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 19.0 | 12.8% | 7.1% | −23.0% | +10% / +67% |
| CMB.MICembre S.p.a. | 1.2 bn | 26.4 | 20.6% | 18.9% | +6.7% | +9% / +103% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.4 | 8.6% | 9.4% | +1.4% | −23% / −62% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 985.3 m | 10.6 | 23.5% | 41.0% | +1.8% | −3% / −22% |
| AVIO.MIAvio S.p.a. | 865.6 m | 85.1 | 2.1% | 1.8% | +21.5% | +16% / +283% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 800.3 m | 6.1 | 17.1% | 7.3% | +1.6% | +6% / +76% |
| ASC.MIAscopiave S.p.a. | 621.5 m | 17.3 | 4.2% | 17.5% | +13.4% | −12% / +27% |
| AC5.MIAcinque S.p.a. | 408.7 m | 19.4 | 4.1% | 3.6% | +0.2% | −7% / +7% |
| BAN.MIBasic Net S.p.a. | 350.2 m | — | -4.9% | -3.5% | +0.4% | −30% / +5% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 320.4 m | 12.9 | 11.1% | 13.7% | +9.2% | −3% / +10% |
| CAI.MICairo Communication S.p.a. | 289.2 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +28% |
| ECNL.MIAquafil S.p.a. | 130.1 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 116.6 m | 11.5 | 18.5% | 10.2% | −1.3% | −27% / −33% |
| ABT.MIAbitare In S.p.a. | 74.9 m | 272.0 | 0.4% | 0.4% | +39.8% | −7% / −48% |
| ELC.MIElica S.p.a. | 63.7 m | — | -7.8% | -2.2% | +1.9% | −35% / −49% |
| DEX.MIDexelance S.p.a. | 52.8 m | 3.0 | 11.0% | 5.4% | +12.6% | −61% / −77% |
| CLE.MIClass Editori S.p.a. | 35.1 m | — | -29.2% | -3.8% | −0.7% | −9% / +106% |
| CLF.MICaleffi - S.p.a. | 11.6 m | 5.1 | 10.9% | 3.8% | −2.5% | −5% / −11% |
| AEF.MIAeffe S.p.a. | 10.3 m | 0.5 | 21.9% | 7.7% | −21.3% | −58% / −86% |
1- and 3-year price returns: for ICOS.MI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 7.84 Total return -42% · Per year -42% | 13.90 Total return 2% · Per year 2% | 20.99 Total return 53% · Per year 53% |
| 3 years | 6.69 Total return -49% · Per year -20% | 13.44 Total return 1% · Per year 0% | 22.42 Total return 67% · Per year 19% |
| 5 years | 5.72 Total return -54% · Per year -14% | 13.00 Total return 1% · Per year 0% | 23.94 Total return 82% · Per year 13% |
- Exit P/E± 3.36
- Net margin± 2.35
- Annual revenue growth± 2.05
- Annual dilution± 0.20
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202424 Sept 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.