olivLaw · European equity research
IRCE S.p.A. IRC.MI
Italy · Euronext Milan · ISIN IT0001077780 · Vertical: Listed companies from Italy
IRCE is a European industrial group that makes winding conductors for electric machines and insulated cables for energy transmission. Its relevance is growing with the energy transition, which supports demand from automotive and from energy generation and transmission.
At the close of 05 Nov 2026, IRCE S.p.A. (IRC.MI) stock was 2.13 EUR (−0.93% on the day), with market capitalisation 56.2 m EUR, P/E 9.1 on diluted EPS of 0.23 EUR over the last 12 months, dividend yield 2.82%, beta 0.37, 52-week range 1.89–2.43 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 41.4
- weak (30–45)
- Bollinger (20, 2)
- 2.11 – 2.22
- in the lower half of the band · %B 0.15 · band width 5.1%
- SMA 50 / 200
- 2.24 / 2.21
- mixed trend
- MACD (12, 26, 9)
- -0.02 / -0.02
- 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 | −5.3% | −0.6% | −4.7 pp | — |
| 3 months | −10.1% | −4.2% | −6.0 pp | — |
| 6 months | −7.0% | +4.3% | −11.3 pp | — |
| Year to date | +6.0% | +7.5% | −1.5 pp | — |
| 1 year | −0.5% | +9.9% | −10.4 pp | −6.1% |
| 3 years | +8.4% | +49.8% | −41.4 pp | +7.7% |
| 5 years | −35.6% | +42.8% | −78.5 pp | — |
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 100 percentile of its own 3-quarter history (min 6.4, median 7.7, max 8.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 402.8 m | 397.7 m | 377.6 m |
| Revenue YoY | unavailable | −1.3% | −5.0% |
| Net income | 8.2 m | 6.9 m | 6.2 m |
| Net income YoY | unavailable | −16.1% | −10.5% |
| Diluted EPS | 0.31 | 0.26 | 0.23 |
| Diluted EPS YoY | unavailable | −15.8% | −10.3% |
| net % | 2.0% | 1.7% | 1.6% |
| Free cash flow | 37.0 m | -17.4 m | -20.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 18.0 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 156.0 m EUR
- Total assets
- 286.8 m EUR
- Debt / equity
- unavailable
- Current ratio
- 2.10x
- ROE
- 4.0%
- ROA
- 2.3%
- FCF margin
- -5.3%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 402.8 m | 397.7 m | 377.6 m | esef· 07 Apr 2026verified |
| Operating income | 14.4 m | 14.5 m | 10.8 m | esef· 07 Apr 2026verified |
| Pre-tax income | 12.5 m | 12.9 m | 10.3 m | esef· 07 Apr 2026verified |
| Income tax | 4.2 m | 6.0 m | 4.1 m | esef· 07 Apr 2026verified |
| Net income | 8.2 m | 6.9 m | 6.2 m | esef· 07 Apr 2026verified |
| Diluted EPS | 0.31 | 0.26 | 0.23 | esef· 07 Apr 2026verified |
| Dividend per share | 0.06 | 0.06 | 0.06 | esef· 07 Apr 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 14.2 m | 13.9 m | 18.0 m | esef· 07 Apr 2026verified |
| Inventories | 94.5 m | 94.3 m | 103.5 m | esef· 07 Apr 2026verified |
| Current assets | 180.8 m | 168.1 m | 182.7 m | esef· 07 Apr 2026verified |
| Total assets | 243.8 m | 257.1 m | 286.8 m | esef· 07 Apr 2026verified |
| Current liabilities | 72.0 m | 63.9 m | 87.2 m | esef· 07 Apr 2026verified |
| Equity | 153.3 m | 150.6 m | 156.0 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 26.5 m | 26.4 m | 26.4 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 51.0 m | 15.6 m | -405.0 k | esef· 07 Apr 2026verified |
| Capex | 14.0 m | 33.1 m | 19.5 m | esef· 07 Apr 2026verified |
| Free cash flow | 37.0 m ≈ | -17.4 m ≈ | -20.0 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -14.0 m | -32.9 m | -18.4 m | esef· 07 Apr 2026verified |
| Financing cash flow | -28.5 m | 17.9 m | 23.2 m | esef· 07 Apr 2026verified |
| Dividends paid | 1.6 m | 1.6 m | 1.6 m | esef· 07 Apr 2026verified |
| Share repurchases | 82.0 k | 98.0 k | 63.0 k | 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 weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 56.2 m EUR
Key indicators
Coverage and freshness
Score by group
42% · Insufficient data
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: 0.82 – 5.35 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)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E1.47 – 5.35 (Mid 3.10)20 companies used · median multiple 13.3x · quartiles 6.3x – 22.9xAC5.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)0.82 – 1.11 (Mid 0.94)
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
Insufficient data
Minimum-evidence gate: score weight coverage: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 1.6% | 28 (vs peers) | 15% |
| FCF conversion · Quality | -323.0% | 0 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 9.1x | 73 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -35.5% | 0 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | 2.9% | 42 (on a fixed band) | 15% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality14/100 · 2/3 factors with a value
- Returns· partial42/100 · 1/2 factors with a value
- Valuation40/100 · 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
IRCE S.P.A (IRC.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 377.6 m EUR in 2025; YoY growth -5.0%; net margin 1.6%; ROE 4.0%.
The estimated value range is 1.14–3.23 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 2.02 EUR, the price of 2.13 EUR leaves a potential of -5.0% (value / price − 1) and a margin of safety of -5.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.1x
- P/E (TTM): 9.1x
What contradicts it
- Net margin: 1.6%
- FCF conversion: -323.0%
- FCF yield: -35.5%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).
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% / +73% |
| DIA.MIDiasorin S.p.a. | 4.3 bn | 28.3 | 9.2% | 13.0% | +0.8% | +31% / −7% |
| 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 | 29.9 | 8.5% | 3.8% | −0.6% | −9% / −58% |
| CMB.MICembre S.p.a. | 1.3 bn | 27.0 | 20.6% | 18.9% | +6.7% | +11% / +108% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 18.6 | 12.8% | 7.1% | −23.0% | +8% / +64% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.4 | 8.6% | 9.4% | +1.4% | −22% / −62% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 969.2 m | 10.4 | 23.5% | 41.0% | +1.8% | −5% / −23% |
| AVIO.MIAvio S.p.a. | 883.6 m | 86.8 | 2.1% | 1.8% | +21.5% | +18% / +291% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 783.3 m | 6.0 | 17.1% | 7.3% | +1.6% | +4% / +72% |
| ASC.MIAscopiave S.p.a. | 646.3 m | 18.0 | 4.2% | 17.5% | +13.4% | −8% / +33% |
| AC5.MIAcinque S.p.a. | 412.6 m | 19.6 | 4.1% | 3.6% | +0.2% | −6% / +8% |
| BAN.MIBasic Net S.p.a. | 348.0 m | — | -4.9% | -3.5% | +0.4% | −30% / +5% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 324.7 m | 13.1 | 11.1% | 13.7% | +9.2% | −2% / +12% |
| CAI.MICairo Communication S.p.a. | 289.2 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +28% |
| ECNL.MIAquafil S.p.a. | 129.6 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 118.7 m | 11.7 | 18.5% | 10.2% | −1.3% | −26% / −32% |
| ABT.MIAbitare In S.p.a. | 76.0 m | 276.0 | 0.4% | 0.4% | +39.8% | −6% / −47% |
| ELC.MIElica S.p.a. | 64.3 m | — | -7.8% | -2.2% | +1.9% | −34% / −48% |
| IRC.MIIrce S.p.a | 56.2 m | 9.1 | 4.0% | 1.6% | −5.0% | +0% / +11% |
| DEX.MIDexelance S.p.a. | 50.7 m | 2.8 | 11.0% | 5.4% | +12.6% | −63% / −78% |
| 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 | 5.2 | 10.9% | 3.8% | −2.5% | −4% / −10% |
| AEF.MIAeffe S.p.a. | 10.1 m | 0.5 | 21.9% | 7.7% | −21.3% | −59% / −86% |
1- and 3-year price returns: for IRC.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 | 1.14 Total return -45% · Per year -45% | 2.02 Total return -2% · Per year -2% | 3.06 Total return 47% · Per year 47% |
| 3 years | 0.90 Total return -52% · Per year -22% | 1.83 Total return -7% · Per year -2% | 3.06 Total return 53% · Per year 15% |
| 5 years | 0.72 Total return -58% · Per year -16% | 1.65 Total return -10% · Per year -2% | 3.06 Total return 60% · Per year 10% |
- Exit P/E± 0.46
- Net margin± 0.32
- Annual revenue growth± 0.29
- Annual dilution± 0.03
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
IRCE is a European industrial group that makes winding conductors for electric machines and insulated cables for energy transmission. Its relevance is growing with the energy transition, which supports demand from automotive and from energy generation and transmission 1.
SWOT
Strengths
- The group holds an industrial position of European relevance, with two complementary business areas and customers across diverse sectors.
- The cost leadership strategy, supported by updated production equipment and digitalised systems, helps control costs.
- ISO 9001 and IATF 16949 certifications support credibility in supplying the automotive industry.
Weaknesses
- Dependence on copper, a raw material with volatile prices, makes margins sensitive to metal market moves.
- The reduction in headcount in 2025, linked to the end of the Dutch subsidiary's activity, shows the structure's sensitivity to reorganisations.
- Sustainability reporting is still being strengthened, and the process does not yet include a formal risk assessment.
Opportunities
- Growth in electric automotive and energy generation could open additional demand for the group's products.
- The new plants in the Czech Republic and China could bring the group closer to customers in Eastern Europe and Asia.
- Investment in energy efficiency and renewable energy could reduce consumption and emissions.
Threats
- Copper price swings could compress margins if they cannot be fully passed on to customers.
- Emissions regulation and climate risks could generate additional costs.
- Cybersecurity risks and supply chain stability issues could disrupt production.
Risks
- Copper pricehigh
Fluctuation in the price of copper, the main raw material, can affect costs and margins if variations cannot be passed on to customers.
- Climate risks and emissionsmedium
Chronic physical effects and pressure to cut emissions across the value chain could generate costs and operational interruptions.
- Currency and interest rate riskmedium
Exposure to exchange rates and interest rates, given international activity, can influence financial results.
- Credit and liquidity riskmedium
The group identifies credit and liquidity risks in its financial risk register, which could limit financing flexibility.
- Cybersecuritylow
Cybersecurity risks, addressed through measures aligned with European data protection rules, could interrupt the digitalised production systems.
Investment thesis
What would need to be true (bull case)
- If the energy transition and automotive electrification accelerate, the group could benefit from higher demand for conductors and cables, and the new plants could support growth.
- The cost leadership strategy, combined with equipment investment and digitalisation, could improve efficiency and margins over the medium term.
- A position in specialised segments with solid industrial certifications could strengthen relationships with automotive and infrastructure customers.
What would break the thesis
- If copper prices rise sharply and cannot be passed on to customers, the group's margins could be compressed.
- Reorganisations, such as the exit from the Dutch subsidiary, show that adjusting the structure can carry costs and workforce effects.
- If sustainability reporting and internal controls remain incomplete, compliance difficulties with European requirements could arise.
What to watch
- Trend in revenues and margins in the winding conductors and cables segments2026
- Start-up of the planned China plant2026
- Contribution of the new Czech plant to production2026
- Updates on implementing the internal control system for sustainability reportingnext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Production of winding conductors starts from purchased copper, which is transformed into wire rod by specialised suppliers, and from direct purchases of wire rod from European suppliers. In group plants the wire rod goes through drawing, enamelling and winding, and material is checked in quality laboratories under ISO 9001 and IATF 16949 standards 1.
The group intends to focus on higher-growth segments with more specialised products, including automotive, electric vehicles included, and energy generation and transmission, linked to the ongoing energy transition. Investments in the new Czech plant, where production started in 2025, and the China project, planned for 2026, follow this direction 1.
Segments
Winding conductors
Winding conductors for electric machines are used in electric motors and generators, transformers, inductors and relays. They are the group's main product in the value chain described in the report, with sales aimed at electromechanical, electronics, appliance and automotive sectors 1.
Insulated cables
Insulated energy cables are used to build electrical systems in civil and industrial buildings and to power and wire electrical equipment. This area complements the portfolio and serves in particular the infrastructure sector 1.
Market context
The group's main reference markets are electromechanics and electronics, household appliances, automotive and infrastructure, and products are sold to global markets in these sectors 1. The report describes the group as an industrial player of European relevance, with productive presence in Eastern Europe and China 1.
Trends
- Energy transition and electrificationtailwind
A focus on electric automotive and on energy generation and transmission, linked to the energy transition, could support demand for the group's conductors and cables over the medium and long term 1.
- Copper price volatilityheadwind
The group lists copper price fluctuation as an economic-financial variable risk, and copper is the core raw material of production. Sharp price rises could weigh on margins 1.
- Decarbonisation and emissions pressuremixed
Emission reduction targets, including remuneration mechanisms tied to CO2 per tonne of product sold, show climate pressure on the business. At the same time they may encourage energy efficiency investments 1.
- Capacity expansion in Eastern Europe and Asiamixed
Developing productive presence in the Czech Republic and planning a China plant could bring the group closer to growing markets and customers, but it involves investment and execution risk 1.
Competitive position
The 2025 annual report does not provide a detailed competitive landscape and names no competitors. The group's positioning is described through cost leadership, innovation and specialisation in higher-margin segments, without quantitative comparisons 1.
- European winding conductor producers
The sources analysed do not name specific competitors for this segment, so no names are included.
- Energy and infrastructure cable producers
The sources contain no list of competitors for the insulated cables segment.
- Global automotive electrical component suppliers
The sources do not identify concurrent firms; a full comparison would require additional documents.
- Asian conductor and cable producers
Not named in the report reviewed; the group's presence in China could bring direct contact with this competition.
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 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / IRCE S.p.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.