Intercos SpA

Intercos SpA maintains a balanced capital structure with a debt-to-equity ratio of 0.52 and a current ratio of 1.78, indicating adequate short-term liquidity coverage. The balance sheet reflects total assets of €979.5 million against total liabilities of €493.8 million, resulting in total equity of €485.6 million. While the company holds €152.2 million in cash and equivalents, this is offset by €253.0 million in long-term debt, leading to a net cash position that is negative after subtracting total debt, a key flag in the risk assessment. Operating cash flow stands at €118.6 million, supporting a free cash flow of €30.3 million after capital expenditures of €69.2 million.

Profitability metrics show a return on equity of 10.26% and a return on assets of 5.09%, suggesting moderate efficiency in utilizing shareholder capital and assets. The company generated €1.05 billion in revenue with a gross profit of €217.4 million, implying a gross margin of approximately 20.8%. Operating income reached €96.0 million, leading to a net income of €49.8 million, which corresponds to a net margin of roughly 4.8%. These returns are consistent with the capital-intensive nature of contract manufacturing in the personal care sector, where scale and operational efficiency drive margins.

Revenue concentration and geographic exposure details are not explicitly provided in the available segment or geography sections, limiting the ability to assess specific regional or product mix risks. However, the company’s activity is broadly defined as personal care products, indicating a diversified client base typical of large-scale contract manufacturers serving global beauty brands. The absence of detailed segment data suggests that revenue is likely aggregated across multiple product categories and regions, which may mitigate specific concentration risks but obscures detailed performance drivers.

Growth trajectory analysis is constrained by the absence of historical period data in the input, preventing a year-over-year or quarter-over-quarter trend assessment. The current financial snapshot provides a static view of performance, with revenue of €1.05 billion and net income of €49.8 million for the latest normalized period. Without historical context, it is not possible to determine if the company is accelerating, decelerating, or maintaining steady growth relative to its peers or the broader consumer staples sector.

Risk factors include a medium liquidity risk rating and low dilution risk, with the primary concern being the negative net cash position after debt subtraction. The company’s reliance on debt financing, evidenced by the €253.0 million long-term debt, introduces interest rate sensitivity and refinancing risks, although the current ratio of 1.78 provides a buffer against short-term obligations. The low dilution risk suggests that the company is not actively issuing new shares, preserving existing shareholder value, while the medium liquidity risk warrants monitoring of cash flow generation relative to debt service requirements.

Recent events and market sentiment are reflected in analyst estimates, with a mean price target of €16.25 and a median target of €16.30, indicating a potential upside from the current market price of €13.36. The mean recommendation of 1.70, driven by four strong-buy and five buy ratings, suggests positive analyst sentiment towards the company’s prospects. The high price target of €20.00 and low target of €13.50 provide a range of expectations, with the consensus leaning towards growth, although no specific news events or filing observations are detailed to explain this sentiment shift.

Revenue €227.5M, −9,3% YoY.

• ▍Revenue €227.5M, −9,3% YoY

Revenue €260.7M, −5,3% YoY.

• ▍Revenue €260.7M, −5,3% YoY

Revenue €250.8M.

• ▍Revenue €250.8M

Revenue €275.2M.

• ▍Revenue €275.2M

Revenue €1.05B, −1,7% YoY; Operating income +14,1% YoY.

• ▍Revenue €1.05B, −1,7% YoY
• ▍Operating income +14,1% YoY
• ▍Net income +2,7% YoY
• ▍Free cash flow +105,2% YoY
• ▍Net margin 4.8%

Revenue €1.06B, +7,8% YoY; Operating income −1,6% YoY.

• ▍Revenue €1.06B, +7,8% YoY
• ▍Operating income −1,6% YoY
• ▍Net income −7,3% YoY
• ▍Free cash flow −44,6% YoY
• ▍Net margin 4.6%

Revenue €988.2M, +18,3% YoY; Operating income +20,6% YoY.

• ▍Revenue €988.2M, +18,3% YoY
• ▍Operating income +20,6% YoY
• ▍Net income +16,8% YoY
• ▍Free cash flow −44,1% YoY
• ▍Net margin 5.3%

Revenue €835.6M, +24,0% YoY; Operating income +65,5% YoY.

• ▍Revenue €835.6M, +24,0% YoY
• ▍Operating income +65,5% YoY
• ▍Net income +66,2% YoY
• ▍Free cash flow +73,3% YoY
• ▍Net margin 5.4%

Revenue €673.7M; Operating income €42.8M.

• ▍Revenue €673.7M
• ▍Operating income €42.8M
• ▍Net margin 4.0%