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Data-driven stock valuation

I.CO.P. S.p.A. Società Benefit (ICOP) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of I.CO.P. S.p.A. Società Benefit stock €5.77, price €25.20, that is 77.1% below the price, quality 35 out of 100. Rating: strongly overvalued. Calculated from audited financials with 8 of our 26 valuation models and 37 quality factors, updated daily.

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Industrials IT · ISIN IT0005466294

IC I.CO.P. S.p.A. Società Benefit logo Some data Nov 5, 2026

I.CO.P. S.p.A. Società Benefit

ICOP · MI
Very expensive, weak quality

Our calculation puts a fair price 77% below what the stock costs today.

Revenue last quarter +21% vs. a year ago.
Expensive Growth (revenue 3y +53.3 %/yr in EUR)
Thin margins · 7.5% net margin (TTM)
Moderate debt
0.6% dividend yield · Token dividend
Moderate moat 62/100 · thin data
Some data
Fair value €5.77 · Strongly overvalued
Quality 35/100
Negative free cash flow
Trails peers (5/13)
⚠ Dilution⚠ Small free float
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What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

€32.10 €5.81 Fair Value €5.77 Jul 2024 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.

How to read this chart

27‑month range €5.81 – €32.10 · fair‑value band €4.06 – €10.19 · the €25.20 price screens above the €5.77 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.

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Company profile

I.CO.P. S.p.A. Società Benefit provides construction services to public and private clients in Italy, rest of the European Union, and internationally.

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The company undertakes foundations and special underground works in the areas of deep slurry and diaphragm walls, drilled piles, secant piles, ground freezing, micropiles and tie rods, jet grouting, cutter soil mix, deep mixing, and grouting injections TAM and rock grouting; micro-tunnelling and direct pipe works, which include sea outfall and pulling back; maritime works; and general contractor works, such as bridges and viaducts, and underpasses.

It also designs, constructs, maintains, and manages logistics platforms. The company was formerly known as Eng. Paolo Petrucco and changed its name to I.CO.P. S.p.A. Società Benefit in January 1965. The company was founded in 1920 and is headquartered in Basiliano, Italy.

I.CO.P. S.p.A. Società Benefit is a subsidiary of Cifre S.r.l.

Stock analysis

I.CO.P. S.p.A. Società Benefit (ICOP) currently trades at €25.20, while our model-based Fair Value estimate is €5.77, 77% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Earnings-Based group reads highest at a median of €38.63 per share, and 2 of the 8 models we run sit above the €25.20 price.

Bear case: the Dividend Discount group reads lowest at €0.7400, and 6 of the 8 models stay below the price. Data coverage for this calculation is medium.

Scenario range: €4.06 (bear) to €10.19 (bull), the price of €25.20 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 35/100 (below-average quality), in the Industrials sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

I.CO.P. S.p.A. Società Benefit reported revenue of €425M in FY2025 versus €118M in FY2022, a compound +53.3%/yr. Reported net income was €29.9M in FY2025, compounding +91.1%/yr from FY2022. FY2022 was a trough year, so the rate overstates the trend.

Key figures

Market cap €862M Small · P/E ratio 19.1 · P/S ratio 1.57 · EPS (TTM) €1.32 · Dividend yield 0.6% · Net margin 7.5% · Return on equity 32.2% · Return on assets (EBIT) 5.7% (4-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 62 out of 100 (low confidence).

What moves the price

The share trades about 21% below its 52-week high and 61% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −42% fair-value upside, at −77%, ICOP screens richer than that median.

Fair Value models

The price assumes far more growth than our models allow for, so the models scatter widely (€0.7200 to €44.45). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear €4.06 Fair Value €5.77 Bull €10.19
Price €25.20 · Downside -77.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€1.01 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income €4.78 €6.79 €11.99 68
Gordon GGM €0.4600 €0.7600 €0.9800 64
DDM Multi-Stage €0.4600 €0.7200 €0.8200 63
All 8 models by family
Earnings-Based
Graham-Dodd €6.37 €44.45 €62.37 59
Lynch FV €22.96 €32.80 €42.65 57
Dividend Discount
Gordon GGM €0.4600 €0.7600 €0.9800 64
DDM Multi-Stage €0.4600 €0.7200 €0.8200 63
Multiples
P/E Multiple €9.14 €12.18 €15.23 63
P/B Multiple €2.20 €2.94 €3.67 55
Asset-Based
NCAV (Graham) €1.05 €1.41 €2.10 54
Economic Profit
Residual Income €4.78 €6.79 €11.99 68

The fair value above starts from this blend and is adjusted for dilution from new shares.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 35/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 58
How much profit the company makes from its sales and capital
Quality Growth 68
Are margins and returns getting better?
Cashflow 9
Do the profits arrive as real cash?
Financial strength 44
Debt, balance sheet and risk of trouble
Investment 20
Does it invest with discipline instead of growing at any price?
Low Volatility 62
How calm the share price moves, does not count
Price momentum 55
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 79
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+300.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+53.3%
What shareholders gained per year (last 3 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+89.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+89.3%
Dividend (yield on the price)0.6%
Profit margin 2022 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.7% → 12%
2025 sits 412% above its own trend. The rate follows the median trend of the last 3 years, not that single year.

ICOP screens overvalued: fair value 77% below the price. Compare with Quanta Services, Inc →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Engineering & Construction · 791 stocks

Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score 35 · Bottom 25%
Fair Value upside −77.1% · Bottom 25%
Profitability
Return on equity (12 months) 32.2% · Top 25%
Return on assets 4.7% · Above median
Net margin (12 months) 7.5% · Above median
Operating margin (12 months) 15.0% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) 21.4% · Above median
Dividend yield (12 months) 0.6% · Bottom 25%
Balance sheet
Debt / equity 0.82× · Highest 25%

Valuation Multiplesvs Engineering & Construction median · lower = cheaper

P/E (12 months) 19.1× · Pricier than median
P/B 6.00× · Priciest 25%
P/S (12 months) 1.57× · Pricier than median
EV/EBITDA 9.7× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 34
FUTURE (revenue growth)100 · sector 20
PAST (return on equity)100 · sector 28
HEALTH (low debt)59 · sector 94
DIVIDEND (yield)11 · sector 44

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Vinci SA DG €111.60 €186.68 +67% vs ICOP
Comfort Systems USA, Inc FIX $1,018 $1,119 +10% vs ICOP
EMCOR Group EME $608.45 $524.14 −14% vs ICOP
ACS, Actividades de Construcción y Servicios, S.A ACS €87.00 €62.21 −28% vs ICOP
Samsung C&T Corporation 028260 273,500 KRW 159,702 KRW −42% vs ICOP
Larsen & Toubro Limited LT ₹4,118 ₹2,302 −44% vs ICOP
HOCHTIEF Aktiengesellschaft HOT €365.60 €203.86 −44% vs ICOP
APi Group APG $40.87 $19.20 −53% vs ICOP
Ferrovial N.V FER $58.71 $23.06 −61% vs ICOP
Quanta Services, Inc PWR $540.90 $162.41 −70% vs ICOP

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I.CO.P. S.p.A. Società Benefit: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "I.CO.P. S.p.A. Società Benefit Fair Value". https://www.fairvalue-calculator.com/stock/ICOP

Frequently asked questions

Is I.CO.P. S.p.A. Società Benefit (ICOP) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of €5.77 versus a price of €25.20, about 77% lower (overvalued).
What is the fair value of ICOP?
Our model-based fair value for I.CO.P. S.p.A. Società Benefit is €5.77 (as of Nov 5, 2026), built from audited fundamentals. The current price: €25.20.
What is the quality score of ICOP?
I.CO.P. S.p.A. Società Benefit has a Quality Score of 35/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for I.CO.P. S.p.A. Società Benefit (ICOP)?
Our model-based price target is the fair value of €5.77 (as of Nov 5, 2026) from 8 valuation models. Cautious scenario €4.06, optimistic scenario €10.19. It is a calculation from audited fundamentals, not an analyst target.
What is the I.CO.P. S.p.A. Società Benefit stock forecast for 2026?
Our models put fair value at €5.77, about 77% lower versus a price of €25.20 (overvalued). Cautious scenario €4.06, optimistic scenario €10.19. The calculation is refreshed regularly with new filings.
What is the revenue of I.CO.P. S.p.A. Società Benefit (ICOP)?
I.CO.P. S.p.A. Società Benefit reported trailing-twelve-month revenue of about €550M (latest available figure, as of Nov 5, 2026).
Does I.CO.P. S.p.A. Società Benefit pay a dividend?
I.CO.P. S.p.A. Società Benefit currently shows a dividend yield of 0.56% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of I.CO.P. S.p.A. Società Benefit (ICOP) and when is the ex-dividend date?
I.CO.P. S.p.A. Società Benefit pays a dividend of €0.14 per share a year, a dividend yield of 0.6%. The last ex-dividend date was Apr 13, 2026. The payout ratio is 10.6% of earnings. Our assessment: Token dividend. At a yield of 0.6% the dividend is symbolic. On paper it is not fully covered by earnings or free cash flow, but at this size that hardly matters: even scrapping it entirely would cost less than 0.6% a year, and coverage ratios on amounts this small swing with ordinary working-capital movements. Judge this company on its business, not on its dividend.
What is the intrinsic value of I.CO.P. S.p.A. Società Benefit (ICOP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For I.CO.P. S.p.A. Società Benefit it is €5.77 per share (as of Nov 5, 2026), against a price of €25.20. It is the blended result of 8 valuation models in 5 families (Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is I.CO.P. S.p.A. Società Benefit stock overvalued or undervalued in 2026?
As of Nov 5, 2026, ICOP trades above its calculated fair value: price €25.20, fair value €5.77, a gap of about −77% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ICOP?
No. The price is what the market pays today (€25.20); the fair value is what the company's own numbers justify (€5.77). For I.CO.P. S.p.A. Società Benefit the two are €19.43 per share apart. That gap is exactly why we show both numbers side by side.
How much is I.CO.P. S.p.A. Società Benefit worth?
The market values I.CO.P. S.p.A. Società Benefit at about €862M (market capitalisation, as of Nov 5, 2026). Per share that is €25.20; our models calculate a fair value of €5.77 per share.
What do the bullish and bearish scenarios say about ICOP?
Our models span a range for I.CO.P. S.p.A. Società Benefit: cautious scenario €4.06, base €5.77, optimistic €10.19 per share (as of Nov 5, 2026, price €25.20). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ICOP?
I.CO.P. S.p.A. Società Benefit trades at a price-to-earnings ratio of 19.1 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €5.77 is built from several models across several years. Other multiples: P/B 6.0, P/S 1.6, EV/EBITDA 9.7.
How solid is the balance sheet of I.CO.P. S.p.A. Società Benefit (ICOP)?
Balance-sheet figures for I.CO.P. S.p.A. Società Benefit (as of Nov 5, 2026): return on equity 32.2%, debt of 0.82 per unit of equity. They feed the Quality Score of 35/100, which measures business quality independently of the share price.
How far is ICOP from its 52-week high?
I.CO.P. S.p.A. Società Benefit trades at €25.20, about 21% below its 52-week high of €32.10 and 61% above the low of €15.62 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €5.77 is for.
Which stocks are comparable to I.CO.P. S.p.A. Società Benefit?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Larsen & Toubro Limited, Comfort Systems USA, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is I.CO.P. S.p.A. Società Benefit stock attractive at the current price?
The data as of Nov 5, 2026: price €25.20, calculated fair value €5.77 (−77%), Quality Score 35/100, from 8 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ICOP calculated?
We run I.CO.P. S.p.A. Società Benefit through 8 models from 5 families: Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of €5.77 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. I.CO.P. S.p.A. Società Benefit itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of I.CO.P. S.p.A. Società Benefit (ICOP)?
The closing price on Nov 6, 2026 was €25.20. Our model-based fair value is €5.77, about 77% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with I.CO.P. S.p.A. Società Benefit right now?
The price sits above even our optimistic bull case (€10.19). The favourable scenario is already priced in. Weak quality (35/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range (€4.06 to €10.19) leaves room in how you read the outcome.

Key figures of I.CO.P. S.p.A. Società Benefit

How large is the market capitalisation of I.CO.P. S.p.A. Società Benefit (ICOP)?
The market capitalisation of I.CO.P. S.p.A. Società Benefit is €862M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of I.CO.P. S.p.A. Società Benefit (ICOP)?
The price-to-sales ratio of I.CO.P. S.p.A. Società Benefit is 1.57 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of I.CO.P. S.p.A. Società Benefit (ICOP)?
Earnings per share at I.CO.P. S.p.A. Società Benefit are €1.32 (price ÷ EPS = P/E 19.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of I.CO.P. S.p.A. Società Benefit (ICOP)?
The dividend yield of I.CO.P. S.p.A. Società Benefit is 0.6% (payout 10.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of I.CO.P. S.p.A. Società Benefit (ICOP)?
The net margin of I.CO.P. S.p.A. Società Benefit is 7.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of I.CO.P. S.p.A. Società Benefit (ICOP)?
The return on equity (ROE) of I.CO.P. S.p.A. Società Benefit is 32.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of I.CO.P. S.p.A. Società Benefit (ICOP)?
On an EBIT basis the return on assets of I.CO.P. S.p.A. Società Benefit is 5.7% (avg 4y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of I.CO.P. S.p.A. Società Benefit (ICOP)?
The operating margin of I.CO.P. S.p.A. Società Benefit is 15.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at I.CO.P. S.p.A. Società Benefit (ICOP)?
Revenue at I.CO.P. S.p.A. Società Benefit is growing +21.4% versus a year earlier (3y avg +53.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at I.CO.P. S.p.A. Società Benefit (ICOP)?
Earnings per share at I.CO.P. S.p.A. Società Benefit are growing +353% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does I.CO.P. S.p.A. Società Benefit (ICOP) generate?
The free cash flow of I.CO.P. S.p.A. Società Benefit is −€20.7M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does I.CO.P. S.p.A. Società Benefit (ICOP) carry?
The net debt of I.CO.P. S.p.A. Società Benefit is €128M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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