Icape Holding (ALICA) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Icape Holding €6.55, price €8.42, upside -22.3%, quality 34 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
50‑month range €3.77 – €16.12 · fair‑value band €5.04 – €8.07 · the €8.42 price screens above the €6.55 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Icape Holding S.A. engages in the manufacture, distribution, and sale of printed circuit boards (PCBs) and customized technical parts worldwide. The company offers PCBs, including high-density interconnect, rigid-flex, aluminum, semi-flex.
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Icape Holding S.A. engages in the manufacture, distribution, and sale of printed circuit boards (PCBs) and customized technical parts worldwide. The company offers PCBs, including high-density interconnect, rigid-flex, aluminum, semi-flex. Flex, back panel, heavy copper, multilayer, radio frequency/microwave, double-sided, single-sided, and IC substrate; and electronic parts, such as cables and connectors, adapters, transformers and coils, keyboards and keypads, batteries, displays, plastic and silicone, metal, and remotes. It also provides design-engineering, prototyping, sourcing and production, quality assurance, and laboratory testing services, as well as supply chain and customer care solutions. The company serves the automotive, medical, industrial, consumer and multimedia, aerospace, metering, power/energy, telecom, railway, internet of things (IoT), and lighting industries. Icape Holding S.A. was founded in 1999 and is based in Fontenay-aux-Roses, France.
Stock analysis
Icape Holding (ALICA) currently trades at €8.42, while our model-based Fair Value estimate is €6.55, implying the stock looks roughly 28.7% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €25.19 per share, and 7 of the 16 models we run sit above the €8.42 price.
Bear case: the Dividend Discount group reads lowest at €1.44, and 9 of the 16 models stay below the price. Evidence for this calculation is medium.
Scenario range: €5.04 (bear) to €8.07 (bull), the price of €8.42 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 34/100 (below-average quality), in the Technology sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Icape Holding reported revenue of €200M in FY2025 versus €164M in FY2021, a compound +5.1%/yr. Reported net income was −€1.2M in FY2025.
Key figures
Market cap €55.2M · P/E ratio 19.1 · P/S ratio 0.28 · EPS (TTM) €0.4400 · Dividend yield 1.1% · Net margin −0.6% · Return on equity 8.7% · Return on assets (EBIT) 5.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 45 out of 100 (low confidence).
What moves the price
The share trades about 5% below its 52-week high and 123% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −66% fair-value upside, at −22%, ALICA screens cheaper than that median.
Fair Value models
Bear €5.04Fair Value €6.55Bull €8.07
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (€0.2570 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.Evidence ⓘEvidence = 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.
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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+10.2%
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.
−3.0%
Revenue growth 5 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.
+9.8%
Start year 2020 (pandemic)
Revenue growth 6 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.
+8.5%
’19
’20
’21
’22
’23
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’25
Profit margin (trend) ⓘ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.
2.6% (2020) → 4.4% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+49.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +46.5% a year for the price.
Price, fair value, quality and upside side by side.
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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.Electronic Components · 654 stocks
Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score34 · Bottom 25%
Fair Value upside−23% · Above median
Profitability
Return on equity (TTM)9% · Above median
Return on assets3% · Above median
Net margin (TTM)0% · Bottom 25%
Operating margin (TTM)3% · Below median
Growth and dividend
Revenue growth18% · Above median
Dividend yield (TTM)1.1% · Below median
Balance sheet
Debt / equity1.21× · Highest 25%
Valuation Multiplesvs Electronic Components median · lower = cheaper
P/E (TTM)19.1× · Cheapest 25%
P/B2.42× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Icape Holding Fair Value". https://www.fairvalue-calculator.com/stock/ALICA
Frequently asked questions
Is Icape Holding (ALICA) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of €6.55 versus a price of €8.42, about −22% upside (overvalued).
What is the fair value of ALICA?
Our model-based fair value for Icape Holding is €6.55 (as of Sep 23, 2026), built from audited fundamentals. The current price: €8.42.
What is the quality score of ALICA?
Icape Holding has a Quality Score of 34/100. 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 Icape Holding (ALICA)?
Our model-based price target is the fair value of €6.55 (as of Sep 23, 2026) from 16 valuation models. Cautious scenario €5.04, optimistic scenario €8.07. It is a calculation from audited fundamentals, not an analyst target.
What is the Icape Holding stock forecast for 2026?
Our models put fair value at €6.55, about −22% upside versus a price of €8.42 (overvalued). Cautious scenario €5.04, optimistic scenario €8.07. The calculation is refreshed regularly with new filings.
What is the revenue of Icape Holding (ALICA)?
Icape Holding reported trailing-twelve-month revenue of about €200M (latest available figure, as of Sep 23, 2026).
Does Icape Holding pay a dividend?
Icape Holding currently shows a dividend yield of about 1.07% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Icape Holding (ALICA)?
For today's price to be fair in a discounted-cash-flow model, Icape Holding would have to grow free cash flow by +49.7 % per year for five years (discount rate 12.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.8 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of ALICA use?
Our models discount Icape Holding at 12.2 %: a base by market capitalisation (micro), damped by beta 0.67, country premium for France. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Icape Holding that is +49.7 % per year a year over ten years, using the same discount rate (12.2 %) and the same formula as our fair value.
How much growth has Icape Holding (ALICA) delivered so far?
Over the past 5 years revenue at Icape Holding grew +9.8 % a year. The price currently implies +49.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Icape Holding (ALICA) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into Icape Holding (+49.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Icape Holding (ALICA)?
The free-cash-flow yield on the price is 1.11 %: that much free cash flow Icape Holding produces per unit of market value. When it exceeds the discount rate of our models (12.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Icape Holding (ALICA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Icape Holding it is €6.55 per share (as of Sep 23, 2026), against a price of €8.42. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Icape Holding stock overvalued or undervalued in 2026?
As of Sep 23, 2026, ALICA trades above its calculated fair value: price €8.42, fair value €6.55, a gap of about −22% (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 ALICA?
No. The price is what the market pays today (€8.42); the fair value is what the company's own numbers justify (€6.55). For Icape Holding the two are €1.88 per share apart. That gap is exactly why we show both numbers side by side.
How much is Icape Holding worth?
The market values Icape Holding at about €55.2M (market capitalisation, as of Sep 23, 2026). Per share that is €8.42; our models calculate a fair value of €6.55 per share.
What do the bullish and bearish scenarios say about ALICA?
Our models span a range for Icape Holding: cautious scenario €5.04, base €6.55, optimistic €8.07 per share (as of Sep 23, 2026, price €8.42). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ALICA?
Icape Holding trades at a price-to-earnings ratio of 19.1 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €6.55 is built from several models across several years. Other multiples: P/B 2.4, P/S 0.3, EV/EBITDA 8.4.
How solid is the balance sheet of Icape Holding (ALICA)?
Balance-sheet figures for Icape Holding (as of Sep 23, 2026): return on equity 8.7%, debt of 1.21 per unit of equity. They feed the Quality Score of 34/100, which measures business quality independently of the share price.
How far is ALICA from its 52-week high?
Icape Holding trades at €8.42, about 5% below its 52-week high of €8.88 and 123% above the low of €3.77 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of €6.55 is for.
Which stocks are comparable to Icape Holding?
From the same area (Technology) we also value Amphenol Corporation, Delta Electronics, Inc, Corning Incorporated, Hon Hai Precision Industry Co, 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 Icape Holding stock attractive at the current price?
The data as of Sep 23, 2026: price €8.42, calculated fair value €6.55 (−22%), Quality Score 34/100, from 16 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 ALICA calculated?
We run Icape Holding through 16 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €6.55, 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 13.0 % above its aggregate fair value. Icape Holding 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 Icape Holding (ALICA)?
The closing price on Sep 24, 2026 was €8.42. Our model-based fair value is €6.55, about −22% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Icape Holding right now?
The price sits above even our optimistic bull case (€8.07). The favourable scenario is already priced in. Weak quality (34/100) and above fair value at the same time, the margin of safety is missing on both counts.
Key figures of Icape Holding
How large is the market capitalisation of Icape Holding (ALICA)?
The market capitalisation of Icape Holding is €55.2M. 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 Icape Holding (ALICA)?
The price-to-sales ratio of Icape Holding is 0.28 (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 Icape Holding (ALICA)?
Earnings per share at Icape Holding are €0.4400 (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 Icape Holding (ALICA)?
The dividend yield of Icape Holding is 1.1% (payout 20.5%). 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 Icape Holding (ALICA)?
The net margin of Icape Holding is −0.6% (fiscal year 2025). 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 Icape Holding (ALICA)?
The return on equity (ROE) of Icape Holding is 8.7% (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 Icape Holding (ALICA)?
On an EBIT basis the return on assets of Icape Holding is 5.4% (avg 5y). 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 Icape Holding (ALICA)?
The operating margin of Icape Holding is 3.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Icape Holding (ALICA)?
Revenue at Icape Holding is growing +17.8% versus a year earlier (3y avg −3.0%). 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 Icape Holding (ALICA)?
Earnings per share at Icape Holding are growing +84.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Icape Holding (ALICA) carry?
The net debt of Icape Holding is €35.5M (fiscal year 2025, ≈ 16.3 yrs of FCF). 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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