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

As of Sep 23, 2026: fair value of I.CO.P. S.p.A. Società Benefit €16.73, price €28.90, upside -42.1%, quality 37 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Industrials · IT · ISIN IT0005466294

IC Some data Sep 23, 2026

I.CO.P. S.p.A. Società Benefit

ICOP · MI

Weakest SetupStrongly overvalued and low quality.

!Fair value €16.73 · Strongly overvalued (−42%)
!Quality 37/100
!Expensive Growth (revenue 3y +53.3 %/yr)
!Thin margins · 6.7% net margin (TTM)
!Moderate debt · negative free cash flow
!Trails peers (4/13)
!Moderate moat 54/100
!Evidence only medium, so the estimate is less certain
!Weak on dividend: 10 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

Price vs Fair Value

€32.10 €5.81 Fair Value €16.73 Jul 2024 Sep 2026

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

26‑month range €5.81 – €32.10 · fair‑value band €12.55 – €20.91 · the €28.90 price screens above the €16.73 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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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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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. 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 €28.90, while our model-based Fair Value estimate is €16.73, implying the stock looks roughly 72.8% overvalued today.

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Valuation

Bull case: the Growth Earnings group reads highest at a median of €42.91 per share, and 5 of the 15 models we run sit above the €28.90 price.

Bear case: the Asset-Based group reads lowest at €3.02, and 10 of the 15 models stay below the price. Evidence for this calculation is medium.

Scenario range: €12.55 (bear) to €20.91 (bull), the price of €28.90 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 37/100 (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 €988M · P/E ratio 29.8 · P/S ratio 2.10 · EPS (TTM) €0.9700 · Net margin 7.0% · Return on equity 23.2% · Return on assets (EBIT) 5.7% · Operating margin 6.6%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).

What moves the price

The share trades about 10% below its 52-week high and 85% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −31% fair-value upside, at −42%, ICOP screens richer than that median.

Fair Value models

Bear €12.55 Fair Value €16.73 Bull €20.91
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 (€0.7096 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.
Highest evidence
EPV €9.33 €10.75 €11.93 71
EV/EBITDA €22.35 €30.15 €37.95 67
ROIC Compounder €12.37 €19.14 €23.06 67
All 15 models by family
DCF Models
Owner Earnings €7.34 €16.34 €33.03 66
Earnings-Based
Graham-Dodd €6.37 €44.45 €62.37 59
Lynch FV €22.96 €32.80 €42.65 57
PEG = 1.0 €22.96 €32.80 €42.65 53
EPV €9.33 €10.75 €11.93 71
Multiples
P/E Multiple €14.76 €19.68 €24.60 63
P/S Multiple €11.95 €15.93 €19.92 58
P/B Multiple €11.95 €15.93 €19.92 55
EV/EBIT €19.89 €26.87 €33.85 66
EV/EBITDA €22.35 €30.15 €37.95 67
EV/Revenue €13.90 €20.30 €26.71 53
Asset-Based
NCAV (Graham) €2.25 €3.02 €4.50 54
Economic Profit
Residual Income €5.34 €7.13 €25.10 59
ROIC Compounder €12.37 €19.14 €23.06 67
Growth Earnings
Growth-Adj P/E €30.04 €42.91 €55.78 63

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Quality Score breakdown

Overall quality 37/100

Of which business quality 37 · Market factors (momentum, volatility) 74

Profitability 58
Margins and returns on capital today
Quality Growth 85
Are margins and returns improving?
Cashflow 9
Earnings quality: real cash, not paper profit
Fin. Strength 48
Balance sheet, leverage, solvency risk
Investment 20
Disciplined investing over empire-building
Low Volatility 66
Calm price path (market factor)
Momentum 69
Price trend over the last 3–12 months (market factor)
52W Momentum 90
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

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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.
+89.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+89.3%
Dividend (yield on the price)0.0%
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 73% overvalued. 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 · 836 stocks

Beats the industry median on 4/13 measures
Overall it trails its industry peers.
Valuation
Quality Score 37 · Bottom 25%
Fair Value upside −42% · Below median
Profitability
Return on equity (TTM) 23% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 7% · Above median
Operating margin (TTM) 7% · Above median
Growth and dividend
Revenue growth −22% · Bottom 25%
Dividend yield (TTM) 0.5% · Bottom 25%
Balance sheet
Debt / equity 0.82× · Highest 25%

Valuation Multiplesvs Engineering & Construction median · lower = cheaper

P/E (TTM) 29.8× · Pricier than median
P/B 7.83× · Priciest 25%
P/S (TTM) 2.87× · Priciest 25%
EV/EBITDA 17.3× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 28
FUTURE (revenue growth)0 · sector 11
PAST (return on equity)93 · sector 28
HEALTH (low debt)59 · sector 94
DIVIDEND (yield)10 · sector 41

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

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ACS, Actividades de Construcción y Servicios, S.A ACS €95.95 €75.04 −22%
EMCOR Group EME $756.50 $521.87 −31%
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I.CO.P. S.p.A. Società Benefit · Fair Value
€16.73 −73%Fair Value
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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 Sep 23, 2026, our model estimates a fair value of €16.73 versus a price of €28.90, about −42% upside (overvalued).
What is the fair value of ICOP?
Our model-based fair value for I.CO.P. S.p.A. Società Benefit is €16.73 (as of Sep 23, 2026), built from audited fundamentals. The current price: €28.90.
What is the quality score of ICOP?
I.CO.P. S.p.A. Società Benefit has a Quality Score of 37/100. 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 €16.73 (as of Sep 23, 2026) from 15 valuation models. Cautious scenario €12.55, optimistic scenario €20.91. 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 €16.73, about −42% upside versus a price of €28.90 (overvalued). Cautious scenario €12.55, optimistic scenario €20.91. 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 €392M (latest available figure, as of Sep 23, 2026).
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 €16.73 per share (as of Sep 23, 2026), against a price of €28.90. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is I.CO.P. S.p.A. Società Benefit stock overvalued or undervalued in 2026?
As of Sep 23, 2026, ICOP trades above its calculated fair value: price €28.90, fair value €16.73, a gap of about −42% (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 (€28.90); the fair value is what the company's own numbers justify (€16.73). For I.CO.P. S.p.A. Società Benefit the two are €12.17 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 €988M (market capitalisation, as of Sep 23, 2026). Per share that is €28.90; our models calculate a fair value of €16.73 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 €12.55, base €16.73, optimistic €20.91 per share (as of Sep 23, 2026, price €28.90). 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 29.8 (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 €16.73 is built from several models across several years. Other multiples: P/B 7.8, P/S 2.9, EV/EBITDA 17.3.
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 Sep 23, 2026): return on equity 23.2%, debt of 0.82 per unit of equity. They feed the Quality Score of 37/100, 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 €28.90, about 10% below its 52-week high of €32.10 and 85% above the low of €15.62 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of €16.73 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, Comfort Systems USA, Inc, Larsen & Toubro Limited, 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 Sep 23, 2026: price €28.90, calculated fair value €16.73 (−42%), Quality Score 37/100, from 15 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 15 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 €16.73, 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 14.1 % 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 Sep 23, 2026 was €28.90. Our model-based fair value is €16.73, about −42% upside (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 (€20.91). The favourable scenario is already priced in. Weak quality (37/100) and above fair value at the same time, the margin of safety is missing on both counts.

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 €988M. 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 2.10 (P/E × margin). 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 €0.9700 (price ÷ EPS = P/E 29.8). Earnings per share over the last twelve months: total profit spread across every single share.
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 7.0% (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 I.CO.P. S.p.A. Società Benefit (ICOP)?
The return on equity (ROE) of I.CO.P. S.p.A. Società Benefit is 23.2% (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 6.6% (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 −22.3% 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 +81.9% 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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