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Intercos S.p.A.
(ICOS)
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Rating:69Neutral
Price Target:
€13.00
▼(-6.74% Downside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by solid financial performance with improving margins and a de-levering balance sheet, supported by strong technicals (price above key moving averages and positive momentum). These positives are tempered by a relatively high P/E with a modest dividend yield, and by inconsistent revenue and free-cash-flow trends.
Positive Factors
Improving Margins
The sharp improvement in EBITDA and EBIT margins indicates stronger recent operating performance and better earnings capture from Intercos’ manufacturing activities. If sustained, higher margins should support reinvestment, improve resilience, and make profitability more durable over the next several quarters.
Negative Factors
Revenue Volatility
The shift from strong growth to stagnation and then contraction makes Intercos’ top-line trajectory less predictable. Continued revenue weakness could limit operating leverage, reduce the benefits of its improved margins, and make medium-term earnings growth harder to sustain.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving Margins
The sharp improvement in EBITDA and EBIT margins indicates stronger recent operating performance and better earnings capture from Intercos’ manufacturing activities. If sustained, higher margins should support reinvestment, improve resilience, and make profitability more durable over the next several quarters.
Read all positive factors
Intercos S.p.A. (ICOS) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€1.15B
Dividend Yield1.65%
Average Volume (3M)123.22K
Price to Earnings (P/E)28.0
Beta (1Y)0.47
Revenue Growth-5.05%
EPS Growth22.84%
CountryIT
Employees4,230
SectorConsumer Defensive
Sector Strength42
IndustryHousehold & Personal Products
Share Statistics
EPS (TTM)0.51
Shares Outstanding96,394,560
10 Day Avg. Volume98,832
30 Day Avg. Volume123,220
Financial Highlights & Ratios
PEG Ratio5.32
Price to Book (P/B)2.19
Price to Sales (P/S)1.02
P/FCF Ratio17.14
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€16.03Price Target Upside15.02% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.71
Revenue Forecast (FY)€1.10B
Intercos S.p.A. Business Overview & Revenue Model
Company Description
Intercos S.p.A., along with its affiliated companies, specializes in the global production and sale of cosmetic products, encompassing items for skin, hair, and body maintenance. The company offers an extensive portfolio, which includes makeup ess...
How the Company Makes Money
Intercos makes money by providing contract development and manufacturing services to cosmetics and beauty brands, generating revenue mainly from the sale of finished cosmetic products produced on behalf of these customers. Its core revenue streams...
Intercos S.p.A. Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
68
Positive
Cash Flow
60
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.05B | 1.06B | 988.22M | 59.79M | 43.20M |
| Gross Profit | 196.25M | 207.00M | 199.38M | 65.83M | 48.04M |
| EBITDA | 140.94M | 133.45M | 127.19M | 118.47M | 58.43M |
| Net Income | 50.10M | 48.52M | 52.34M | 5.20M | 19.62M |
Balance Sheet | |||||
| Total Assets | 979.50M | 1.05B | 980.93M | 488.97M | 473.82M |
| Cash, Cash Equivalents and Short-Term Investments | 152.20M | 190.00M | 158.13M | 53.56M | 71.57M |
| Total Debt | 253.00M | 288.30M | 258.61M | 224.94M | 240.68M |
| Total Liabilities | 491.60M | 570.70M | 531.39M | 266.46M | 268.16M |
| Stockholders Equity | 485.60M | 476.70M | 447.50M | 222.51M | 205.67M |
Cash Flow | |||||
| Free Cash Flow | 62.17M | 54.80M | 48.22M | -4.04M | -6.30M |
| Operating Cash Flow | 107.43M | 99.40M | 103.18M | 9.38M | 4.31M |
| Investing Cash Flow | -67.42M | -61.40M | -53.72M | -46.51M | -26.15M |
| Financing Cash Flow | -71.79M | -2.16M | -77.58M | 8.25M | -1.55M |
Intercos S.p.A. Technical Analysis
Negative
13.94
Price Trends
13.22
Negative
12.94
Negative
12.42
Negative
Market Momentum
-0.29
Positive
32.89
Neutral
24.25
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:ICOS, the sentiment is Negative. The current price of 13.94 is above the 20-day moving average (MA) of 12.68, above the 50-day MA of 13.22, and above the 200-day MA of 12.42, indicating a bearish trend. The MACD of -0.29 indicates Positive momentum. The RSI at 32.89 is Neutral, neither overbought nor oversold. The STOCH value of 24.25 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IT:ICOS.
Intercos S.p.A. Peers Comparison
UnderperformOutperform
Sector (62)
IT:ICOS
Intercos S.p.A.
11.92
0.25
2.17%
IT:BFG
B.F. S.p.A.
7.50
3.32
79.55%
IT:ENV
Enervit S.p.A.
5.06
0.63
14.25%
IT:FF
Fine Foods & Pharmaceuticals N.T.M. SpA
6.70
-2.34
-25.91%
IT:ERFO
Laboratorio Farmaceutico Erfo SpA
1.12
-0.64
-36.29%
IT:LON
Longino & Cardenal SpA
1.27
0.17
15.45%
Intercos S.p.A. Corporate Events
Intercos Expands Treasury Share Holdings Through Ongoing Buyback Program
Oct 8, 2026
Intercos S.p.A. disclosed that between 1 and 7 October 2026 it repurchased 115,300 ordinary shares, representing 0.1196% of its share capital, at a weighted average price of €12.5751 for a total outlay of about €1.45 million. The buyba...
Intercos Launches New €2.1 Million Share Buyback After Current Program Ends
Oct 1, 2026
Intercos S.p.A. will conclude its current share buyback program on 6 October 2026, coinciding with the start of a blackout period ahead of the approval of its additional periodic information for the third quarter of 2026. The program, approved in ...
Intercos Expands Treasury Share Holdings with Late‑September Buybacks
Oct 1, 2026
Intercos S.p.A. reported that between 24 and 30 September 2026 it repurchased 166,600 ordinary shares on regulated markets, equal to about 0.17% of its share capital, at a weighted average price of €13.1843 for a total outlay of €2.2 m...
Intercos Expands Treasury Share Holdings with Latest Buyback Tranche
Sep 24, 2026
Intercos S.p.A. disclosed that between 17 and 23 September 2026 it bought back 152,300 ordinary shares, equal to 0.1580% of its share capital, on regulated markets at a weighted average price of €12.9596 for a total outlay of about €1....
Intercos boosts treasury share holdings with latest €1.66 million buyback
Sep 17, 2026
Intercos S.p.A. reported that it acquired 132,900 ordinary shares on regulated markets between 10 September 2026 and 16 September 2026, equal to 0.1379% of its share capital, at a weighted average price of €12.4958 for a total outlay of S...
Intercos Stakeholder Sells 6.4 Million Shares via Accelerated Bookbuild
Sep 8, 2026
Intercos S.p.A. disclosed a transaction involving CP7 Beauty Luxco S.à.r.l., a legal person closely associated with director Nikhil Kumar Thukral, relating to ordinary shares of the company. The notification reports the transfer of 6.4 millio...
Intercos Lifts Treasury Stake to 3.1% With Latest Buyback Tranche
Sep 3, 2026
Intercos S.p.A. has continued its share buyback programme, repurchasing 88,606 ordinary shares between 27 August and 2 September 2026 at a weighted average price of €14.0037, for a total outlay of €1.24 million. The transactions, execu...
Intercos Expands Treasury Share Buyback, Reaching Over 3% of Capital
Aug 27, 2026
Intercos S.p.A. continued its share buyback strategy, repurchasing 111,810 ordinary shares between 19 and 26 August 2026 on regulated markets. The purchases, executed through Intermonte Partners SIM at a weighted average price of €13.8949 pe...
Intercos Lifts Treasury Stake With Fresh €1.85 Million Share Buyback
Aug 19, 2026
Intercos S.p.A. has continued its share buyback programme, acquiring 80,237 ordinary shares on regulated markets between 12 and 18 August 2026. The shares, equal to 0.0832% of its share capital, were purchased at a weighted average price of €...
Intercos Expands Treasury Stock with New €1.8 Million Share Buyback
Aug 13, 2026
Intercos S.p.A. reported that between 5 and 11 August 2026 it repurchased 131,500 ordinary shares, equal to 0.1364% of its share capital, on regulated markets at a weighted average price of €14.0196, for a total outlay of about €1.84 m...
Intercos Discloses Early July Share Purchases by Intermonte SIM
Aug 5, 2026
Intercos S.p.A., a Milan-based joint-stock company listed on Italian markets under ISIN IT0005455875, disclosed trading activity in its shares during July 2026. The transactions were executed on the EXM and CEUX markets, underscoring the liquidity...
Intercos Publishes Half-Year 2026 Financial Report for Investor Access
Aug 5, 2026
Intercos S.p.A. has announced that its Half-Year Financial Report as at 30 June 2026, approved by the Board of Directors on 4 August 2026 along with the auditors’ report, has been made publicly available. The document can be consulted at the...
Intercos Delivers Record Quarter as Hair & Body and Prestige Drive Growth
Aug 4, 2026
Intercos reported its best-ever second quarter, with net revenues rising to €285.1 million, up 4.9% at constant exchange rates, driven by strong EMEA demand, Prestige channel growth and a surge in Hair Body sales despite a lower contributio...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.