First Read Cicor Technologies Conference call feedback with the CEO & CFO

研报英文原文证据摘录

First Read Cicor Technologies Conference call feedback with the CEO & CFO

Global Research

22 July 2026ab

First Read

EquitiesCicor Technologies

Conference call feedback with the CEO & CFO Switzerland

Electric Components & Equipment

12-month rating Buy

Management confident on FY26 guidance but subject to execution risks

We estimate that, in order to meet FY26 consensus sales estimates of CHF711m, Cicor 12m price target CHF172.00

needs to print an organic growth of around 8% y/y in H2 26. We think this is likely to be

driven by an acceleration in sales with defence primes, where Cicor reiterated good

Price (22 Jul 2026) CHF132.20

visibility, a mild improvement in non-defence business and easy comps (H2 25 organic

growth was c-2% y/y). This is contingent on the supply chain and execution though. RIC: CICN.S BBG: CICN SE

According to management, the biggest challenge is linked to availability of PCBs, driven Trading data and key metrics

by limited capacities in Europe affecting the defence business (due to local

52-wk range CHF221.00-111.00

manufacturing requirements) and the manufacturing capacity outside Europe being also

Market cap. CHF0.60b/US$0.74b

constrained by the rising usage of PCBs for AI infrastructure. Management commented

Shares o/s 4.54m (ORD)

that the delta between the low and the high end of the sales guidance (CHF700-750m)

is mostly linked to execution on this tight supply environment, but looked confident to Free float 54%

meet the guidance. Avg. daily volume ('000) 16.8

Avg. daily value (m) CHF2.2

Full run-rate cost savings expected to already kick in in Q3 26 Common s/h equity (12/26E) CHF0.18b

Cicor recently announced a cost savings program based on FTE reduction and P/BV (12/26E) 2.8x