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Cicor Technologies

SWX:CICN
Snowflake Description

Very undervalued with reasonable growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CICN
SWX
CHF104M
Market Cap
  1. Home
  2. CH
  3. Tech
Company description

Cicor Technologies Ltd. provides production and service for electronic components and systems worldwide. The last earnings update was 19 days ago. More info.


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  • Cicor Technologies has significant price volatility in the past 3 months.
CICN Share Price and Events
7 Day Returns
12.5%
SWX:CICN
15.2%
CH Electronic
10.7%
CH Market
1 Year Returns
-35.7%
SWX:CICN
-4.6%
CH Electronic
-5.9%
CH Market
CICN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Cicor Technologies (CICN) 12.5% -24.9% -39.4% -35.7% -11.3% 3.4%
CH Electronic 15.2% -12.8% -24.5% -4.6% -6.1% 37.7%
CH Market 10.7% -7.3% -13.9% -5.9% 2.6% -1.1%
1 Year Return vs Industry and Market
  • CICN underperformed the Electronic industry which returned -4.6% over the past year.
  • CICN underperformed the Market in Switzerland which returned -5.9% over the past year.
Price Volatility
CICN
Industry
5yr Volatility vs Market

Value

 Is Cicor Technologies undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Cicor Technologies to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Cicor Technologies.

SWX:CICN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.8%
Perpetual Growth Rate 10-Year CH Government Bond Rate -0.6%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SWX:CICN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CH Govt Bond Rate -0.6%
Equity Risk Premium S&P Global 5.4%
Electronic Unlevered Beta Simply Wall St/ S&P Global 1.1
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.097 (1 + (1- 18%) (48.21%))
1.356
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.36
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.55% + (1.356 * 5.44%)
6.83%

Discounted Cash Flow Calculation for SWX:CICN using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Cicor Technologies is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

SWX:CICN DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CHF, Millions) Source Present Value
Discounted (@ 6.83%)
2020 26.75 Est @ 86.72% 25.04
2021 42.95 Est @ 60.54% 37.64
2022 61.08 Est @ 42.21% 50.11
2023 79.03 Est @ 29.38% 60.69
2024 95.16 Est @ 20.4% 68.40
2025 108.59 Est @ 14.12% 73.07
2026 119.14 Est @ 9.72% 75.05
2027 127.05 Est @ 6.64% 74.91
2028 132.75 Est @ 4.48% 73.27
2029 136.69 Est @ 2.97% 70.63
Present value of next 10 years cash flows CHF608.00
SWX:CICN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CHF136.69 × (1 + -0.55%) ÷ (6.83% – -0.55%)
CHF1,842.96
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CHF1,842.96 ÷ (1 + 6.83%)10
CHF952.23
SWX:CICN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CHF608.00 + CHF952.23
CHF1,560.23
Equity Value per Share
(CHF)
= Total value / Shares Outstanding
= CHF1,560.23 / 2.90
CHF538.64
SWX:CICN Discount to Share Price
Calculation Result
Value per share (CHF) From above. CHF538.64
Current discount Discount to share price of CHF36.00
= -1 x (CHF36.00 - CHF538.64) / CHF538.64
93.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Cicor Technologies is available for.
Intrinsic value
>50%
Share price is CHF36 vs Future cash flow value of CHF538.64
Current Discount Checks
For Cicor Technologies to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Cicor Technologies's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Cicor Technologies's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Cicor Technologies's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Cicor Technologies's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SWX:CICN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in CHF CHF2.90
SWX:CICN Share Price ** SWX (2020-03-31) in CHF CHF36
Switzerland Electronic Industry PE Ratio Median Figure of 10 Publicly-Listed Electronic Companies 17.78x
Switzerland Market PE Ratio Median Figure of 175 Publicly-Listed Companies 16.61x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Cicor Technologies.

SWX:CICN PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SWX:CICN Share Price ÷ EPS (both in CHF)

= 36 ÷ 2.90

12.4x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cicor Technologies is good value based on earnings compared to the CH Electronic industry average.
  • Cicor Technologies is good value based on earnings compared to the Switzerland market.
Price based on expected Growth
Does Cicor Technologies's expected growth come at a high price?
Raw Data
SWX:CICN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 12.4x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
22.9%per year
Switzerland Electronic Industry PEG Ratio Median Figure of 9 Publicly-Listed Electronic Companies 1.11x
Switzerland Market PEG Ratio Median Figure of 125 Publicly-Listed Companies 1.69x

*Line of best fit is calculated by linear regression .

SWX:CICN PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 12.4x ÷ 22.9%

0.54x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cicor Technologies is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Cicor Technologies's assets?
Raw Data
SWX:CICN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in CHF CHF27.21
SWX:CICN Share Price * SWX (2020-03-31) in CHF CHF36
Switzerland Electronic Industry PB Ratio Median Figure of 12 Publicly-Listed Electronic Companies 2.26x
Switzerland Market PB Ratio Median Figure of 216 Publicly-Listed Companies 1.33x
SWX:CICN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SWX:CICN Share Price ÷ Book Value per Share (both in CHF)

= 36 ÷ 27.21

1.32x

* Primary Listing of Cicor Technologies.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cicor Technologies is good value based on assets compared to the CH Electronic industry average.
X
Value checks
We assess Cicor Technologies's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Electronic industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Electronic industry average (and greater than 0)? (1 check)
  5. Cicor Technologies has a total score of 6/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Cicor Technologies expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
22.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Cicor Technologies expected to grow at an attractive rate?
  • Cicor Technologies's earnings growth is expected to exceed the low risk savings rate of -0.6%.
Growth vs Market Checks
  • Cicor Technologies's earnings growth is expected to exceed the Switzerland market average.
  • Cicor Technologies's revenue growth is expected to exceed the Switzerland market average.
Annual Growth Rates Comparison
Raw Data
SWX:CICN Future Growth Rates Data Sources
Data Point Source Value (per year)
SWX:CICN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 22.9%
SWX:CICN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 4.1%
Switzerland Electronic Industry Earnings Growth Rate Market Cap Weighted Average 18.5%
Switzerland Electronic Industry Revenue Growth Rate Market Cap Weighted Average 6.5%
Switzerland Market Earnings Growth Rate Market Cap Weighted Average 8.7%
Switzerland Market Revenue Growth Rate Market Cap Weighted Average 2.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SWX:CICN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in CHF Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SWX:CICN Future Estimates Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 284 16 2
2021-12-31 268 13 2
2020-12-31 250 9 2
2020-03-31
SWX:CICN Past Financials Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income *
2019-12-31 254 29 8
2019-09-30 255 20 9
2019-06-30 257 12 9
2019-03-31 253 11 9
2018-12-31 248 10 10
2018-09-30 239 18 9
2018-06-30 231 26 9
2018-03-31 224 18 8
2017-12-31 217 9 7
2017-09-30 211 5 5
2017-06-30 206 0 3
2017-03-31 198 4 2

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Cicor Technologies's earnings are expected to grow significantly at over 20% yearly.
  • Cicor Technologies's revenue is expected to grow by 4.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SWX:CICN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Cicor Technologies Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:CICN Future Estimates Data
Date (Data in CHF Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 5.60 5.60 5.60 1.00
2021-12-31 4.64 4.64 4.64 1.00
2020-12-31 3.28 3.28 3.28 1.00
2020-03-31
SWX:CICN Past Financials Data
Date (Data in CHF Millions) EPS *
2019-12-31 2.90
2019-09-30 2.97
2019-06-30 3.03
2019-03-31 3.18
2018-12-31 3.32
2018-09-30 3.21
2018-06-30 3.10
2018-03-31 2.70
2017-12-31 2.29
2017-09-30 1.70
2017-06-30 1.11
2017-03-31 0.60

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Cicor Technologies is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Cicor Technologies's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Switzerland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Switzerland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Cicor Technologies has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Cicor Technologies performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Cicor Technologies's growth in the last year to its industry (Electronic).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Cicor Technologies has delivered over 20% year on year earnings growth in the past 5 years.
  • Cicor Technologies's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Cicor Technologies's 1-year earnings growth is negative, it can't be compared to the CH Electronic industry average.
Earnings and Revenue History
Cicor Technologies's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Cicor Technologies Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SWX:CICN Past Revenue, Cash Flow and Net Income Data
Date (Data in CHF Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 253.91 8.41 78.34
2019-09-30 255.50 8.60 78.91
2019-06-30 257.09 8.79 79.48
2019-03-31 252.60 9.22 78.33
2018-12-31 248.12 9.64 77.18
2018-09-30 239.38 9.33 75.28
2018-06-30 230.64 9.01 73.39
2018-03-31 223.68 7.83 71.70
2017-12-31 216.73 6.65 70.01
2017-09-30 211.15 4.93 67.66
2017-06-30 205.58 3.21 65.32
2017-03-31 197.54 1.73 64.57
2016-12-31 189.49 0.26 63.81
2016-09-30 185.48 -2.48 64.50
2016-06-30 181.47 -5.22 65.19
2016-03-31 181.04 -4.60 65.04
2015-12-31 180.61 -3.98 64.90
2015-09-30 186.14 0.53 65.50
2015-06-30 191.67 5.05 66.11
2015-03-31 197.06 5.97 66.61
2014-12-31 202.46 6.90 67.10
2014-09-30 200.77 6.35 66.44
2014-06-30 199.08 5.81 65.77
2014-03-31 194.76 5.17 65.35
2013-12-31 190.45 4.54 64.93
2013-09-30 188.17 5.29 63.68
2013-06-30 185.89 6.05 62.44

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Cicor Technologies has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Cicor Technologies used its assets less efficiently than the CH Electronic industry average last year based on Return on Assets.
  • Cicor Technologies has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Cicor Technologies's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Electronic industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Cicor Technologies has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Cicor Technologies's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Cicor Technologies's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Cicor Technologies is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Cicor Technologies's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Cicor Technologies's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 2.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Cicor Technologies Company Filings, last reported 3 months ago.

SWX:CICN Past Debt and Equity Data
Date (Data in CHF Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 78.81 50.35 33.66
2019-09-30 78.81 50.35 33.66
2019-06-30 75.31 55.04 26.80
2019-03-31 75.31 55.04 26.80
2018-12-31 75.14 57.79 29.84
2018-09-30 75.14 57.79 29.84
2018-06-30 71.26 54.29 29.61
2018-03-31 71.26 54.29 29.61
2017-12-31 68.69 48.79 29.30
2017-09-30 68.69 48.79 29.30
2017-06-30 61.96 48.88 18.94
2017-03-31 61.96 48.88 18.94
2016-12-31 60.19 48.98 27.44
2016-09-30 60.19 48.98 27.44
2016-06-30 59.22 48.18 25.85
2016-03-31 59.22 48.18 25.85
2015-12-31 59.70 48.11 27.68
2015-09-30 59.70 48.11 27.68
2015-06-30 62.73 49.65 21.33
2015-03-31 62.73 49.65 21.33
2014-12-31 67.44 37.74 17.01
2014-09-30 67.44 37.74 17.01
2014-06-30 127.23 44.05 11.07
2014-03-31 127.23 44.05 11.07
2013-12-31 125.85 42.28 15.37
2013-09-30 125.85 42.28 15.37
2013-06-30 121.16 43.25 14.83
  • Cicor Technologies's level of debt (63.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (55% vs 63.8% today).
  • Debt is well covered by operating cash flow (56.7%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 15.3x coverage).
X
Financial health checks
We assess Cicor Technologies's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Cicor Technologies has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Cicor Technologies's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.17%
Current annual income from Cicor Technologies dividends. Estimated to be 4.02% next year.
If you bought CHF2,000 of Cicor Technologies shares you are expected to receive CHF83 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Cicor Technologies's pays a higher dividend yield than the bottom 25% of dividend payers in Switzerland (2.11%).
  • Cicor Technologies's dividend is below the markets top 25% of dividend payers in Switzerland (4.26%).
Upcoming dividend payment

Purchase Cicor Technologies before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SWX:CICN Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
Switzerland Electronic Industry Average Dividend Yield Market Cap Weighted Average of 9 Stocks 3.2%
Switzerland Market Average Dividend Yield Market Cap Weighted Average of 159 Stocks 3.3%
Switzerland Minimum Threshold Dividend Yield 10th Percentile 1.3%
Switzerland Bottom 25% Dividend Yield 25th Percentile 2.1%
Switzerland Top 25% Dividend Yield 75th Percentile 4.3%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SWX:CICN Future Dividends Estimate Data
Date (Data in CHF) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 1.65 2.00
2021-12-31 1.45 2.00
2020-12-31 1.25 2.00
2020-03-31
SWX:CICN Past Annualized Dividends Data
Date (Data in CHF) Dividend per share (annual) Avg. Yield (%)
2020-03-12 1.500 4.566
2019-03-14 1.000 1.894
2018-03-08 0.700 1.345
2016-08-17 0.000 0.000
2016-03-08 0.000 0.000
2015-04-24 0.360 1.287
2014-03-11 0.300 0.846
2013-08-21 0.300 0.895
2013-03-20 0.300 1.049

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cicor Technologies has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Cicor Technologies only paid a dividend in the past 7 years.
Current Payout to shareholders
What portion of Cicor Technologies's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.4x coverage).
X
Income/ dividend checks
We assess Cicor Technologies's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Cicor Technologies afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Cicor Technologies has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Cicor Technologies's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Alexander Hagemann
COMPENSATION CHF929,000
AGE 57
TENURE AS CEO 3.4 years
CEO Bio

Mr. Alexander Hagemann has been Chief Executive Officer at Cicor Technologies Ltd. since September 2016. Mr. Hagemann served as the Chief Executive Officer of Schaffner Holding AG since March 1, 2007 until July 15, 2016 and served as its Chairman of the Executive Board until July 15, 2016. From March 2007 to July 2016, he served as Chief Executive Officer at Schaffner Group. He served as the Head of The Power Magnetics Division at Schaffner Holding AG since March 31, 2016 until July 15, 2016. He served as an Interim Head of the Automotive Division at Schaffner Holding AG. from November 9, 2012 to January 1, 2014. He joined Schaffner Group on March 1, 2007. He served as Chief Executive Officer and President at Schott Optovance Inc. He served a number of management positions at the Schott Group, including Executive Vice President, Optics for Devices; earlier, worked in management roles in production and logistics at BMW. He has been the Chairman of Wicor Holding AG since 2017. He serves as a Director at WEIDPLAS GmbH (also known as Weidmann Plastics Technology AG). He has been a Director of Wicor Holding AG since 2011. He serves as Director of Rapperswil-Jona. He served as Member of the Executive Board of the Swiss-Asian Chamber of Commerce, Zurich, Switzerland. Mr. Hagemann holds a Degree in Mechanical Engineering from RWTH Aachen University.

CEO Compensation
  • Alexander's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Alexander's remuneration is higher than average for companies of similar size in Switzerland.
Management Team

Alexander Hagemann

TITLE
Chief Executive Officer
COMPENSATION
CHF929K
AGE
57
TENURE
3.4 yrs

Patric Schoch

TITLE
Chief Financial Officer
COMPENSATION
CHF443K
AGE
47
TENURE
7.7 yrs

Urs Wehinger

TITLE
Secretary
COMPENSATION
CHF65K
AGE
74
Board of Directors Tenure

Average tenure and age of the Cicor Technologies board of directors in years:

4.8
Average Tenure
69.5
Average Age
  • The tenure for the Cicor Technologies board of directors is about average.
Board of Directors

Heinrich Essing

TITLE
Chairman
COMPENSATION
CHF73K
AGE
70
TENURE
4.8 yrs

Robert Demuth

TITLE
Vice Chairman
COMPENSATION
CHF58K
AGE
72

Andreas Dill

TITLE
Independent Director
COMPENSATION
CHF49K
AGE
65
TENURE
11.2 yrs

Erich Haefeli

TITLE
Non-Executive Director
COMPENSATION
CHF46K
AGE
69
TENURE
4.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CHF) Value (CHF)
X
Management checks
We assess Cicor Technologies's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Cicor Technologies has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Is Cicor Technologies Ltd.'s (VTX:CICN) 2.4% Dividend Worth Your Time?

With a 2.4% yield and a six-year payment history, investors probably think Cicor Technologies looks like a reliable dividend stock. … Cicor Technologies has been paying a dividend for the past six years. … Strong earnings per share (EPS) growth might encourage our interest in the company despite fluctuating dividends, which is why it's great to see Cicor Technologies has grown its earnings per share at 14% per annum over the past five years. Earnings per share have been growing at a good rate, and the company is paying less than half its earnings as dividends. We generally think this is an attractive combination, as it permits further reinvestment in the business. Conclusion Dividend investors should always want to know if a) a company's dividends are affordable, b) if there is a track record of consistent payments, and c) if the dividend is capable of growing.

Simply Wall St -

Should You Be Pleased About The CEO Pay At Cicor Technologies Ltd.'s (VTX:CICN)

First, this article will compare CEO compensation with compensation at similar sized companies. … Check out our latest analysis for Cicor Technologies How Does Alexander Hagemann's Compensation Compare With Similar Sized Companies? … We compared total CEO remuneration at Cicor Technologies Ltd.

Simply Wall St -

Should Cicor Technologies (VTX:CICN) Be Disappointed With Their 84% Profit?

But over three years, the returns would have left most investors smiling In fact, the company's share price bested the return of its market index in that time, posting a gain of 84%. … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … We note that for Cicor Technologies the TSR over the last 3 years was 90%, which is better than the share price return mentioned above.

Simply Wall St -

Does Cicor Technologies Ltd.'s (VTX:CICN) Past Performance Indicate A Stronger Future?

The two benchmarks I used were Cicor Technologies's average earnings over the past couple of years, and its industry performance. … See our latest analysis for Cicor Technologies Did CICN's recent earnings growth beat the long-term trend and the industry? … I recommend you continue to research Cicor Technologies to get a more holistic view of the stock by looking at: Future Outlook: What are well-informed industry analysts predicting for CICN’s future growth?

Simply Wall St -

Is It Time To Consider Buying Cicor Technologies Ltd. (VTX:CICN)?

Let’s take a look at Cicor Technologies’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change. … Although value investors would argue that it’s the intrinsic value relative to the price that matter the most, a more compelling investment thesis would be high growth potential at a cheap price. … With an optimistic outlook on the horizon, it seems like this growth has not yet been fully factored into the share price.

Simply Wall St -

Do You Know What Cicor Technologies Ltd.'s (VTX:CICN) P/E Ratio Means?

See our latest analysis for Cicor Technologies How Do I Calculate A Price To Earnings Ratio? … The formula for price to earnings is: Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS) Or for Cicor Technologies: P/E of 16.22 = CHF53.9 ÷ CHF3.32 (Based on the trailing twelve months to December 2018.) Is A High Price-to-Earnings Ratio Good? … Cicor Technologies increased earnings per share by a whopping 45% last year.

Simply Wall St -

Cicor Technologies (VTX:CICN) Seems To Use Debt Quite Sensibly

SWX:CICN Historical Debt, July 8th 2019 How Strong Is Cicor Technologies's Balance Sheet? … Because it carries more debt than cash, we think it's worth watching Cicor Technologies's balance sheet over time. … Our View Cicor Technologies's conversion of EBIT to free cash flow was a real negative on this analysis, although the other factors we considered were considerably better In particular, we are dazzled with its interest cover.

Simply Wall St -

Cicor Technologies Ltd. (VTX:CICN) Has A ROE Of 13%

The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Cicor Technologies: 13% = CHF9.6m ÷ CHF75m (Based on the trailing twelve months to December 2018.) Most readers would understand what net profit is, but it’s worth explaining the concept of shareholders’ equity. … How Does Debt Impact Return On Equity? … Combining Cicor Technologies's Debt And Its 13% Return On Equity Although Cicor Technologies does use debt, its debt to equity ratio of 0.77 is still low.

Simply Wall St -

What You Must Know About Cicor Technologies Ltd.'s (VTX:CICN) Beta Value

Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … Therefore, it's a bit surprising to see that this stock has a beta value so close to the overall market. … What this means for you: Cicor Technologies has a beta value quite close to that of the overall market.

Simply Wall St -

Here’s What Cicor Technologies Ltd.’s (VTX:CICN) Return On Capital Can Tell Us

The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Cicor Technologies: 0.12 = CHF15m ÷ (CHF194m - CHF62m) (Based on the trailing twelve months to December 2018.) Therefore, Cicor Technologies has an ROCE of 12%. … Due to the way ROCE is calculated, a high level of current liabilities makes a company look as though it has less capital employed, and thus can (sometimes unfairly) boost the ROCE. … The Bottom Line On Cicor Technologies's ROCE While its ROCE looks good, it's worth remembering that the current liabilities are making the business look better.

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Company Info

Description

Cicor Technologies Ltd. provides production and service for electronic components and systems worldwide. The company operates through two segments, Advanced Microelectronics & Substrates, and Electronic Solutions. It also manufactures and processes rigid, flexible, and rigid-flexible printed circuit boards; and substrates using thin- and thick-film. The company provides outsourcing solutions for the development and manufacture of electronic modules, component, and electronic products. Its outsourcing solutions comprise production options for printed circuit board assembly, system assembly, box building, control cabinet construction, cable assembly, toolmaking, and injection molding. The company serves medical, industrial, watch and consumer, communication, automotive and transport, and aerospace and defense markets. Cicor Technologies Ltd. is headquartered in Boudry, Switzerland.

Details
Name: Cicor Technologies Ltd.
CICN
Exchange: SWX
Founded:
CHF104,422,141
2,896,592
Website: http://www.cicor.com
Address: Cicor Technologies Ltd.
Route de l’Europe 8,
Boudry,
Neuchâtel, 2017,
Switzerland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SWX CICN Registered Shares SIX Swiss Exchange CH CHF 27. Apr 1998
DB CRLN Registered Shares Deutsche Boerse AG DE EUR 27. Apr 1998
LSE 0QPR Registered Shares London Stock Exchange GB CHF 27. Apr 1998
Number of employees
Current staff
Staff numbers
2,036
Cicor Technologies employees.
Industry
Electronic Manufacturing Services
Tech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/31 21:20
End of day share price update: 2020/03/31 00:00
Last estimates confirmation: 2020/03/27
Last earnings filing: 2020/03/12
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.