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1. Company Snapshot

1.a. Company Description

Intercos S.p.A., together with its subsidiaries, manufactures and markets cosmetics for the treatment of skin, hair, and body care worldwide.The company offers foundation and concealers, face powders, eyeshadows, delivery systems and pencils, mascara, lipsticks and glosses, nail lacquers, face and eye care products, primers, skin perfectors, fixers and mists, masks, cleansing products, body and hair care, and grooming products.Intercos S.p.A. was founded in 1972 and is headquartered in Agrate Brianza, Italy.

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1.b. Last Insights on ICOS

Intercos S.p.A.'s recent performance was hindered by the European market's decline, exacerbated by unexpected U.S. tariff hikes, which have sparked economic uncertainty. The company's operations are likely being impacted by the volatile environment, as investors navigate the steepest declines in five years. Furthermore, the absence of recent earnings releases suggests a lack of visibility into the company's current financial performance, adding to the uncertainty surrounding its business.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Intercos SpA (LTS:0AAR) Q3 2025 Earnings Call Highlights: Navigating Growth Amidst Market Challenges

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.09%)

6. Segments

Make-up

Expected Growth: 5%

Intercos S.p.A.'s 5% growth in make-up is driven by increasing demand for premium and sustainable products, expansion in e-commerce and social media influence, rising popularity of beauty and wellness, and growing middle-class population in emerging markets, particularly in Asia.

Hair and Body

Expected Growth: 4%

Intercos S.p.A.'s Hair and Body segment growth is driven by increasing demand for natural and organic products, rising consumer awareness of personal care, and expanding distribution channels in emerging markets. Additionally, the company's focus on innovation, sustainability, and strategic partnerships contributes to its 4% growth rate.

Skin Care

Expected Growth: 7%

Intercos S.p.A.'s 7% growth in Skin Care is driven by increasing demand for natural and organic products, rising awareness of skin health, and a growing middle class in emerging markets. Additionally, the company's focus on innovation, sustainability, and digital marketing strategies have contributed to its success.

7. Detailed Products

Makeup

Intercos S.p.A. offers a wide range of makeup products, including foundation, eyeshadow, mascara, lipstick, and more, catering to various skin tones and types.

Skincare

Intercos S.p.A. develops and manufactures a variety of skincare products, including moisturizers, serums, cleansers, and sunscreens, addressing different skin concerns and needs.

Fragrances

Intercos S.p.A. creates bespoke fragrances for various brands, offering a diverse range of scents and concentrations, from niche to mass market products.

Haircare

Intercos S.p.A. develops and manufactures a range of haircare products, including shampoos, conditioners, masks, and styling products, catering to different hair types and needs.

8. Intercos S.p.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Intercos S.p.A. is medium due to the presence of alternative products in the market, but the company's strong brand reputation and quality products mitigate this threat.

Bargaining Power Of Customers

The bargaining power of customers is low for Intercos S.p.A. due to the company's strong brand reputation and the lack of price sensitivity among its customer base.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium for Intercos S.p.A. due to the presence of multiple suppliers in the market, but the company's strong relationships with its suppliers mitigate this threat.

Threat Of New Entrants

The threat of new entrants is high for Intercos S.p.A. due to the low barriers to entry in the cosmetics industry, but the company's strong brand reputation and established distribution channels mitigate this threat.

Intensity Of Rivalry

The intensity of rivalry is high for Intercos S.p.A. due to the presence of several established players in the cosmetics industry, but the company's strong brand reputation and innovative products help it to differentiate itself from its competitors.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 32.41%
Debt Cost 4.66%
Equity Weight 67.59%
Equity Cost 7.95%
WACC 6.88%
Leverage 47.95%

11. Quality Control: Intercos S.p.A. passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
McBride

A-Score: 5.1/10

Value: 8.6

Growth: 7.1

Quality: 4.9

Yield: 2.5

Momentum: 5.5

Volatility: 2.0

1-Year Total Return ->

Stock-Card
Duni

A-Score: 5.0/10

Value: 5.2

Growth: 5.3

Quality: 4.2

Yield: 4.4

Momentum: 3.5

Volatility: 7.7

1-Year Total Return ->

Stock-Card
Warpaint London

A-Score: 4.9/10

Value: 5.2

Growth: 8.2

Quality: 7.7

Yield: 7.5

Momentum: 0.0

Volatility: 0.7

1-Year Total Return ->

Stock-Card
Intercos

A-Score: 4.4/10

Value: 4.9

Growth: 7.2

Quality: 5.0

Yield: 1.9

Momentum: 1.0

Volatility: 6.7

1-Year Total Return ->

Stock-Card
PZ Cussons

A-Score: 4.0/10

Value: 6.9

Growth: 1.1

Quality: 2.7

Yield: 6.9

Momentum: 2.5

Volatility: 3.7

1-Year Total Return ->

Stock-Card
Ontex

A-Score: 3.6/10

Value: 9.3

Growth: 4.0

Quality: 2.0

Yield: 0.0

Momentum: 0.5

Volatility: 6.0

1-Year Total Return ->

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

11.38$

Current Price

11.38$

Potential

-0.00%

Expected Cash-Flows