Cicor Technologies Ltd : A new European EMS champion in the making
Cicor, a Swiss group that provides electronic manufacturing services (EMS), is set to benefit from growth in its target markets (aerospace & defence, industrial and medical sectors) and the pursuit of the external growth strategy it initiated in 2021 (EPS CAGR 25/28e of 25%).The TT Electronics deal, due to close, will almost double its business scope and act as a catalyst for the stock's rerating (TP raised to CHF 255). We are initiating coverage with an Outperform rating and a target price of CHF 227.Cicor Technologies Ltd is a Swiss company engaged in the electrical engineering and electronics sector. The Company operated though four divisions: Cicor Printed Circuit Boards; Cicor Microelectronics; Cicor Electronic Solutions, and Asia division. The Cicor Printed Circuit Boards (PCB) division develops and produces printed circuit boards with the usage of high density interconnects (HDI's) and reel-to-reel technology. The Cicor Microelectronics division offers a range of microelectronic manufacturing from various thick and thin film coating technologies through micro assembly and up to delivery of tested and qualified electronic components. The Cicor Electronic Solutions division provides a range of production options for PCB assembly, system assembly, box-building and switch-box construction, cable assembly, tool making and injection molding. The Asia division focuses on the provision of the Company's technology to the Asian market.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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