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Italian underground-engineering contractor specializing in special foundations, micro-tunnelling and maritime works.
Italian underground-engineering contractor specializing in special foundations, micro-tunnelling and maritime works.
Wins specialist foundation, tunnelling and marine contracts from developers, utilities and port authorities, booking revenue as work progresses, so results follow the pipeline of civil projects and its ability to execute technically difficult jobs on schedule.
In one line: A niche Italian geotechnical contractor like a small Layne Christensen.
Moat: narrow (process know-how, installed base). Pioneered microtunnel/direct-pipe technology in Italy, a specialized niche with few qualified competitors.
Headquarters: Basiliano, Italy · Founded: 1920
Size I.CO.P (ICOP.MI) is an Italy Industrials company (Engineering & Construction) with a market value of $901M, the 87th largest of 123 Italy companies the cockpit tracks. Shares closed at €25.20 on 6 Nov 2026.
Performance Over six months the shares fell 6.0%, against -2.9% for the median peer and +3.1% for the Italy market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 137.8% over the last twelve months (peer median +5.8%); the operating margin is 10.9% (peer median 5.5%).
Valuation It trades at 17.1× forward earnings against a peer median of 14.4× (6th most expensive of 15).
Capital Return on invested capital runs 0.0 points below its cost of capital (9.2% WACC).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | n/a | €418M | €176M | €117M | €118M |
| Revenue growth | — | +138% | +50% | -1% | — |
| Gross profit | n/a | €181M | €66.2M | €38.5M | €24.8M |
| EBITDA | n/a | €69.3M | €30.2M | €4.08M | €12.4M |
| Net income | n/a | €29.9M | €16.5M | €5.05M | €4.28M |
| Free cash flow | n/a | -€16.4M | €6.32M | €16.4M | -€2.99M |
| Capital expenditure | n/a | €39.3M | €18.3M | €17.3M | €8.82M |
| Total debt | n/a | €221M | €60.5M | €63.9M | €65.8M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| I.CO.P ICOP.MI | $901M | -6% | +138% | 11% | 17.1× | n/a |
| Vinci DG.PA | $69.8B | -12% | +4% | 12% | 12.2× | -1.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ICOP.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.0% | -7.3% | 10th highest of 21 |
| 6-month return | -6.0% | -2.9% | 10th lowest of 21 |
| Distance from 52-week high | -22.5% | -31.5% | 10th highest of 21 |
| Revenue growth (TTM) | +137.8% | +5.8% | highest of 21 |
| Operating margin | 10.9% | 5.5% | 6th highest of 21 |
| Forward P/E | 17.1× | 14.4× | 6th most expensive of 15 |
| ROIC minus cost of capital | -0.0 pp | -2.1 pp | 8th highest of 18 |
| EV / EBITDA | 14.4× | 7.5× | 2nd most expensive of 9 |
| Net debt / EBITDA | 2.7× | -1.2× | 3rd most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| I.CO.P ICOP.MI | Italy | $901M | -6% | +138% | 11% | 17.1× | n/a | n/a |
| GRK Infra GRK.HE | Finland | $903M | +30% | -7% | 8% | 10.0× | -1.5% | +24.6% |
| Taihei Dengyo Kaisha 1968.T | Japan | $899M | -22% | +19% | 11% | 11.2× | n/a | n/a |
| GR Engineering Services GNG.AX | Australia | $891M | +40% | +3% | 11% | 18.3× | 14.9% | +4.7% |
| Shanghai Geoharbour Construction 605598.SS | China | $913M | -48% | +9% | -3% | 541.7× | n/a | n/a |
| Costain COST.L | United Kingdom | $890M | +30% | -6% | 5% | 16.5× | 0.1% | +1.3% |
| Hubei Chutian Smart Communication 600035.SS | China | $918M | -1% | +34% | 9% | n/a | n/a | n/a |
| Ningbo Construction 601789.SS | China | $885M | -34% | +10% | 2% | n/a | n/a | n/a |
| Shenzhen Tagen 000090.SZ | China | $883M | -11% | +1% | 0% | 7.7× | 13.8% | +5.6% |
| LS Marine Solution 060370.KS | South Korea | $924M | -35% | +21% | 6% | 55.0× | n/a | n/a |
| Sentia SNTIA.OL | Norway | $924M | +8% | +15% | 5% | 14.3× | -11.1% | +4.2% |
| Galliford Try GFRD.L | United Kingdom | $925M | +31% | +3% | 3% | 14.5× | -0.8% | +11.4% |
| Raito Kogyo 1926.T | Japan | $928M | -5% | +9% | 13% | 11.6× | -8.0% | +5.2% |
| Shanghai Urban Architecture Design 300983.SZ | China | $866M | +5% | -7% | -58% | n/a | n/a | n/a |
| YIT YIT.HE | Finland | $938M | +45% | +10% | 3% | 75.2× | 12.8% | -10.6% |
| KEC International KEC.NS | India | $939M | -46% | -2% | 5% | 13.3× | n/a | n/a |
| Next Geosolutions Europe NXT.MI | Italy | $861M | +22% | +68% | 17% | 12.7× | n/a | n/a |
| Beijing New Space Technology 605178.SS | China | $861M | -18% | 0% | -51% | n/a | n/a | n/a |
| Xinjiang Beixin Road & Bridge 002307.SZ | China | $861M | -19% | -22% | 8% | n/a | n/a | n/a |
| Shenzhen Cheng Chung Design 002811.SZ | China | $949M | +48% | +28% | 13% | n/a | 9.1% | -6.2% |
| China Nerin Engineering 603257.SS | China | $851M | -21% | -21% | 10% | 23.4× | 15.4% | +5.6% |