Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
IRCE S.p.A. is an Italy-based multinational company specializing in the manufacture of winding wires and insulated electrical cables. Founded in 1947 and headquartered in Imola, it produces enamelled copper and aluminum round and rectangular wires for essential components in electric motors, generators, transformers, relays, solenoids, compressors, and inductors. The company also offers low and medium voltage cables, data transmission cables for LANs, and power cords with plugs, serving applications in residential, industrial buildings, electrical appliances, and energy infrastructure. IRCE S.p.A. operates five manufacturing plants—three in Italy (Imola, Guglionesi, Umbertide, Miradolo Terme), one in the Netherlands, and one in the UK—along with production in Brazil, India, and Germany, and distribution networks in Germany, Spain, and Switzerland. Its business is divided into Winding Wires and Cables segments, with nearly half of enameled wire sales occurring outside Italy, primarily in the European Union. Employing around 639 people, IRCE S.p.A. plays a key role in the electrical equipment sector, supporting diverse industries from aerospace and automotive to construction and manufacturing. As a subsidiary of Aequafin S.p.A., it maintains a strong global presence in conductor technologies.
Operating margin is thin at 2.54%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 5.0% YoY. The question is whether this is cyclical or a structural shift.
Negative free cash flow of -€20M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
€382M
▼ -5.0% YoY
Net Income (TTM)
€8M
▼ -10.6% YoY
Op. Margin
3.38%
▼ -1.0pp YoY
ROIC
2.54%
▼ -1.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-€22M
▼ -14.4% YoY
Op. Cash Flow (TTM)
€6M
▼ -154.0% YoY
Net Debt
€68M
Cash & Equiv.
€18M
3Y CAGR: -6.1%
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