Alantra has been appointed Corporate Broker to ICOP

Oct 2024

Corporate Broker

Milan – Alantra has been appointed as Corporate Broker to ICOP (I.C.O.P S.p.A), and has initiated coverage by the Alantra Italian Equity Research team.

ICOP, a leading underground engineering firm, specializes in microtunnelling, foundations, and maritime works, offering diversified and innovative solutions. With a backlog of around €900mn and over 100 years of experience, the company is poised for continued growth, benefiting from several megatrends, particularly in energy and utilities.

ICOP’s competitive edge is rooted in advanced technologies and high profitability. The company plans to expand into the USA and accelerate growth with recent IPO proceeds, leveraging strong sales growth and profitability to enhance significant FCF.

We initiate coverage with BUY and target price of €9.6/share.