H1-2020 report Icecat: solid growth and expanding footprint

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The revenues of Icecat N.V. (NPEX:ICECAT) have increased by 8.4% over the first six months of 2020 to 4.8 million euro compared to the same period last year. The gross profit increased by 5%, and as the operating expenses remained stable, the EBT of Icecat improved by 24% to 939K euro. This is the main reason for the improved cash position by 15% to 4.8 million euro. A solid cash position has proven helpful in recent acquisitions, such as Cedemo per Q2-2020, which contributes to around half of the realized growth, and is instrumental for other take-over or investment scenarios.

Innovating out of the crisis

Icecat maintained growth of the business despite the onset of the COVID-19 pandemic, and strives to maintain growth during the rest of 2020. It has become a certainty that during 2020 a recession will materialize in major markets, but at the other hand, the ecommerce market continues to develop. From Q2 on, Icecat is focusing on integrating the Monaco-based Cedemo activity and realizing commercial and operational synergies.
The uncertainties regarding the possibly multicyclic nature of the COVID-19 pandemic, and effects on the economic climate, lead to more cautiousness in the market regarding investments in ecommerce, and thus in Icecat’s services. For this reason, we focused our marketing on our free Product Information Management (PIM) entry-level services to brands and ecommerce businesses. This expands our footprint, and ensures maintaining a healthy deal flow and pipeline. Further, we continue to focus on innovation of PIM services and partnerships. Icecat has been selected by Facebook as content partner, the same as for Google, Amazon and Alibaba before. Regarding innovation, Product Stories, a new digital asset, has been rolled out in behalf of brands like DELL and Huawei. And a new service introduction is Icecat’s Brand Rank Page, a real-time statistical ranking of manufacturing brands based on their relative position in the global e-commerce market.

Expanding Icecat’s footprint during the crisis

The COVID-19 lockdowns are accompanied by a quickened adoption of e-commerce, which is visible in our online footprint: the number of product data sheet (PDS) downloads during H1-2020 increased by 62% to 2.9 billion compared to the same period one year earlier, and the number of new registrations increased by 48% to 4.2K new registrations. Icecat’s database contains now 8 million PDSs, each available in around 50 languages. This implies that the relevance of Icecat has increased, and that the freemium models fit the current market circumstances well.
The Icecat Vendor Central is now embraced by an increasing number of (online) retailers, who individually activate their brand suppliers to register as brand editor.

Finally, Icecat has been listed in the top 50 Dutch data science companies after a positive response in the science community and media outlets to our studies into the potential multicyclic seasonality of COVID-19.

See the Interim Report 1st half year 2020 for Icecat N.V. (PDF)

  • commented on July 23, 2020 by Theo van Kleef

    Bedankt voor het H1 report. Wat me opvalt is dat er veel geschreven wordt hoe goed het allemaal gaat, maar de trading van het Icecat-aandeel die wordt gebruikt door NPEX is die van van de intrinsieke waarde per aandeel. Tot nu toe heeft deze waardering nauwelijks iets opgebracht voor de NPEX beleggers. Mijn vraag is: moet de waardering van het aandeel niet gekoppeld worden aan commerciele waarde?

    met vriendelijke groet

    • Dank voor je opmerking. Sinds de publicatie van onze jaarcijfers (2019) is de koers tussen de 10 en 20% gestegen (11-12 eur). Maar het is natuurlijk aan de markt en niet aan Icecat om een oordeel te vellen over de waarde van een aandeel Icecat. Wij zullen hard blijven werken aan het verbeteren van de intrinsieke waarde door omzetgroei (winst straks) en/of winstgroei na te streven. De theorie is dat lange termijn de ontwikkeling van de intrinsieke waarde van een aandeel en de koers aan elkaar gecorreleerd zijn. In ieder geval valt op dat de koers van Icecat gestegen is sinds het uitbreken van de COVID-19-crisis, en tot op heden een veilige haven. Daarnaast hopen we dat het nieuwe handelssysteem van NPEX zal gaan bijdragen aan meer liquiditeit (handel) en daardoor een betere prijsvorming. We blijven het nauwlettend volgen.


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