# Irish Continental Group (IR5B.IR)

Canonical: https://gigainvestors.com/s/IR5B.IR

Analysis as of: 2026-10-16T07:42:53.738Z. Financial observations: FY2002–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 7.94 per share; close as of 2026-10-15.

Estimated value: low EUR 4.67 per share, central EUR 5.55 per share, high EUR 6.43 per share. Buy at or below the central value EUR 5.55 per share. Valuation as of 2026-10-16T07:42:53.738Z; scenarios are not confidence intervals.

Expected annual return: 7.8% at the stated quote. About 7.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; IE 10-year bond 3.6% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 2

- Operating margin variation: 0.54×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.19×

- FY2017: 0.18×

- FY2018: 0.14×

- FY2019: 0.14×

- FY2020: 0.00×

- FY2021: -0.00×

- FY2022: 0.11×

- FY2023: 0.12×

- FY2024: 0.11×

- FY2025: 0.13×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 12.4%

- ROIC, second-lowest year: 0.2%

- Typical minus recent gross margin: 1.5 pp

- Typical gross margin (annual median): 75.8%

- Recent gross margin (lower of latest and 3-year median): 74.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 14.0%

- ROIC including acquisitions, ten-year median: 12.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 33.3%

- FY2017: 31.0%

- FY2018: 13.5%

- FY2019: 11.7%

- FY2020: 0.2%

- FY2021: -0.0%

- FY2022: 12.2%

- FY2023: 12.7%

- FY2024: 11.3%

- FY2025: 12.5%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.90×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 225M

- Net income, five-year total: EUR 251M

- Return on incremental invested capital: 4.9%

- Working capital / revenue, annual change: -0.0 pp

- Working capital / revenue, change between three-year averages: -1.3 pp

- Working capital / revenue, final three-year average: -2.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 3.35×

- FY2022: 0.86×

- FY2023: 1.09×

- FY2024: 1.22×

- FY2025: 0.67×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 31.0% vs 12.5%

- Per-share earnings: 0.31 to 0.37 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.3%

- Ordinary dilution, 5-year annual growth: -4.5%

- Market cap gain: EUR 52M

- Cumulative retained earnings: EUR 123M

- Diluted shares, 10-year annual growth: -2.3%

- Diluted shares, 5-year annual growth: -4.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 2.1%

- Per-share value change: EUR 0.06

- Per-share value, starting three-year median: EUR 0.31

- Per-share value, ending three-year median: EUR 0.37

- Buybacks concentrated in cheaper years (correlation): 0.62

- Average buyback yield: 2.9%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 2.8M

- Cumulative net income, 10 years: EUR 492M

- ROIC, first three-year median: 31.0%

- ROIC, last three-year median: 12.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.31

- FY2017: EUR 0.45

- FY2018: EUR 0.31

- FY2019: EUR 0.32

- FY2020: EUR -0.10

- FY2021: EUR -0.03

- FY2022: EUR 0.34

- FY2023: EUR 0.37

- FY2024: EUR 0.36

- FY2025: EUR 0.50

### accounting: pass

- Sloan accruals: -10.5%

- Receivables to sales index (DSRI): 1.19×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.00×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.0%

- FY2017: 2.9%

- FY2018: -0.7%

- FY2019: -4.2%

- FY2020: -11.2%

- FY2021: -12.1%

- FY2022: -11.6%

- FY2023: -11.7%

- FY2024: -11.3%

- FY2025: -10.5%

## Holders

## Price story

Price needs cash profits to grow 6.7% a year for ten years · sales +10.4%

Story as of 2026-10-16T10:00:12.546Z; price observation 2026-10-15.

Price needs cash profits to grow 6.7% a year for ten years

### Sales · FY2024–2025

sales +10.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 325M 

- FY2017: EUR 335M 

- FY2018: EUR 330M 

- FY2019: EUR 357M 

- FY2020: EUR 277M 

- FY2021: EUR 335M 

- FY2022: EUR 585M 

- FY2023: EUR 572M 

- FY2024: EUR 604M 

- FY2025: EUR 667M 

### Gross margin · FY2025

gross margin 75.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 86.8% 

- FY2017: 88.5% 

- FY2018: 86.4% 

- FY2019: 39.8% 

- FY2020: 14.9% 

- FY2021: 78.1% 

- FY2022: 75.9% 

- FY2023: 73.8% 

- FY2024: 74.4% 

- FY2025: 75.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in marine shipping; annual sales are EUR 666.7 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:53.738Z); FY2025: revenue 666700000; grossProfit 505200000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IR5B.IR: Irish Continental Group plc operates as a maritime transport company in Ireland, the United Kingdom, and Continental Europe. It operates through two segments, Ferries, and Container and Terminal. The Ferries segment provides ferry services carrying passengers and roll on roll off freight on short sea routes; and chartering services. The Container and Terminal segment provides door-to-door and feeder lift on lift off freight services under the Eucon brand; stevedoring; and other related terminal services, as well as operates container terminals in the ports of Dublin and Belfast. It provides container shipping, ship leasing, administration, and container handling services. The company also operates ferry; acts as a shipping and forwarding agents; and engages in non-trading activities. Irish Continental Group plc was founded in 1972 and is based in Dublin, Ireland.

### Why customers stay

Margins ranged from 73.8% to 75.8% during 2023–25; it earns 12.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:53.738Z); FY2023: grossProfit / revenue = 73.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:53.738Z); FY2024: grossProfit / revenue = 74.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:53.738Z); FY2025: grossProfit / revenue = 75.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:53.738Z); 10-year return on capital observations [[2016,0.3332255615334595],[2017,0.31042184329412403],[2018,0.13538504812089716],[2019,0.11742583836586926],[2020,0.001783295711060948],[2021,-0.0004031640724674662],[2022,0.12200277842093077],[2023,0.1268450704225352],[2024,0.11267079463364293],[2025,0.12529924031869558]]; median 0.12365100936981317. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 73.4% of cash earnings on expansion; earns 4.9% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:53.738Z); FY2016: growth capex 2867359.9629582167; upkeep 54132640.03704178; owner earnings 25567359.962958217. Growth capex / owner earnings = 0.11214923899504776.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:53.738Z); FY2017: growth capex 0; upkeep 17000000; owner earnings 87000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:53.738Z); FY2019: growth capex 17300000; upkeep 36800000; owner earnings 53000000. Growth capex / owner earnings = 0.3264150943396226.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:53.738Z); FY2022: growth capex 15200000; upkeep 60500000; owner earnings 51320000. Growth capex / owner earnings = 0.2961808261886204.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:53.738Z); FY2023: growth capex 0; upkeep 51300000; owner earnings 67100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:53.738Z); FY2024: growth capex 0; upkeep 29900000; owner earnings 72980000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:53.738Z); FY2025: growth capex 37000000; upkeep 65000000; owner earnings 50380000. Growth capex / owner earnings = 0.7344184200079397.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:53.738Z); Incremental return on capital 0.0487442267188512, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:53.738Z); Dividend observations: [[2016,21000000],[2017,22200000],[2018,23500000],[2019,24700000],[2022,24200000],[2023,24400000],[2024,24700000],[2025,25500000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:53.738Z); FY2025: cash repurchases 97700000 EUR.

### Are managers owners

Insiders own 33% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IR5B.IR SharesStats.PercentInsiders = 33 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6.7% yearly over ten years; actual growth was 1.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:53.738Z); Ten-year compound average after fade. Initial solved rate 0.08301505133521603. Price 7.94; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.28705371699817717 → FY2025 0.33941244055061076. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 4.25 per share

- 2016-11: EUR 4.18 per share

- 2016-12: EUR 4.50 per share

- 2017-01: EUR 4.72 per share

- 2017-02: EUR 5.05 per share

- 2017-03: EUR 4.95 per share

- 2017-04: EUR 5.30 per share

- 2017-05: EUR 5.32 per share

- 2017-06: EUR 5.08 per share

- 2017-07: EUR 5.37 per share

- 2017-08: EUR 5.62 per share

- 2017-09: EUR 5.66 per share

- 2017-10: EUR 5.72 per share

- 2017-11: EUR 5.82 per share

- 2017-12: EUR 5.76 per share

- 2018-01: EUR 5.75 per share

- 2018-02: EUR 5.61 per share

- 2018-03: EUR 5.72 per share

- 2018-04: EUR 5.60 per share

- 2018-05: EUR 5.45 per share

- 2018-06: EUR 5.05 per share

- 2018-07: EUR 5.24 per share

- 2018-08: EUR 5.46 per share

- 2018-09: EUR 5.20 per share

- 2018-10: EUR 5.20 per share

- 2018-11: EUR 4.77 per share

- 2018-12: EUR 4.25 per share

- 2019-01: EUR 4.76 per share

- 2019-02: EUR 5.00 per share

- 2019-03: EUR 4.86 per share

- 2019-04: EUR 5.03 per share

- 2019-05: EUR 4.47 per share

- 2019-06: EUR 4.36 per share

- 2019-07: EUR 4.18 per share

- 2019-08: EUR 3.75 per share

- 2019-09: EUR 4.18 per share

- 2019-10: EUR 4.28 per share

- 2019-11: EUR 4.65 per share

- 2019-12: EUR 4.84 per share

- 2020-01: EUR 4.68 per share

- 2020-02: EUR 3.88 per share

- 2020-03: EUR 3.24 per share

- 2020-04: EUR 3.43 per share

- 2020-05: EUR 3.45 per share

- 2020-06: EUR 3.54 per share

- 2020-07: EUR 3.30 per share

- 2020-08: EUR 3.22 per share

- 2020-09: EUR 3.11 per share

- 2020-10: EUR 3.14 per share

- 2020-11: EUR 4.50 per share

- 2020-12: EUR 4.50 per share

- 2021-01: EUR 3.84 per share

- 2021-02: EUR 4.32 per share

- 2021-03: EUR 4.43 per share

- 2021-04: EUR 4.55 per share

- 2021-05: EUR 4.40 per share

- 2021-06: EUR 4.32 per share

- 2021-07: EUR 4.43 per share

- 2021-08: EUR 4.28 per share

- 2021-09: EUR 4.32 per share

- 2021-10: EUR 4.25 per share

- 2021-11: EUR 4.25 per share

- 2021-12: EUR 4.53 per share

- 2022-01: EUR 4.42 per share

- 2022-02: EUR 4.03 per share

- 2022-03: EUR 3.88 per share

- 2022-04: EUR 3.85 per share

- 2022-05: EUR 4.21 per share

- 2022-06: EUR 3.55 per share

- 2022-07: EUR 3.91 per share

- 2022-08: EUR 4.18 per share

- 2022-09: EUR 3.85 per share

- 2022-10: EUR 4.10 per share

- 2022-11: EUR 4.22 per share

- 2022-12: EUR 4.28 per share

- 2023-01: EUR 4.30 per share

- 2023-02: EUR 4.30 per share

- 2023-03: EUR 4.37 per share

- 2023-04: EUR 4.68 per share

- 2023-05: EUR 4.47 per share

- 2023-06: EUR 4.67 per share

- 2023-07: EUR 4.82 per share

- 2023-08: EUR 4.45 per share

- 2023-09: EUR 4.47 per share

- 2023-10: EUR 4.30 per share

- 2023-11: EUR 4.44 per share

- 2023-12: EUR 4.33 per share

- 2024-01: EUR 4.61 per share

- 2024-02: EUR 4.52 per share

- 2024-03: EUR 4.85 per share

- 2024-04: EUR 5.02 per share

- 2024-05: EUR 5.54 per share

- 2024-06: EUR 5.50 per share

- 2024-07: EUR 5.38 per share

- 2024-08: EUR 5.46 per share

- 2024-09: EUR 5.50 per share

- 2024-10: EUR 5.10 per share

- 2024-11: EUR 5.50 per share

- 2024-12: EUR 5.18 per share

- 2025-01: EUR 5.12 per share

- 2025-02: EUR 4.92 per share

- 2025-03: EUR 5.30 per share

- 2025-04: EUR 5.13 per share

- 2025-05: EUR 5.24 per share

- 2025-06: EUR 5.50 per share

- 2025-07: EUR 5.54 per share

- 2025-08: EUR 5.76 per share

- 2025-09: EUR 5.78 per share

- 2025-10: EUR 5.74 per share

- 2025-11: EUR 5.76 per share

- 2025-12: EUR 6.02 per share

- 2026-01: EUR 6.38 per share

- 2026-02: EUR 6.68 per share

- 2026-03: EUR 6.34 per share

- 2026-04: EUR 6.50 per share

- 2026-05: EUR 6.44 per share

- 2026-06: EUR 6.22 per share

- 2026-07: EUR 7.90 per share

- 2026-08: EUR 7.16 per share

- 2026-09: EUR 7.94 per share

- 2026-10: EUR 7.98 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 3.38 per share, central EUR 3.81 per share, high EUR 4.40 per share

- FY2017: low EUR 4.50 per share, central EUR 5.94 per share, high EUR 6.89 per share

- FY2018: low EUR 4.08 per share, central EUR 4.84 per share, high EUR 5.54 per share

- FY2019: low EUR 3.79 per share, central EUR 4.43 per share, high EUR 5.06 per share

- FY2020: low EUR 2.05 per share, central EUR 2.22 per share, high EUR 2.46 per share

- FY2023: low EUR 4.11 per share, central EUR 5.48 per share, high EUR 6.39 per share

- FY2024: low EUR 3.93 per share, central EUR 4.74 per share, high EUR 5.50 per share

- FY2025: low EUR 4.67 per share, central EUR 5.55 per share, high EUR 6.43 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:48:40.833Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.