Evaluating investments in SMEs where technology, know-how, in-process R&D projects and Intellectual Property determine the competitive advantage and the performance requires an accurate analysis of risks and opportunities. The problem for the investor is to evaluate: this class of assets, the strategies in place and the possible additional exploitation opportunities.


Furthermore the analyst’s coverage of listed companies is frequently limited. Coverage in general and particularly on technological aspects is costly for lack of information and specialized intelligence. This frequently causes an informational asymmetry that leads to Equity Stories and market communication often incomplete.



To overcome the above issues ICM Advisors provides the SME Tech© Technology Equity Research Report which is an high value-added service that support investors, enterprises and financial advisors in sizing the strengths, risks and potential of the target company technology portfolio.


The service also supports Equity Research Firm and Investor Relations by complementing the financial Equity Research with relevant information, insights and valuation of the listed company’s technological assets.


The report answers the following key investment questions:

  • How competitive is the company technology portfolio (technologies, know-how, patent, in-process R&D, in/out-licensing contract-related)?
  • How the revenue forecast depends from new product/technology introduction pipeline?
  • How technology innovation is used to reduces product costs/ increase differentiation?
  • What are the major technology trends? Where competitors are innovating and patenting?
  • What is the technology potential for new applications/market segments?
  • Can the technology/IP be licensed or used to build JVs around it?
  • How the company funds R&D? Does it have sufficient resources from cash flows?
  • How the know-how and technology risks are managed (people leave, freedom-to-operate, ...)?
  • How technology valuation impact on company valuation?



The report is structured in the following sections: 

  • The target company
  • Development strategies
  • Key financials
  • Technology costs structure and investments
  • Evaluation of the technology portfolio (TES© - Technology Equity Score)
    • Technology positioning and strategy
    • Technology assets portfolio quality (strengths, risks, opportunities)
    • Technology business impact (competitive advantage, new business model, +revenues, - costs, -capex/opex)
    • Technology & IP management in place
    • Technology potential (tech equity-based JVs, acquisition, monetization,..)
  • Impact of technology on development strategy, financials and company valuation