New Risk • May 07
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.2% Last year net profit margin: 4.9% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (3.2% net profit margin). Market cap is less than US$100m (€28.1m market cap, or US$32.9m). New Risk • Apr 13
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Market cap is less than US$100m (€27.2m market cap, or US$31.9m). Price Target Changed • Mar 29
Price target decreased by 12% to €29.00 Down from €32.80, the current price target is provided by 1 analyst. New target price is 87% above last closing price of €15.50. Stock is down 36% over the past year. The company is forecast to post earnings per share of €1.58 for next year compared to €2.32 last year. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €16.65, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Software industry in France. Total loss to shareholders of 29% over the past three years. Major Estimate Revision • Nov 15
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from €2.01 to €1.81 per share. Revenue forecast steady at €83.2m. Net income forecast to shrink 4.8% next year vs 12% growth forecast for Software industry in France . Consensus price target broadly unchanged at €35.00. Share price was steady at €22.40 over the past week. Price Target Changed • Nov 14
Price target decreased by 7.9% to €35.00 Down from €38.00, the current price target is provided by 1 analyst. New target price is 56% above last closing price of €22.40. Stock is down 15% over the past year. The company is forecast to post earnings per share of €1.80 for next year compared to €2.32 last year. Major Estimate Revision • Oct 18
Consensus EPS estimates fall by 88% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from €1.97 to €0.245 per share. Revenue forecast steady at €84.0m. Net income forecast to grow 1.4% next year vs 13% growth forecast for Software industry in France. Consensus price target of €35.50 unchanged from last update. Share price fell 2.2% to €22.20 over the past week. Major Estimate Revision • Sep 12
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from €2.32 to €1.97 per share. Revenue forecast steady at €84.7m. Net income forecast to shrink 15% next year vs 10% growth forecast for Software industry in France . Consensus price target down from €38.00 to €35.50. Share price fell 2.1% to €23.00 over the past week. Price Target Changed • Sep 03
Price target increased by 7.0% to €38.00 Up from €35.50, the current price target is provided by 1 analyst. New target price is 59% above last closing price of €23.90. Stock is down 13% over the past year. The company is forecast to post earnings per share of €2.32 for next year compared to €2.32 last year. Major Estimate Revision • Sep 02
Consensus EPS estimates increase by 18% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from €1.97 to €2.32. Revenue forecast steady at €85.5m. Net income forecast to shrink 0.05% next year vs 14% growth forecast for Software industry in France . Consensus price target of €38.00 unchanged from last update. Share price fell 2.1% to €23.60 over the past week. Major Estimate Revision • Aug 20
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from €2.32 to €1.97 per share. Revenue forecast steady at €84.7m. Net income forecast to shrink 16% next year vs 14% growth forecast for Software industry in France . Consensus price target down from €38.00 to €35.50. Share price fell 5.7% to €24.80 over the past week. Price Target Changed • Aug 18
Price target decreased by 9.0% to €35.50 Down from €39.00, the current price target is provided by 1 analyst. New target price is 44% above last closing price of €24.60. Stock is down 11% over the past year. The company posted earnings per share of €2.32 last year. Upcoming Dividend • Jun 27
Upcoming dividend of €0.50 per share Eligible shareholders must have bought the stock before 04 July 2025. Payment date: 08 July 2025. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of French dividend payers (5.4%). Higher than average of industry peers (0.9%). Declared Dividend • May 19
Dividend increased to €0.50 Dividend of €0.50 is 43% higher than last year. Ex-date: 4th July 2025 Payment date: 8th July 2025 Dividend yield will be 2.0%, which is higher than the industry average of 0.5%. Sustainability & Growth Dividend is well covered by both earnings (18% earnings payout ratio) and cash flows (14% cash payout ratio). The dividend has increased by an average of 15% per year over the past 4 years and payments have been stable during that time. EPS is expected to grow by 34% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 05
Full year 2024 earnings released Full year 2024 results: Revenue: €84.7m (up 16% from FY 2023). Net income: €4.03m (up 18% from FY 2023). Profit margin: 4.8% (up from 4.7% in FY 2023). The increase in margin was driven by higher revenue. Price Target Changed • Feb 14
Price target increased by 9.2% to €39.00 Up from €35.70, the current price target is provided by 1 analyst. New target price is 60% above last closing price of €24.30. Stock is down 18% over the past year. The company is forecast to post earnings per share of €2.39 for next year compared to €2.02 last year. New Risk • Nov 12
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Market cap is less than US$100m (€43.7m market cap, or US$46.4m). Price Target Changed • Aug 09
Price target decreased by 8.5% to €35.70 Down from €39.00, the current price target is provided by 1 analyst. New target price is 34% above last closing price of €26.70. Stock is up 6.0% over the past year. The company is forecast to post earnings per share of €2.42 for next year compared to €2.02 last year. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €29.50, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Software industry in France. Total returns to shareholders of 56% over the past three years. 공시 • May 17
IT Link SA, Annual General Meeting, Jun 27, 2024 IT Link SA, Annual General Meeting, Jun 27, 2024. Reported Earnings • Apr 29
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: €2.02 (up from €1.82 in FY 2022). Revenue: €74.4m (up 16% from FY 2022). Net income: €3.42m (up 11% from FY 2022). Profit margin: 4.6% (down from 4.8% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.5%. Revenue is forecast to grow 7.4% p.a. on average during the next 2 years, compared to a 9.2% growth forecast for the Software industry in France. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €31.20, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Software industry in France. Total returns to shareholders of 96% over the past three years. Buy Or Sell Opportunity • Mar 26
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 3.5% to €29.90. The fair value is estimated to be €24.76, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to grow by 23% in 2 years. Earnings are forecast to grow by 55% in the next 2 years. Buy Or Sell Opportunity • Feb 20
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to €29.80. The fair value is estimated to be €24.69, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to grow by 23% in 2 years. Earnings are forecast to grow by 55% in the next 2 years. New Risk • Feb 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Market cap is less than US$100m (€49.8m market cap, or US$53.6m). 공시 • Jan 11
IT Link SA (ENXTPA:ALITL) acquired Ciao Technologies inc. IT Link SA (ENXTPA:ALITL) acquired Ciao Technologies inc. on January 9, 2024. This acquisition allows the IT Link Group to strengthen its presence in North America with just over 100 employees in Canada, making it the Group's second largest geography. This acquisition does not result in any change in the management and organization of Ciao Technologies, Jean DROUIN, current president and founder, retaining his role as director of the company. The price of this acquisition, paid in cash, was financed entirely from the company's own funds. The integration of Ciao Technologies into the consolidated scope of the IT Link Group is effective on January 9, 2024.IT Link SA (ENXTPA:ALITL) completed the acquisition of Ciao Technologies inc. on January 9, 2024. Major Estimate Revision • Nov 16
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €74.7m to €73.5m. EPS estimate also fell from €2.42 per share to €2.02 per share. Net income forecast to grow 23% next year vs 25% growth forecast for Software industry in France. Consensus price target down from €38.90 to €34.00. Share price fell 8.5% to €26.00 over the past week. Price Target Changed • Nov 15
Price target decreased by 18% to €34.00 Down from €41.50, the current price target is provided by 1 analyst. New target price is 29% above last closing price of €26.40. Stock is up 1.1% over the past year. The company is forecast to post earnings per share of €2.02 for next year compared to €1.82 last year. Upcoming Dividend • Jun 28
Upcoming dividend of €0.30 per share at 1.1% yield Eligible shareholders must have bought the stock before 05 July 2023. Payment date: 07 July 2023. Trailing yield: 1.1%. Lower than top quartile of French dividend payers (5.2%). Higher than average of industry peers (0.6%). Price Target Changed • Mar 06
Price target increased by 10% to €41.50 Up from €37.60, the current price target is provided by 1 analyst. New target price is 65% above last closing price of €25.20. Stock is up 5.4% over the past year. The company is forecast to post earnings per share of €2.09 for next year compared to €1.76 last year. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 1 highly experienced director. 2 independent directors (5 non-independent directors). Independent Director Denis Guyot was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Jun 29
Upcoming dividend of €0.25 per share Eligible shareholders must have bought the stock before 06 July 2022. Payment date: 08 July 2022. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of French dividend payers (5.5%). Higher than average of industry peers (0.5%). Reported Earnings • May 01
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: €1.76 (up from €1.12 in FY 2020). Revenue: €59.8m (up 22% from FY 2020). Net income: €2.99m (up 63% from FY 2020). Profit margin: 5.0% (up from 3.7% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 7.1%, compared to a 12% growth forecast for the industry in France. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 27
Price target increased to €37.20 Up from €34.40, the current price target is provided by 1 analyst. New target price is 37% above last closing price of €27.10. Stock is up 84% over the past year. The company is forecast to post earnings per share of €1.80 for next year compared to €1.12 last year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 1 highly experienced director. 3 independent directors (5 non-independent directors). Independent Director Catherine Lelouch-Kammoun was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 16% share price gain to €27.80, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 28x in the Software industry in France. Total returns to shareholders of 204% over the past three years. Valuation Update With 7 Day Price Move • Oct 19
Investor sentiment improved over the past week After last week's 23% share price gain to €31.30, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 37x in the Software industry in France. Total returns to shareholders of 352% over the past three years. Reported Earnings • Sep 26
First half 2021 earnings released: EPS €1.05 (vs €0.25 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €29.6m (up 23% from 1H 2020). Net income: €1.72m (up 313% from 1H 2020). Profit margin: 5.8% (up from 1.7% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improved over the past week After last week's 20% share price gain to €28.40, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 36x in the Software industry in France. Total returns to shareholders of 256% over the past three years. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improved over the past week After last week's 15% share price gain to €22.80, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 39x in the Software industry in France. Total returns to shareholders of 184% over the past three years. Upcoming Dividend • Jun 30
Upcoming dividend of €0.20 per share Eligible shareholders must have bought the stock before 07 July 2021. Payment date: 09 July 2021. Trailing yield: 1.0%. Lower than top quartile of French dividend payers (3.8%). Higher than average of industry peers (0.3%). Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improved over the past week After last week's 15% share price gain to €19.70, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 38x in the Software industry in France. Total returns to shareholders of 110% over the past three years. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improved over the past week After last week's 17% share price gain to €18.20, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 48x in the Software industry in France. Total returns to shareholders of 78% over the past three years. Is New 90 Day High Low • Feb 25
New 90-day high: €14.00 The company is up 15% from its price of €12.20 on 27 November 2020. The French market is up 5.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Software industry, which is also up 15% over the same period. Price Target Changed • Feb 23
Price target raised to €17.80 Up from €14.80, the current price target is provided by 1 analyst. The new target price is 36% above the current share price of €13.05. As of last close, the stock is down 9.1% over the past year. Is New 90 Day High Low • Jan 18
New 90-day high: €13.75 The company is up 26% from its price of €10.90 on 20 October 2020. The French market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 3.0% over the same period. Is New 90 Day High Low • Dec 29
New 90-day high: €12.80 The company is up 9.0% from its price of €11.70 on 30 September 2020. The French market is up 16% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Software industry, which is up 5.0% over the same period. Valuation Update With 7 Day Price Move • Nov 10
Market bids up stock over the past week After last week's 19% share price gain to €11.40, the stock is trading at a trailing P/E ratio of 10.4x, up from the previous P/E ratio of 8.8x. This compares to an average P/E of 67x in the Software industry in France. Total return to shareholders over the past three years is a loss of 31%. Is New 90 Day High Low • Oct 26
New 90-day low: €9.62 The company is down 28% from its price of €13.35 on 28 July 2020. The French market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is flat over the same period. Is New 90 Day High Low • Oct 08
New 90-day low: €10.80 The company is down 4.0% from its price of €11.30 on 10 July 2020. The French market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is flat over the same period. Major Estimate Revision • Oct 01
Analysts lower EPS estimates to €0.46 The 2020 consensus revenue estimate was lowered from €49.5m to €48.2m. Earning per share (EPS) estimate was also lowered from €0.51 to €0.46 for the same period. Net income is expected to shrink by 69% next year compared to 13% growth forecast for the Software industry in France . The consensus price target was lowered from €14.90 to €14.80. Share price is down by 9.5% to €11.45 over the past week. 
