Aankondiging • Oct 24
PHAST Invest proposed to acquire remaining 6.84% stake in Prodware S.A. (ENXTPA:ALPRO) for €14.7 million. PHAST Invest proposed to acquire remaining 6.84% stake in Prodware S.A. (ENXTPA:ALPRO) for €14.7 million on October 23, 2025. Under the terms of the transaction, PHAST Invest will pay €28 in cash per share. Phast Invest will implement a squeeze-out procedure after the closing of the Offer. Upon completion, PHAST Invest will own 100% stake in Prodware S.A. The Offer will be financed by external funding raised by Phast Invest.
The Offer will be subject to the buy-out offer procedure in accordance with the provisions of Articles of the General Regulation and the review of Autorité des Marchés Financiers. The Offer, which will be filed with the Autorité des Marchés Financiers in the coming days and is expected to open before the end of the year subject to AMF's clearance decision.
Christophe Lambert of FINEXSI, SA, Financial Advisory Arm acted as fairness opinion provider to Prodware S.A. New Risk • Sep 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €84.2m (US$98.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.2x net interest cover). Minor Risk Market cap is less than US$100m (€84.2m market cap, or US$98.1m). New Risk • Jul 24
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €85.0m (US$99.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.2x net interest cover). Minor Risk Market cap is less than US$100m (€85.0m market cap, or US$99.9m). Aankondiging • May 20
Prodware S.A., Annual General Meeting, Jun 24, 2025 Prodware S.A., Annual General Meeting, Jun 24, 2025. Location: 45 quai de seine, paris France Reported Earnings • May 02
Full year 2024 earnings released: EPS: €4.01 (vs €3.10 loss in FY 2023) Full year 2024 results: EPS: €4.01 (up from €3.10 loss in FY 2023). Revenue: €668.7m (up 76% from FY 2023). Net income: €30.8m (up €54.5m from FY 2023). Profit margin: 4.6% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. New Risk • May 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 19% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (€78.0m market cap, or US$88.0m). Reported Earnings • Oct 25
First half 2024 earnings released First half 2024 results: Revenue: €315.7m (up 191% from 1H 2023). Net income: €19.3m (up 117% from 1H 2023). Profit margin: 6.1% (down from 8.2% in 1H 2023). The decrease in margin was driven by higher expenses. Aankondiging • May 12
Prodware S.A., Annual General Meeting, Jun 17, 2024 Prodware S.A., Annual General Meeting, Jun 17, 2024. Location: 45 quai de seine, paris France Reported Earnings • Apr 25
Full year 2023 earnings released: €3.10 loss per share (vs €2.04 profit in FY 2022) Full year 2023 results: €3.10 loss per share (down from €2.04 profit in FY 2022). Revenue: €380.6m (up 102% from FY 2022). Net loss: €23.7m (down 251% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Apr 08
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.4% to €8.05. The fair value is estimated to be €10.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buy Or Sell Opportunity • Mar 01
Now 20% undervalued Over the last 90 days, the stock has risen 7.1% to €8.35. The fair value is estimated to be €10.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buy Or Sell Opportunity • Feb 13
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at €8.35. The fair value is estimated to be €10.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. 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 2022. 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: Major Risks Interest payments are not well covered by earnings (2.9x net interest cover). Earnings have declined by 58% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Market cap is less than US$100m (€64.7m market cap, or US$69.1m). Aankondiging • Oct 19
Prodware S.A. (ENXTPA:ALPRO) acquired Protinus It B.V. Prodware S.A. (ENXTPA:ALPRO) acquired Protinus It B.V. on October 17, 2023. In 2022, Protinus generated revenue over €295 million.
Prodware S.A. (ENXTPA:ALPRO) completed the acquisition of Protinus It B.V. on October 17, 2023. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Independent Director Viviane Neiter was the last independent director to join the board, commencing their role in 2010. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Apr 27
Price target decreased to €8.80 Down from €9.67, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €8.62. Stock is up 45% over the past year. The company posted earnings per share of €1.54 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. 2 experienced directors. 4 highly experienced directors. 1 independent director (5 non-independent directors). Independent Director Viviane Neiter was the last independent director to join the board, commencing their role in 2010. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Price Target Changed • Feb 17
Price target decreased to €8.80 Down from €10.00, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of €8.72. Stock is up 42% over the past year. The company is forecast to post earnings per share of €0.16 for next year compared to €1.54 last year. Recent Insider Transactions • Dec 25
Insider recently sold €139k worth of stock On the 22nd of December, Jean-Luc Barma sold around 16k shares on-market at roughly €8.70 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought €855k more than they sold in the last 12 months. Recent Insider Transactions • Dec 02
Insider recently bought €71k worth of stock On the 30th of November, Jean-Luc Barma bought around 8k shares on-market at roughly €8.66 per share. In the last 3 months, they made an even bigger purchase worth €213k. Insiders have collectively bought €812k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Nov 24
Insider recently bought €138k worth of stock On the 21st of November, Jean-Luc Barma bought around 16k shares on-market at roughly €8.64 per share. In the last 3 months, they made an even bigger purchase worth €213k. Insiders have collectively bought €675k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Nov 03
Insider recently bought €123k worth of stock On the 28th of October, Jean-Luc Barma bought around 14k shares on-market at roughly €8.66 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment deteriorated over the past week After last week's 18% share price decline to €4.76, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 20x in the IT industry in France. Total loss to shareholders of 55% over the past three years. Major Estimate Revision • Jul 27
Consensus EPS estimates fall to €1.39 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from €176.2m to €171.1m. EPS estimate also fell from €1.71 to €1.39. Net income forecast to grow 6.7% next year vs 30% growth forecast for IT industry in France. Consensus price target up from €7.25 to €10.00. Share price fell 2.1% to €5.70 over the past week. Price Target Changed • Apr 20
Price target decreased to €7.25 Down from €9.25, the current price target is provided by 1 analyst. New target price is 27% above last closing price of €5.70. Stock is up 21% over the past year. Price Target Changed • Mar 09
Price target raised to €10.00 Up from €9.25, the current price target is an average from 2 analysts. The new target price is 60% above the current share price of €6.26. As of last close, the stock is up 4.0% over the past year. Valuation Update With 7 Day Price Move • Feb 15
Investor sentiment improved over the past week After last week's 16% share price gain to €6.72, the stock is trading at a trailing P/E ratio of 5.1x, up from the previous P/E ratio of 4.4x. This compares to an average P/E of 22x in the IT industry in France. Total return to shareholders over the past three years is a loss of 45%. Is New 90 Day High Low • Feb 10
New 90-day high: €6.26 The company is up 21% from its price of €5.18 on 12 November 2020. The French market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €16.47 per share. Is New 90 Day High Low • Jan 18
New 90-day high: €6.04 The company is up 10.0% from its price of €5.50 on 20 October 2020. The French market is up 13% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the IT industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €16.47 per share. Is New 90 Day High Low • Dec 30
New 90-day high: €5.90 The company is up 4.0% from its price of €5.70 on 01 October 2020. The French market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €16.47 per share. Valuation Update With 7 Day Price Move • Oct 29
Market pulls back on stock over the past week After last week's 16% share price decline to €4.60, the stock is trading at a trailing P/E ratio of 3.2x, down from the previous P/E ratio of 3.8x. This compares to an average P/E of 15x in the IT industry in France. Total return to shareholders over the past three years is a loss of 61%. Is New 90 Day High Low • Oct 26
New 90-day low: €5.10 The company is down 12% from its price of €5.80 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 IT industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €24.21 per share. Major Estimate Revision • Oct 22
Analysts lower EPS estimates to €1.29 The 2020 consensus revenue estimate was lowered from €181.8m to €179.5m. Earning per share (EPS) estimate was also lowered from €1.48 to €1.29 for the same period. Net income is expected to grow by 27% next year compared to 2.5% growth forecast for the IT industry in France. The consensus price target increased from €9.20 to €9.50. Share price is down by 3.2% to €5.40 over the past week. Reported Earnings • Oct 17
First half earnings released Over the last 12 months the company has reported total profits of €9.63m, up 47% from the prior year. Total revenue was €182.2m over the last 12 months, up 3.0% from the prior year. Aankondiging • Jul 21
Prodware to Report First Half, 2020 Results on Oct 14, 2020 Prodware announced that they will report first half, 2020 results on Oct 14, 2020