Reported Earnings • Mar 24
Full year 2023 earnings released Full year 2023 results: Revenue: €277.5m (up 3.6% from FY 2022). Net income: €10.0m (down 9.9% from FY 2022). Profit margin: 3.6% (down from 4.1% in FY 2022). Revenue is forecast to grow 5.7% p.a. on average during the next 2 years, compared to a 8.5% growth forecast for the IT industry in Germany. Announcement • Mar 20
Visiativ SA (ENXTPA:ALVIV) acquired Solid Applications Limited. Visiativ SA (ENXTPA:ALVIV) acquired Solid Applications Limited on January 1, 2024. In 2023, SOLID Applications generated sales of £2 million. The acquisition of 100% of the share capital of Solid Applications Limited, financed entirely in cash.Visiativ SA (ENXTPA:ALVIV) completed the acquisition of Solid Applications Limited on January 1, 2024. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to €35.00, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 16x in the IT industry in Germany. Total returns to shareholders of 80% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €23.19 per share. Buy Or Sell Opportunity • Feb 13
Now 51% overvalued after recent price rise Over the last 90 days, the stock has risen 75% to €35.00. The fair value is estimated to be €23.19, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 50%. Revenue is forecast to grow by 7.4% in 2 years. Earnings are forecast to grow by 3.0% in the next 2 years. New Risk • Oct 28
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €94.1m (US$99.5m) 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 Debt is not well covered by operating cash flow (9.1% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.4% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.2% increase in shares outstanding). Market cap is less than US$100m (€94.1m market cap, or US$99.5m). Announcement • Oct 10
Visiativ SA (ENXTPA:ALVIV) agreed to acquire 1Life Group. Visiativ SA (ENXTPA:ALVIV) agreed to acquire 1Life Group on October 9, 2023. Financed entirely in cash, the acquisition of 60% of 1Life's capital will be consolidated in Visiativ's financial statements during Q4 2023. 1Life achieved revenue of €10 million in 2022. The transaction is expected to close in the weeks ahead. Reported Earnings • Oct 01
First half 2023 earnings released: EPS: €0.75 (vs €0.27 in 1H 2022) First half 2023 results: EPS: €0.75 (up from €0.27 in 1H 2022). Revenue: €127.7m (up 12% from 1H 2022). Net income: €3.40m (up 183% from 1H 2022). Profit margin: 2.7% (up from 1.0% in 1H 2022). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the IT industry in Germany. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €26.70, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 15x in the IT industry in Germany. Total returns to shareholders of 45% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €38.78 per share. Buying Opportunity • Sep 21
Now 31% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be €39.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Earnings per share has grown by 56%. For the next 3 years, revenue is forecast to grow by 5.1% per annum. Earnings is also forecast to grow by 12% per annum over the same time period. Announcement • Aug 07
Visiativ SA (ENXTPA:ALVIV) agreed to acquire All The Assets And Employees Of Techform. Visiativ SA (ENXTPA:ALVIV) agreed to acquire All The Assets And Employees Of Techform on August 7, 2023. This acquisition will strengthen the Visiativ Innovation Platform offered to industrial SMEs and mid-sized companies. The takeover has been welcomed by Techform's employees and customers, reassured by Visiativ's solidity. Visiativ announces it has been chosen by Toulouse Commercial Court to take over all the assets and employees of Techform. Laurent Fiard of Visiativ welcomes TECHFORM teams to Visiativ and be able to offer TECHFORM CPQ solutions to all our SME customers. The strong complementarity of Techform's and Visiativ's respective customer portfolios will contribute to achieving significant commercial synergies. The acquisition is financed entirely in cash. The acquisition of the assets of Techform, which will be consolidated in the second half of 2023. Announcement • Aug 01
Visiativ SA (ENXTPA:ALVIV) acquired 90% stake in Ebm Gmbh. Visiativ SA (ENXTPA:ALVIV) acquired 90% stake in Ebm Gmbh on July 1, 2023. Transaction is financed entirely in cash.
Visiativ SA (ENXTPA:ALVIV) completed the acquisition of 90% stake in Ebm Gmbh on July 1, 2023. Buying Opportunity • Jul 14
Now 21% undervalued Over the last 90 days, the stock is up 11%. The fair value is estimated to be €41.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Earnings per share has grown by 56%. For the next 3 years, revenue is forecast to grow by 5.0% per annum. Earnings is also forecast to grow by 14% per annum over the same time period. Upcoming Dividend • May 29
Upcoming dividend of €1.10 per share at 3.7% yield Eligible shareholders must have bought the stock before 05 June 2023. Payment date: 07 June 2023. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.3%). Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €36.00, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 20x in the IT industry in Germany. Total returns to shareholders of 32% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €66.64 per share. Board Change • Nov 16
Insufficient new directors 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. 6 highly experienced directors. Independent Director Sylvie Guinard was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 13
Visiativ SA (ENXTPA:ALVIV) agreed to acquire AbsisKey S.A.S. Visiativ SA (ENXTPA:ALVIV) agreed to acquire AbsisKey S.A.S. on October 11, 2022. Post this acquisition Visiativ will have more than 1000 costumers in France for its consulting business. Visativ will start new consulting hub in Poland (Warsaw). Absiskey generated revenue of €8.5m in 2021. François Chollet the current President of Absiskey will continue the development of activities within Visiativ, alongside the main managers of the consulting business. This acquisition remains subject to an information-consultation procedure with employee representative bodies of the companies involved. The transaction is expected to completed in upcoming weeks and Visiativ will consolidate AbsisKey before Q4 2022. Reported Earnings • Oct 02
First half 2022 earnings released: EPS: €0.27 (vs €0.25 in 1H 2021) First half 2022 results: EPS: €0.27 (up from €0.25 in 1H 2021). Revenue: €115.7m (up 21% from 1H 2021). Net income: €1.20m (up 9.1% from 1H 2021). Profit margin: 1.0% (in line with 1H 2021). Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 10% growth forecast for the IT industry in Germany. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Sep 08
Visiativ SA (ENXTPA:ALVIV) and VERTICAL SQUARE SAS agreed to acquire 3c-evolution. Visiativ SA (ENXTPA:ALVIV) and VERTICAL SQUARE SAS agreed to acquire 3c-evolution on September 6, 2022. This 50/50 acquisition by Groupe Vertical and Visiativ ensures a long-term commitment to the joint industrial project that consists in developing a global digital e-commerce offering for industrial SMEs in France and Europe. Announcement • Jul 27
Visiativ SA (ENXTPA:ALVIV) acquired 68 percent stake in Daxium SAS. Visiativ SA (ENXTPA:ALVIV) acquired 68 percent stake in Daxium SAS on July 26, 2022. The completion took place alongside its founder and CEO Yann de Saint Vaulry, and key managers.
Visiativ SA (ENXTPA:ALVIV) completed the acquisition of 68 percent stake in Daxium SAS on July 26, 2022. Announcement • Jul 20
Visiativ SA (ENXTPA:ALVIV) acquired Braithwaite Technology Consultants Inc. Visiativ SA (ENXTPA:ALVIV) acquired Braithwaite Technology Consultants Inc. on July 1, 2022. The acquisition of 100% of the capital of Braithwaite, which will be consolidated from 1 July 2022, was agreed to be fully funded from cash. Braithwaite generated revenue of around CAD 2.5 million in 2021.
Visiativ SA (ENXTPA:ALVIV) completed the acquisition of Braithwaite Technology Consultants Inc. on July 1, 2022. Announcement • May 24
Visiativ SA (ENXTPA:ALVIV) acquired Mb Cad Gmbh. Visiativ SA (ENXTPA:ALVIV) acquired Mb Cad Gmbh on May 23, 2022. The acquisition of 100% of the capital of MB CAD, which will be consolidated from June 1, 2022, was fully funded from cash. MB CAD generated revenue around €8m in 2021.
Visiativ SA (ENXTPA:ALVIV) completed the acquisition of Mb Cad Gmbh on May 23, 2022. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 4 highly experienced directors. Independent Director Daniel Derderian was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment improved over the past week After last week's 17% share price gain to €27.80, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 27x in the IT industry in Germany. Total returns to shareholders of 14% over the past three years. Reported Earnings • Sep 28
First half 2021 earnings released The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €91.7m (up 7.1% from 1H 2020). Net income: €1.10m (up €5.44m from 1H 2020). Profit margin: 1.2% (up from net loss in 1H 2020). Announcement • Jul 07
Visiativ SA (ENXTPA:ALVIV) acquired Ma-Sauvegarde from its founding president Hervé Favre. Visiativ SA (ENXTPA:ALVIV) acquired Ma-Sauvegarde from its founding president Hervé Favre on July 5, 2021. Ma-Sauvegarde reports turnover of approximately €1 million.
Visiativ SA (ENXTPA:ALVIV) completed the acquisition of Ma-Sauvegarde from its founding president Hervé Favre on July 5, 2021. Announcement • Jun 15
Visiativ SA has completed a Follow-on Equity Offering in the amount of €7.00444 million. Visiativ SA has completed a Follow-on Equity Offering in the amount of €7.00444 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 350,222
Price\Range: €20 Reported Earnings • Apr 28
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €189.9m (down 8.7% from FY 2019). Net income: €1.50m (down 43% from FY 2019). Profit margin: 0.8% (down from 1.3% in FY 2019). Reported Earnings • Mar 28
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €189.9m (down 8.7% from FY 2019). Net income: €1.50m (down 43% from FY 2019). Profit margin: 0.8% (down from 1.3% in FY 2019). Is New 90 Day High Low • Mar 02
New 90-day low: €18.64 The company is down 1.0% from its price of €18.74 on 02 December 2020. The German market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the IT industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €22.24 per share. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improved over the past week After last week's 21% share price gain to €23.70, the stock is trading at a trailing P/E ratio of 51.8x, up from the previous P/E ratio of 42.7x. This compares to an average P/E of 30x in the IT industry in Germany. Total return to shareholders over the past three years is a loss of 51%. Is New 90 Day High Low • Jan 09
New 90-day high: €21.85 The company is up 8.0% from its price of €20.15 on 09 October 2020. The German market is up 9.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the IT industry, which is down 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €20.86 per share. Is New 90 Day High Low • Dec 16
New 90-day high: €21.45 The company is up 2.0% from its price of €21.00 on 17 September 2020. The German market is also up 2.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the IT industry, which is down 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €22.10 per share. Valuation Update With 7 Day Price Move • Oct 29
Market pulls back on stock over the past week After last week's 20% share price decline to €16.88, the stock is trading at a trailing P/E ratio of 34.1x, down from the previous P/E ratio of 42.4x. This compares to an average P/E of 26x in the IT industry in Germany. Total return to shareholders over the past three years is a loss of 59%. Is New 90 Day High Low • Oct 27
New 90-day low: €17.30 The company is down 4.0% from its price of €18.02 on 29 July 2020. The German market is also down 4.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the IT industry, which is down 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €22.33 per share. Reported Earnings • Oct 02
First half earnings released Over the last 12 months the company has reported total profits of €1.74m, down 50% from the prior year. Total revenue was €206.6m over the last 12 months, up 9.8% from the prior year.