Board Change • May 14
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Ilaria Venanzi was the last independent director to join the board, commencing their role in 2026. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 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: Major Risks Interest payments are not well covered by earnings (2.0x net interest cover). Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risk Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). New Risk • Feb 02
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of French stocks, typically moving 12% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.0x net interest cover). Share price has been highly volatile over the past 3 months (12% average weekly change). Price Target Changed • Aug 29
Price target decreased by 23% to €3.85 Down from €5.00, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of €3.96. Stock is down 32% over the past year. The company is forecast to post earnings per share of €0.20 next year compared to a net loss per share of €0.27 last year. Announcement • May 08
Alan Allman Associates, Annual General Meeting, Jun 18, 2025 Alan Allman Associates, Annual General Meeting, Jun 18, 2025. Location: 15 rue rouget de lisle, issy les moulineaux France 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 2024. 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 Risk Interest payments are not well covered by earnings (2.5x net interest cover). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (7.7% average weekly change). Profit margins are more than 30% lower than last year (0.6% net profit margin). Buy Or Sell Opportunity • Jan 14
Now 23% undervalued Over the last 90 days, the stock has risen 47% to €8.10. The fair value is estimated to be €10.59, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has declined by 11%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 429% in the next 2 years. Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €4.00, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 10x in the Professional Services industry in France. Total loss to shareholders of 65% over the past three years. Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €4.00, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 10x in the Professional Services industry in France. Total loss to shareholders of 64% over the past three years. Price Target Changed • Oct 28
Price target decreased by 10% to €5.20 Down from €5.80, the current price target is an average from 2 analysts. New target price is 8.8% above last closing price of €4.78. Stock is down 51% over the past year. The company is forecast to post earnings per share of €0.14 for next year compared to €0.13 last year. New Risk • Oct 01
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.6x net interest cover). Minor Risks Share price has been volatile over the past 3 months (9.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.6% net profit margin). Shareholders have been diluted in the past year (4.0% increase in shares outstanding). Valuation Update With 7 Day Price Move • Sep 03
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €7.50, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 11x in the Professional Services industry in France. Total loss to shareholders of 24% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €12.22 per share. Price Target Changed • Aug 29
Price target decreased by 15% to €7.80 Down from €9.20, the current price target is an average from 2 analysts. New target price is 25% above last closing price of €6.25. Stock is down 47% over the past year. The company is forecast to post earnings per share of €0.26 for next year compared to €0.13 last year. Announcement • May 13
Alan Allman Associates, Annual General Meeting, Jun 19, 2024 Alan Allman Associates, Annual General Meeting, Jun 19, 2024. Location: 92 rue du gouverneur general eboue, issy les moulineaux France New Risk • Apr 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.3% net profit margin). Shareholders have been diluted in the past year (2.4% increase in shares outstanding). New Risk • Mar 29
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.3% net profit margin). Buy Or Sell Opportunity • Mar 25
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to €9.30. The fair value is estimated to be €11.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 81% over the last year. Earnings per share has grown by 45%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are also forecast to grow by 31% per annum over the same time period. Buy Or Sell Opportunity • Mar 07
Now 21% undervalued Over the last 90 days, the stock has risen 9.0% to €9.40. The fair value is estimated to be €11.86, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 81% over the last year. Earnings per share has grown by 45%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are also forecast to grow by 31% per annum over the same time period. Major Estimate Revision • Mar 03
Consensus EPS estimates fall by 14% The consensus outlook for fiscal year 2023 has been updated. 2023 consensus EPS estimate fell from €0.245 to €0.21. Revenue forecast reaffirmed at €378.9m. Net income forecast to grow 37% next year vs 8.1% growth forecast for Professional Services industry in France. Consensus price target of €9.20 unchanged from last update. Share price fell 2.9% to €10.00 over the past week. Buying Opportunity • Dec 29
Now 23% undervalued Over the last 90 days, the stock is up 5.7%. The fair value is estimated to be €14.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 81% over the last year. Earnings per share has grown by 45%. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings is also forecast to grow by 32% per annum over the same time period. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €9.90, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 12x in the Professional Services industry in France. Total returns to shareholders of 6.9% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €13.89 per share. 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 Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risk Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Major Estimate Revision • Oct 30
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €388.6m to €375.0m. EPS estimate also fell from €0.28 per share to €0.245 per share. Net income forecast to grow 21% next year vs 11% growth forecast for Professional Services industry in France. Consensus price target down from €10.20 to €9.15. Share price fell 4.4% to €9.80 over the past week. Price Target Changed • Oct 26
Price target decreased by 13% to €9.20 Down from €10.60, the current price target is an average from 2 analysts. New target price is 8.0% below last closing price of €10.00. Stock is down 9.1% over the past year. The company is forecast to post earnings per share of €0.26 for next year compared to €0.22 last year. Major Estimate Revision • Sep 29
Consensus EPS estimates fall by 18% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from €0.34 to €0.28 per share. Revenue forecast steady at €388.6m. Net income forecast to grow 24% next year vs 11% growth forecast for Professional Services industry in France. Consensus price target down from €10.60 to €10.20. Share price fell 5.0% to €10.45 over the past week. Price Target Changed • Sep 01
Price target increased by 7.1% to €10.60 Up from €9.90, the current price target is an average from 2 analysts. New target price is 9.4% below last closing price of €11.70. Stock is up 12% over the past year. The company is forecast to post earnings per share of €0.32 for next year compared to €0.22 last year. Upcoming Dividend • Jun 21
Upcoming dividend of €0.05 per share at 0.4% yield Eligible shareholders must have bought the stock before 28 June 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of French dividend payers (5.2%). Lower than average of industry peers (2.8%). Major Estimate Revision • Apr 30
Consensus EPS estimates fall by 17% The consensus outlook for fiscal year 2022 has been updated. 2022 EPS estimate fell from €0.325 to €0.27. Revenue forecast unchanged from €320.9m at last update. Net income forecast to grow 66% next year vs 10% growth forecast for Professional Services industry in France. Consensus price target of €10.00 unchanged from last update. Share price was steady at €10.30 over the past week. 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. 3 non-independent directors. was the last director to join the board, commencing their role in . The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 27
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. 3 non-independent directors. was the last director to join the board, commencing their role in . The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.