Reported Earnings • May 05
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: €0.09 (up from €0.02 in FY 2024). Revenue: €66.6m (down 40% from FY 2024). Net income: €9.83m (up 397% from FY 2024). Profit margin: 15% (up from 1.8% in FY 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 37%. Earnings per share (EPS) missed analyst estimates by 31%. Revenue is expected to decline by 14% p.a. on average during the next 2 years, while revenues in the Software industry in France are expected to grow by 5.6%. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Price Target Changed • May 02
Price target increased by 18% to €0.45 Up from €0.38, the current price target is provided by 1 analyst. New target price is 77% above last closing price of €0.25. Stock is up 2.9% over the past year. The company is forecast to post earnings per share of €0.13 for next year compared to €0.02 last year. New Risk • Nov 03
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 60% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 60% per year for the foreseeable future. High level of non-cash earnings (93% accrual ratio). Minor Risk Market cap is less than US$100m (€22.4m market cap, or US$25.8m). Announcement • Jul 02
Archos S.A. (ENXTPA:ALJXR) completed the acquisition of O2i Ingénierie from Prologue S.A. (ENXTPA:ALPRG). Archos S.A. (ENXTPA:ALJXR) signed a letter of intent to acquire O2i Ingénierie from Prologue S.A. (ENXTPA:ALPRG) for €0.3 million on May 27, 2025. A cash consideration of €0.3 million will be paid by Archos S.A. As part of consideration, €0.3 million is paid towards common equity of O2i Ingénierie.
For the period ending December 31, 2024, O2i Ingénierie reported total revenue of €11 million.
The transaction remains subject to consultation with Prologue's employee representative bodies, approval, and the signing of definitive documentation, and is expected to be finalized by July 1, 2025.
Archos S.A. (ENXTPA:ALJXR) completed the acquisition of O2i Ingénierie from Prologue S.A. (ENXTPA:ALPRG) on July 1, 2025. New Risk • Jun 17
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 5.0% 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: Minor Risks Share price has been volatile over the past 3 months (5.0% average weekly change). Market cap is less than US$100m (€22.9m market cap, or US$26.5m). Buy Or Sell Opportunity • Jun 16
Now 37% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to €0.31. The fair value is estimated to be €0.22, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 21% per annum. Earnings are forecast to grow by 7.2% per annum over the same time period. Reported Earnings • May 17
Full year 2024 earnings released: EPS: €0.028 (vs €0.11 loss in FY 2023) Full year 2024 results: EPS: €0.028 (up from €0.11 loss in FY 2023). Revenue: €112.8m (up 1.0% from FY 2023). Net income: €1.98m (up €12.2m from FY 2023). Profit margin: 1.8% (up from net loss in FY 2023). The move to profitability was primarily driven by lower expenses. Revenue is expected to decline by 36% p.a. on average during the next 2 years, while revenues in the Software industry in France are expected to grow by 7.2%. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • May 17
Prologue S.A., Annual General Meeting, Jun 24, 2025 Prologue S.A., Annual General Meeting, Jun 24, 2025. Location: 101 avenue laurent cely, gennevilliers France New Risk • Feb 05
New major risk - Revenue and earnings growth Earnings have declined by 27% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 27% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€24.6m market cap, or US$25.7m). New Risk • Oct 18
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 10% 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: Minor Risks Shareholders have been diluted in the past year (10% increase in shares outstanding). Market cap is less than US$100m (€15.9m market cap, or US$17.3m). New Risk • May 17
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). Share price has been volatile over the past 3 months (7.4% average weekly change). Market cap is less than US$100m (€18.6m market cap, or US$20.1m). Price Target Changed • May 16
Price target increased by 14% to €0.40 Up from €0.35, the current price target is provided by 1 analyst. New target price is 71% above last closing price of €0.23. Stock is up 1.7% over the past year. The company is forecast to post a net loss per share of €0.11 compared to earnings per share of €0.0068 last year. Announcement • May 12
Prologue S.A., Annual General Meeting, Jun 27, 2024 Prologue S.A., Annual General Meeting, Jun 27, 2024. Location: 101 avenue laurent cely, gennevilliers France New Risk • Apr 17
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 6.7% 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: Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (€17.4m market cap, or US$18.5m). Price Target Changed • Feb 16
Price target decreased by 11% to €0.33 Down from €0.37, the current price target is provided by 1 analyst. New target price is 77% above last closing price of €0.19. Stock is down 26% over the past year. The company is forecast to post a net loss per share of €0.07 compared to earnings per share of €0.0068 last year. New Risk • Nov 05
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risk Market cap is less than US$100m (€20.7m market cap, or US$22.2m). New Risk • Jul 07
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 6.3% 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: Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Market cap is less than US$100m (€24.4m market cap, or US$26.5m). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Annik Harmand was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Oct 05
Consensus forecasts updated The consensus outlook for 2022 has been updated. Forecast loss of -€0.01 per share in 2022, versus previous forecasts of €0.02 per share. Revenue forecast unchanged from €104.8m at last update. Software industry in France expected to see average net income growth of 15% next year. Consensus price target down from €0.50 to €0.38. Share price fell 2.2% to €0.26 over the past week. Breakeven Date Change • Oct 04
Forecast breakeven date pushed back to 2023 The analyst covering Prologue previously expected the company to break even in 2022. New forecast suggests losses will reduce by 78% to 2022. The company is expected to make a profit of €20.0k in 2023. Average annual earnings growth of 110% is required to achieve expected profit on schedule. Breakeven Date Change • Apr 27
Forecast breakeven date pushed back to 2022 The analyst covering Prologue previously expected the company to break even in 2021. New forecast suggests the company will make a profit of €160.0k in 2022. Average annual earnings growth of 113% is required to achieve expected profit on schedule. 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. 2 highly experienced directors. Independent Director Annik Harmand was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Breakeven Date Change • Dec 31
Forecast breakeven date pushed back to 2022 The analyst covering Prologue previously expected the company to break even in 2021. New forecast suggests the company will make a profit of €2.14m in 2022. Average annual earnings growth of 108% is required to achieve expected profit on schedule. Reported Earnings • Apr 25
Full year 2020 earnings released The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: €79.2m (down 9.4% from FY 2019). Net loss: €1.68m (loss narrowed 25% from FY 2019). Is New 90 Day High Low • Jan 11
New 90-day high: €0.40 The company is up 60% from its price of €0.25 on 13 October 2020. The French market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 5.0% over the same period. Is New 90 Day High Low • Nov 03
New 90-day low: €0.23 The company is down 2.0% from its price of €0.23 on 04 August 2020. The French market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is down 5.0% over the same period. Reported Earnings • Oct 04
First half earnings released Over the last 12 months the company has reported total losses of €4.74m, with losses widening by 209% from the prior year. Total revenue was €80.0m over the last 12 months, down 9.9% from the prior year.