ENXTPA:ALPRO

Stock Analysis Report

Executive Summary

Prodware engages in the publishing-integration and hosting of sectoral and business IT solutions in France and internationally.

Snowflake

Fundamentals

Very undervalued with adequate balance sheet.

Risks

  • Prodware has significant price volatility in the past 3 months.
  • Prodware is covered by less than 3 analysts.

Share Price & News

How has Prodware's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-3.5%

ENXTPA:ALPRO

-0.05%

FR IT

1.0%

FR Market


1 Year Return

-53.6%

ENXTPA:ALPRO

-4.5%

FR IT

-0.8%

FR Market

ALPRO underperformed the IT industry which returned -4.4% over the past year.

ALPRO underperformed the Market in France which returned -1.5% over the past year.


Share holder returns

ALPROIndustryMarket
7 Day-3.5%-0.05%1.0%
30 Day-10.8%-4.2%-3.4%
90 Day-29.1%7.7%-0.4%
1 Year-53.4%-53.6%2.0%-4.5%2.5%-0.8%
3 Year-5.4%-6.8%44.3%29.0%41.1%27.4%
5 Year-22.0%-23.9%135.7%104.4%56.0%32.8%

Price Volatility Vs. Market

How volatile is Prodware's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Prodware undervalued based on future cash flows and its price relative to the stock market?

>50%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

Prodware's share price is below the future cash flow value, and at a moderate discount (> 20%).

Prodware's share price is below the future cash flow value, and at a substantial discount (> 40%).


Price Based on Earnings

Prodware is good value based on earnings compared to the FR IT industry average.

Prodware is good value based on earnings compared to the France market.


Price Based on Expected Growth

Prodware is good value based on expected growth next year.


Price Based on Value of Assets

Prodware is good value based on assets compared to the FR IT industry average.


Next Steps

Future Growth

How is Prodware expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

14.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Prodware's revenue is expected to grow by 1.4% yearly, however this is not considered high growth (20% yearly).

Prodware's earnings are expected to grow by 14.3% yearly, however this is not considered high growth (20% yearly).

Prodware's revenue growth is positive but not above the France market average.

Prodware's earnings growth is expected to exceed the France market average.

Prodware's earnings growth is expected to exceed the low risk savings rate of 0.7%.


Earnings per Share Growth Estimates


Future Return on Equity

Prodware is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).


Next Steps

Past Performance

How has Prodware performed over the past 5 years?

12.0%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Prodware's year on year earnings growth rate has been positive over the past 5 years.

Prodware's 1-year earnings growth is negative, it can't be compared to the 5-year average.

Prodware's 1-year earnings growth is negative, it can't be compared to the FR IT industry average.


Return on Equity

Prodware has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

Prodware used its assets less efficiently than the FR IT industry average last year based on Return on Assets.


Return on Capital Employed

Prodware's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).


Next Steps

Financial Health

How is Prodware's financial position?


Financial Position Analysis

Prodware is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.

Prodware's cash and other short term assets cover its long term commitments.


Debt to Equity History and Analysis

Prodware's level of debt (79.7%) compared to net worth is high (greater than 40%).

The level of debt compared to net worth has increased over the past 5 years (45% vs 79.7% today).

Debt is well covered by operating cash flow (22.4%, greater than 20% of total debt).

Interest payments on debt are well covered by earnings (EBIT is 3.6x coverage).


Balance Sheet

Low level of unsold assets.

Debt is covered by short term assets, assets are 1x debt.


Next Steps

Dividend

What is Prodware's current dividend yield, its reliability and sustainability?

2.33%

Expected Dividend Yield


Dividend Yield and Payments Analysis

Prodware's pays a lower dividend yield than the bottom 25% of dividend payers in France (1.59%).

Prodware's dividend is below the markets top 25% of dividend payers in France (4.63%).

Prodware is not paying a notable dividend for France, therefore no need to check if the payments are stable.

Prodware is not paying a notable dividend for France, therefore no need to check if the payments are increasing.


Current Payout to Shareholders

No need to calculate the sustainability of Prodware's dividends as it is not paying a notable one for France.


Future Payout to Shareholders

Dividends after 3 years are expected to be thoroughly covered by earnings (11.8x coverage).


Next Steps

Management

What is the CEO of Prodware's salary, the management and board of directors tenure and is there insider trading?

€213k

CEO Compensation


CEO

Alain Conrard 0

0.0yrs

Tenure

€212,862

Compensation

Mr. Alain Conrard has been the Chief Executive Officer and Director of Prodware since 2003 and also serves as its Managing Director. 


CEO Compensation Analysis

Alain's remuneration is higher than average for companies of similar size in France.

Alain's compensation has been consistent with company performance over the past year, both up more than 20%.


Insider Trading

No 3 month open market individual insider trading information.


Ownership Breakdown


Management Team

  • Alain Conrard

    MD. CEO & Director

    • Tenure: 0.0yrs
    • Compensation: €212.86k
  • Stéphane Conrard

    Deputy MD & Director

    • Tenure: 0.0yrs
    • Compensation: €357.00k

Board Members

  • Frédéric Zablocki (51yo)

    Non-Voting Director

    • Tenure: 0.0yrs
  • Philippe Bouaziz

    Chairman of the Board

    • Tenure: 0.0yrs
    • Compensation: €240.13k
  • Jean-Gérard Bouaziz

    Director

    • Tenure: 0.0yrs
    • Compensation: €144.00k
  • Viviane Neiter (61yo)

    Independent Director

    • Tenure: 0.0yrs
    • Compensation: €5.00k
  • Alain Conrard

    MD. CEO & Director

    • Tenure: 0.0yrs
    • Compensation: €212.86k
  • Stéphane Conrard

    Deputy MD & Director

    • Tenure: 0.0yrs
    • Compensation: €357.00k
  • Klara Fouchet

    Director

    • Tenure: 0.0yrs

Company Information

Prodware's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Prodware
  • Ticker: ALPRO
  • Exchange: ENXTPA
  • Founded: 1989
  • Industry: IT Consulting and Other Services
  • Sector: Software
  • Market Cap: €46.686m
  • Shares outstanding: 7.74m
  • Website: https://www.prodware.fr

Number of Employees


Location

  • Prodware
  • 45, quai de la Seine
  • Paris
  • Ile-de-France
  • 75019
  • France

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ALPROENXTPA (Euronext Paris)YesOrdinary SharesFREURApr 2006

Biography

Prodware engages in the publishing-integration and hosting of sectoral and business IT solutions in France and internationally. It offers software solutions for accounting and financial management, payroll ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/08/19 20:53
End of Day Share Price2019/08/19 00:00
Earnings2018/12/31
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.