New Risk • May 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 11% 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 11% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€3.2m net loss in 2 years). Share price has been volatile over the past 3 months (10.0% average weekly change). Market cap is less than US$100m (€11.2m market cap, or US$13.0m). Announcement • May 14
Vogo SA, Annual General Meeting, Jun 18, 2026 Vogo SA, Annual General Meeting, Jun 18, 2026. Location: montpellier France New Risk • Apr 19
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 Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Currently unprofitable and not forecast to become profitable over next 2 years (€3.1m net loss in 2 years). Market cap is less than US$100m (€12.2m market cap, or US$14.3m). New Risk • Feb 15
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 11% 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 Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€3.1m net loss in 2 years). Market cap is less than US$100m (€13.4m market cap, or US$16.0m). Price Target Changed • Jan 13
Price target decreased by 12% to €2.50 Down from €2.85, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €2.54. The company is forecast to post a net loss per share of €0.48 next year compared to a net loss per share of €0.29 last year. New Risk • Jan 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 7.1% 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 Currently unprofitable and not forecast to become profitable over next 2 years (€1.2m net loss in 2 years). Share price has been volatile over the past 3 months (7.1% average weekly change). Market cap is less than US$100m (€13.4m market cap, or US$15.7m). Major Estimate Revision • Sep 29
Consensus EPS estimates fall by 129% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €10.9m to €10.8m. Losses expected to increase from €0.11 per share to €0.25. Software industry in France expected to see average net income growth of 13% next year. Consensus price target of €2.75 unchanged from last update. Share price was steady at €2.67 over the past week. New Risk • Aug 03
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: €1.8m Forecast net loss in 3 years: €199k This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-€3.9m). Currently unprofitable and not forecast to become profitable over next 3 years (€199k net loss in 3 years). Market cap is less than US$100m (€16.2m market cap, or US$18.8m). New Risk • Jul 24
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: €1.8m Forecast net loss in 3 years: €1.1m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-€3.9m). Currently unprofitable and not forecast to become profitable over next 3 years (€1.1m net loss in 3 years). Market cap is less than US$100m (€16.1m market cap, or US$18.9m). Major Estimate Revision • Jun 06
Consensus EPS estimates upgraded to €0.024 loss The consensus outlook for fiscal year 2025 has been updated. 2025 losses forecast to reduce from -€0.127 to -€0.024 per share. Revenue forecast unchanged from €13.5m at last update. Software industry in France expected to see average net income growth of 19% next year. Consensus price target down from €2.85 to €2.75. Share price rose 4.1% to €2.54 over the past week. Announcement • Jun 04
Abéo SA (ENXTPA:ABEO) intends to acquire remaining 77.50% stake in Vogo SA (ENXTPA:ALVGO) from Christophe CARNIEL, Pierre KEIFLIN, Daniel DEDISSE, Véronique PUYAU and others for €12.3 million. Abéo SA (ENXTPA:ABEO) intends to acquire remaining 77.50% stake in Vogo SA (ENXTPA:ALVGO) from Christophe CARNIEL, Pierre KEIFLIN, Daniel DEDISSE, Véronique PUYAU and others for €12.3 million on June 3, 2025.The Offer will be structured in the form of a mixed public offer according to the following ratio: 3 ABEO shares and €16.40 for 16 VOGO shares. ABEO and VOGO entered into, with the unanimous approval of their respective Boards of Directors, a combination agreement to define the terms and conditions of ABEO’s proposed acquisition of the VOGO shares that ABEO does not currently hold, through a voluntary public offer without the intention of implementing a squeeze-out. This transaction is unanimously supported by the founders of VOGO who have undertaken to contribute all of their shares (representing 28.99% of VOGO's capital ) to the Offer. In accordance with the Combination Agreement , the filing with the Autorité des marchés financiers of the draft Offer remains conditional on (i) the submission by Sorgem Evaluation of a report concluding that the financial conditions of the Offer are fair and (ii) the approval by the annual general meeting of ABEO, convened for July 15, of the resolution (falling within the competence of the extraordinary general meeting) allowing the implementation of a capital increase with removal of the shareholders' preferential subscription right, by the issuance of new ordinary shares of ABEO, in order to remunerate the contributions made to the Offer The Board of Directors of VOGO, meeting on June 3, 2025, unanimously welcomed the principle of the Offer. If the Offer is successful, Christophe CARNIEL is expected to join the executive committee and the Board of Directors of ABEO during the year 2026. The closing of the Offer will not be subject to any waiver threshold (other than the legal lapse threshold set at 50% of the share capital or voting rights) and ABEO's intention to file the Offer is not subject to any financing condition (the financing of the cash component of the Offer is intended to be ensured by recourse to ABEO's equity and/or existing financing lines). The Offer is also not subject to obtaining regulatory authorizations.
Bredin Prat and Lamy Lexel are acting as legal advisors to ABEO. Fieldfisher is acting as legal advisors to VOGO. Announcement • May 05
Vogo SA, Annual General Meeting, Jun 26, 2025 Vogo SA, Annual General Meeting, Jun 26, 2025. Location: 895 rue de la vieille poste, parc majoria pompignane, immeuble la lona, montpellier France Reported Earnings • May 05
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: €0.29 loss per share (improved from €0.46 loss in FY 2023). Revenue: €13.9m (up 25% from FY 2023). Net loss: €1.80m (loss narrowed 21% from FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 163%. Revenue is forecast to grow 9.1% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Software industry in France. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Breakeven Date Change • Apr 19
No longer forecast to breakeven The analyst covering Vogo no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of €100.0k in 2025. New forecast suggests the company will make a loss of €1.10m in 2026. Price Target Changed • Apr 17
Price target decreased by 13% to €3.85 Down from €4.40, the current price target is an average from 2 analysts. New target price is 49% above last closing price of €2.59. Stock is down 38% over the past year. The company is forecast to post a net loss per share of €0.11 next year compared to a net loss per share of €0.46 last year. New Risk • Apr 15
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: Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Shareholders have been diluted in the past year (23% increase in shares outstanding). Market cap is less than US$100m (€14.6m market cap, or US$16.6m). New Risk • Sep 27
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended June 2023. This is considered a major 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. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risk Latest financial reports are more than 1 year old (reported June 2023 fiscal period end). Minor Risks Shareholders have been diluted in the past year (23% increase in shares outstanding). Market cap is less than US$100m (€20.7m market cap, or US$23.1m). New Risk • Aug 14
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 6.6% 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 Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). 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 (6.6% average weekly change). Market cap is less than US$100m (€19.9m market cap, or US$21.9m). Major Estimate Revision • Jul 26
Consensus EPS estimates upgraded to €0.14 loss, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from €14.0m to €12.9m. 2024 losses expected to reduce from -€0.16 to -€0.138 per share. Software industry in France expected to see average net income growth of 30% next year. Consensus price target down from €4.60 to €4.40. Share price rose 16% to €3.72 over the past week. Breakeven Date Change • Jul 26
Forecast to breakeven in 2025 The 2 analysts covering Vogo expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of €100.0k in 2025. Average annual earnings growth of 77% is required to achieve expected profit on schedule. Buy Or Sell Opportunity • Jul 23
Now 26% overvalued Over the last 90 days, the stock has fallen 9.5% to €3.70. The fair value is estimated to be €2.93, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.8% over the last year. Earnings per share has declined by 42%. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 65% per annum over the same time period. New Risk • May 27
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 50% This is considered a major 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 Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Currently unprofitable and not forecast to become profitable over next 3 years (€49k net loss in 3 years). Market cap is less than US$100m (€25.8m market cap, or US$28.0m). Major Estimate Revision • May 10
Consensus EPS estimates upgraded to €0.15 loss The consensus outlook for fiscal year 2024 has been updated. 2024 losses forecast to reduce from -€0.172 to -€0.15 per share. Revenue forecast unchanged from €14.3m at last update. Software industry in France expected to see average net income growth of 38% next year. Consensus price target down from €5.50 to €5.10. Share price was steady at €4.06 over the past week. Breakeven Date Change • May 10
Forecast to breakeven in 2025 The analyst covering Vogo expects the company to break even for the first time. New forecast suggests the company will make a profit of €100.0k in 2025. Average annual earnings growth of 67% is required to achieve expected profit on schedule. Price Target Changed • May 09
Price target decreased by 7.3% to €5.10 Down from €5.50, the current price target is an average from 2 analysts. New target price is 26% above last closing price of €4.06. Stock is up 16% over the past year. The company is forecast to post a net loss per share of €0.28 next year compared to a net loss per share of €0.35 last year. Breakeven Date Change • May 09
Forecast to breakeven in 2025 The analyst covering Vogo expects the company to break even for the first time. New forecast suggests the company will make a profit of €100.0k in 2025. Average annual earnings growth of 67% is required to achieve expected profit on schedule. New Risk • Apr 14
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). Currently unprofitable and not forecast to become profitable over next 2 years (€403k net loss in 2 years). Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (€22.2m market cap, or US$23.6m). Breakeven Date Change • Apr 12
No longer forecast to breakeven The analyst covering Vogo no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of €400.0k in 2025. New forecast suggests the company will make a loss of €0 in 2025. New Risk • Oct 05
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: €2.3m Forecast net loss in 2 years: €156k This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€156k net loss in 2 years). Share price has been volatile over the past 3 months (6.7% average weekly change). Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (€16.1m market cap, or US$16.9m). Major Estimate Revision • Sep 10
Consensus EPS estimates fall by 10%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from €10.7m to €11.6m. Forecast EPS reduced from -€0.271 to -€0.298 per share. Software industry in France expected to see average net income growth of 17% next year. Consensus price target up from €4.25 to €5.25. Share price rose 8.2% to €3.84 over the past week. Breakeven Date Change • Jul 28
Forecast breakeven date pushed back to 2025 The 2 analysts covering Vogo previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 33% per year to 2024. The company is expected to make a profit of €400.0k in 2025. Average annual earnings growth of 60% is required to achieve expected profit on schedule. New Risk • Jul 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 22% 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 (22% increase in shares outstanding). Market cap is less than US$100m (€20.6m market cap, or US$22.8m). Major Estimate Revision • Apr 09
Consensus EPS estimates fall by 50% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from €0.08 to €0.04 per share. Revenue forecast steady at €15.9m. Net income forecast to grow 92% next year vs 7.8% decline forecast for Software industry in France. Consensus price target of €6.65 unchanged from last update. Share price fell 3.3% to €3.42 over the past week. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Anthony Parker was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Major Estimate Revision • Sep 30
Consensus estimates of losses per share improve by 37% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from €11.7m to €11.9m. EPS estimate increased from -€0.10 per share to -€0.06 per share. Software industry in France expected to see average net income growth of 21% next year. Consensus price target down from €7.50 to €6.65. Share price fell 4.2% to €5.00 over the past week. Breakeven Date Change • Sep 29
Forecast to breakeven in 2023 The 2 analysts covering Vogo expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of €642.1k in 2023. Average annual earnings growth of 104% is required to achieve expected profit on schedule. Board Change • Apr 27
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. 4 non-independent directors. Independent Director Anthony Parker was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Breakeven Date Change • Feb 14
Forecast breakeven date pushed back to 2023 The 2 analysts covering Vogo previously expected the company to break even in 2022. New consensus forecast suggests losses will reduce by 75% per year to 2022. The company is expected to make a profit of €551.1k in 2023. Average annual earnings growth of 96% is required to achieve expected profit on schedule. Major Estimate Revision • Feb 11
Consensus revenue estimates fall by 21% The consensus outlook for revenues in 2021 has deteriorated. 2021 revenue forecast decreased from €10.7m to €8.50m. Forecast losses increased from -€0.12 to -€0.13 per share. Software industry in France expected to see average net income growth of 18% next year. Consensus price target down from €11.00 to €8.50. Share price rose 11% to €5.73 over the past week. Price Target Changed • Feb 10
Price target decreased to €8.50 Down from €11.10, the current price target is an average from 2 analysts. New target price is 48% above last closing price of €5.76. Stock is down 56% over the past year. The company is forecast to post a net loss per share of €0.12 next year compared to a net loss per share of €0.80 last year. Board Change • Aug 05
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. 4 non-independent directors. Independent Director Anthony Parker was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Breakeven Date Change • Jul 23
Forecast breakeven pushed back to 2022 The 2 analysts covering Vogo previously expected the company to break even in 2021. New consensus forecast suggests losses will reduce by 91% to 2021. The company is expected to make a profit of €264.5k in 2022. Average annual earnings growth of 99% is required to achieve expected profit on schedule. Price Target Changed • May 21
Price target decreased to €11.10 Down from €12.80, the current price target is an average from 2 analysts. New target price is 32% above last closing price of €8.40. Stock is down 17% over the past year. Reported Earnings • May 06
Full year 2020 earnings released: €0.80 loss per share (vs €0.79 loss in FY 2019) The company reported a solid full year result with improved revenues and control over costs, although losses increased. Full year 2020 results: Revenue: €6.51b (up €6.51b from FY 2019). Net loss: €3.26b (loss widened €3.26b from FY 2019). Price Target Changed • Apr 14
Price target decreased to €12.15 Down from €13.10, the current price target is an average from 2 analysts. New target price is 24% above last closing price of €9.78. Stock is down 7.7% over the past year. Price Target Changed • Jan 15
Price target raised to €12.10 Up from €11.25, the current price target is an average from 2 analysts. The new target price is close to the current share price of €11.65. As of last close, the stock is up 11% over the past year. Price Target Changed • Dec 12
Price target lowered to €11.25 Down from €12.25, the current price target is an average from 2 analysts. The new target price is 5.1% above the current share price of €10.70. As of last close, the stock is up 3.9% over the past year. Major Estimate Revision • Dec 12
Analysts update estimates The company's losses in 2020 are expected to improve with analysts raising their consensus EPS forecasts from -€0.75 to -€0.66. No change was made to the revenue estimate which at the last update was €8.49m. The Software industry in France is expected to see an average net income growth of 18% next year. The consensus price target was lowered from €12.25 to €11.25. Share price is down by 10% to €10.70 over the past week. Is New 90 Day High Low • Nov 27
New 90-day high: €13.00 The company is up 27% from its price of €10.25 on 28 August 2020. The French market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Major Estimate Revision • Nov 18
Analysts lower revenue estimates to €8.49m The 2020 consensus revenue estimate decreased from €9.94m. Earnings per share (EPS) also decreased, with analysts lowering their estimates from -€0.74 to -€0.75 for the same period. The Software industry in France is expected to see an average net income growth of 16% next year. The consensus price target was lowered from €12.75 to €12.25. Share price is up 2.9% to €9.90 over the past week. Is New 90 Day High Low • Sep 19
New 90-day high: €12.60 The company is up 22% from its price of €10.30 on 19 June 2020. The French market is up 2.0% 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. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share.