Wavestone
Wavestone SA provides management and information systems consulting services primarily in France and internationally. The last earnings update was 132 days ago. More info.
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WAVE Share Price and Events
7 Day Returns
1 Year Returns
WAVE Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Wavestone (WAVE) | 5.7% | 4.5% | 12.3% | -14.1% | 84.2% | 225.1% |
| FR IT | 0.4% | 7.1% | 19.9% | 0.7% | 45.6% | 88.5% |
| FR Market | 1.3% | 5.8% | 14.3% | 3.6% | 28.9% | 33.6% |
1 Year Return vs Industry and Market
- WAVE underperformed the IT industry which returned 0.7% over the past year.
- WAVE underperformed the Market in France which returned 3.6% over the past year.
Value
Is Wavestone undervalued based on future cash flows and its price relative to the stock market?
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
Wavestone
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Wavestone.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity | |
| Levered Free Cash Flow | Average of 3 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 8.1% |
| Perpetual Growth Rate | 10-Year FR Government Bond Rate | 0.7% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year FR Govt Bond Rate | 0.7% |
| Equity Risk Premium | S&P Global | 6.7% |
| IT Unlevered Beta | Simply Wall St/ S&P Global | 1.05 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.054 (1 + (1- 33%) (16.13%)) |
1.113 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
1.11 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.73% + (1.113 * 6.65%) |
8.13% |
Discounted Cash Flow Calculation for ENXTPA:WAVE using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for Wavestone is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
| Levered FCF (EUR, Millions) | Source |
Present Value Discounted (@ 8.13%) |
|
|---|---|---|---|
| 2019 | 31.87 | Analyst x3 | 29.47 |
| 2020 | 34.27 | Analyst x3 | 29.31 |
| 2021 | 39.05 | Analyst x2 | 30.88 |
| 2022 | 41.03 | Est @ 5.06% | 30.01 |
| 2023 | 42.57 | Est @ 3.76% | 28.80 |
| 2024 | 43.79 | Est @ 2.85% | 27.39 |
| 2025 | 44.76 | Est @ 2.22% | 25.89 |
| 2026 | 45.55 | Est @ 1.77% | 24.37 |
| 2027 | 46.22 | Est @ 1.46% | 22.86 |
| 2028 | 46.79 | Est @ 1.24% | 21.41 |
| Present value of next 10 years cash flows | €270.38 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= €46.79 × (1 + 0.73%) ÷ (8.13% – 0.73%) |
€636.92 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= €636.92 ÷ (1 + 8.13%)10 |
€291.40 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= €270.38 + €291.40 |
€561.79 |
| Equity Value per Share (EUR) |
= Total value / Shares Outstanding
= €561.79 / 20.00 |
€28.08 |
| Calculation | Result | |
|---|---|---|
| Value per share (EUR) | From above. | €28.08 |
| Current discount | Discount to share price of
€28.75
= -1 x (€28.75 - €28.08) / €28.08 |
-2.4% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
- The current share price of Wavestone is above its future cash flow value.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for Wavestone's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Wavestone's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-09-30) in EUR | €1.49 |
| ENXTPA:WAVE Share Price ** | ENXTPA (2019-04-18) in EUR | €28.75 |
| France IT Industry PE Ratio | Median Figure of 29 Publicly-Listed IT Companies | 18.21x |
| France Market PE Ratio | Median Figure of 418 Publicly-Listed Companies | 16.23x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Wavestone.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = ENXTPA:WAVE Share Price ÷ EPS (both in EUR) = 28.75 ÷ 1.49 |
19.34x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Wavestone is overvalued based on earnings compared to the FR IT industry average.
- Wavestone is overvalued based on earnings compared to the France market.
Price based on expected Growth
Does
Wavestone's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 19.34x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts |
13.6%per year |
| France IT Industry PEG Ratio | Median Figure of 25 Publicly-Listed IT Companies | 1.63x |
| France Market PEG Ratio | Median Figure of 273 Publicly-Listed Companies | 1.52x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 19.34x ÷ 13.6% |
1.42x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Wavestone is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
Wavestone's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-09-30) in EUR | €6.48 |
| ENXTPA:WAVE Share Price * | ENXTPA (2019-04-18) in EUR | €28.75 |
| France IT Industry PB Ratio | Median Figure of 36 Publicly-Listed IT Companies | 2.12x |
| France Market PB Ratio | Median Figure of 619 Publicly-Listed Companies | 1.5x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = ENXTPA:WAVE Share Price ÷ Book Value per Share (both in EUR) = 28.75 ÷ 6.48 |
4.44x |
* Primary Listing of Wavestone.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Wavestone is overvalued based on assets compared to the FR IT industry average.
Value checks
We assess Wavestone's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the IT industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the IT industry average (and greater than 0)? (1 check) Wavestone has a total score of 0/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
Future Performance
How is Wavestone expected to perform in the next 1 to 3 years based on estimates from 3 analysts?
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- Wavestone's earnings growth is expected to exceed the low risk savings rate of 0.7%.
Growth vs Market Checks
- Wavestone's earnings growth is expected to exceed the France market average.
- Wavestone's revenue growth is expected to exceed the France market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| ENXTPA:WAVE Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts | 13.6% |
| ENXTPA:WAVE Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts | 6.9% |
| France IT Industry Earnings Growth Rate | Market Cap Weighted Average | 17.4% |
| France IT Industry Revenue Growth Rate | Market Cap Weighted Average | 7.2% |
| France Market Earnings Growth Rate | Market Cap Weighted Average | 13.5% |
| France Market Revenue Growth Rate | Market Cap Weighted Average | 4.9% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (6 months ago) | See Below |
| Future Estimates | Average of up to 3 Analyst Estimates (S&P Global) | See Below |
| Date (Data in EUR Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-03-31 | 447 | 43 | 40 | 2 |
| 2020-03-31 | 423 | 38 | 34 | 3 |
| 2019-03-31 | 392 | 34 | 30 | 3 |
| Date (Data in EUR Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-09-30 | 376 | 43 | 29 |
| 2018-06-30 | 368 | 36 | 28 |
| 2018-03-31 | 360 | 30 | 27 |
| 2017-12-31 | 352 | 24 | 24 |
| 2017-09-30 | 343 | 18 | 21 |
| 2017-06-30 | 341 | 21 | 21 |
| 2017-03-31 | 339 | 25 | 20 |
| 2016-12-31 | 321 | 17 | 18 |
| 2016-09-30 | 304 | 9 | 15 |
| 2016-06-30 | 268 | 12 | 14 |
| 2016-03-31 | 233 | 16 | 13 |
| 2015-12-31 | 207 | 14 | 13 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (6 months ago) | See Below |
| Future Estimates | Average of up to 3 Analyst Estimates (S&P Global) | See Below |
All data from Wavestone Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in EUR Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-03-31 | 1.97 | 2.00 | 1.93 | 2.00 |
| 2020-03-31 | 1.70 | 1.72 | 1.68 | 3.00 |
| 2019-03-31 | 1.48 | 1.50 | 1.44 | 3.00 |
| Date (Data in EUR Millions) | EPS * |
|---|---|
| 2018-09-30 | 1.49 |
| 2018-06-30 | 1.42 |
| 2018-03-31 | 1.35 |
| 2017-12-31 | 1.21 |
| 2017-09-30 | 1.07 |
| 2017-06-30 | 1.05 |
| 2017-03-31 | 1.02 |
| 2016-12-31 | 0.89 |
| 2016-09-30 | 0.76 |
| 2016-06-30 | 0.72 |
| 2016-03-31 | 0.68 |
| 2015-12-31 | 0.68 |
*GAAP earnings excluding extraordinary items.
Future performance checks
We assess Wavestone's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the France market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the France market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Wavestone has a total score of 4/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
Past Performance
How has Wavestone performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- Wavestone has delivered over 20% year on year earnings growth in the past 5 years.
- Wavestone's 1-year earnings growth exceeds its 5-year average (37.9% vs 21.8%)
- Wavestone's earnings growth has exceeded the FR IT industry average in the past year (37.9% vs 7.4%).
Earnings and Revenue History
All data from Wavestone Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in EUR Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2018-09-30 | 375.96 | 29.27 | 46.18 | |
| 2018-06-30 | 367.94 | 27.95 | 43.55 | |
| 2018-03-31 | 359.92 | 26.63 | 40.91 | |
| 2017-12-31 | 351.58 | 23.93 | 41.88 | |
| 2017-09-30 | 343.24 | 21.23 | 42.85 | |
| 2017-06-30 | 340.99 | 20.64 | 44.21 | |
| 2017-03-31 | 338.73 | 20.06 | 45.56 | |
| 2016-12-31 | 321.17 | 17.51 | 42.18 | |
| 2016-09-30 | 303.61 | 14.97 | 38.80 | |
| 2016-06-30 | 268.31 | 14.16 | 32.17 | |
| 2016-03-31 | 233.02 | 13.36 | 25.53 | |
| 2015-12-31 | 206.97 | 13.36 | 21.98 | |
| 2015-09-30 | 180.92 | 13.36 | 18.43 | |
| 2015-06-30 | 172.03 | 12.98 | 17.07 | |
| 2015-03-31 | 163.15 | 12.60 | 15.70 | |
| 2014-12-31 | 156.75 | 12.15 | 15.14 | |
| 2014-09-30 | 150.35 | 11.71 | 14.58 | |
| 2014-06-30 | 145.98 | 11.33 | 14.43 | |
| 2014-03-31 | 141.62 | 10.95 | 14.29 | |
| 2013-12-31 | 138.81 | 10.83 | 13.91 | |
| 2013-09-30 | 136.00 | 10.71 | 13.52 | |
| 2013-06-30 | 133.27 | 10.53 | 13.42 | |
| 2013-03-31 | 130.55 | 10.34 | 13.32 | |
| 2012-12-31 | 124.02 | 9.32 | 13.48 | |
| 2012-09-30 | 117.49 | 8.30 | 13.64 | |
| 2012-06-30 | 112.77 | 7.65 | 13.60 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- Wavestone has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
- Wavestone used its assets more efficiently than the FR IT industry average last year based on Return on Assets.
- Wavestone's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Wavestone's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the IT industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Wavestone has a total score of 5/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
Health
How is Wavestone's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up Wavestone's finances.
The net worth of a company is the difference between its assets and liabilities.
- Wavestone is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
- Wavestone's cash and other short term assets cover its long term commitments.
Balance sheet
Assets
Liabilities and shares
- Low level of unsold assets.
- Debt is covered by short term assets, assets are 2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from Wavestone Company Filings, last reported 6 months ago.
| Date (Data in EUR Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2018-09-30 | 129.55 | 92.77 | 31.05 |
| 2018-06-30 | 129.55 | 92.77 | 31.05 |
| 2018-03-31 | 130.25 | 86.70 | 52.06 |
| 2017-12-31 | 130.25 | 86.70 | 52.06 |
| 2017-09-30 | 111.16 | 90.90 | 14.46 |
| 2017-06-30 | 111.16 | 90.90 | 14.46 |
| 2017-03-31 | 104.11 | 95.19 | 38.72 |
| 2016-12-31 | 104.11 | 95.19 | 38.72 |
| 2016-09-30 | 90.27 | 99.24 | 25.36 |
| 2016-06-30 | 90.27 | 99.24 | 25.36 |
| 2016-03-31 | 84.98 | 98.63 | 39.79 |
| 2015-12-31 | 84.98 | 98.63 | 39.79 |
| 2015-09-30 | 76.53 | 3.78 | 18.04 |
| 2015-06-30 | 76.53 | 3.78 | 18.04 |
| 2015-03-31 | 72.77 | 3.59 | 26.16 |
| 2014-12-31 | 72.77 | 3.59 | 26.16 |
| 2014-09-30 | 64.78 | 3.40 | 19.06 |
| 2014-06-30 | 64.78 | 3.40 | 19.06 |
| 2014-03-31 | 63.88 | 3.48 | 20.03 |
| 2013-12-31 | 63.88 | 3.48 | 20.03 |
| 2013-09-30 | 56.84 | 3.73 | 12.41 |
| 2013-06-30 | 56.84 | 3.73 | 12.41 |
| 2013-03-31 | 54.41 | 3.62 | 18.15 |
| 2012-12-31 | 54.41 | 3.62 | 18.15 |
| 2012-09-30 | 47.13 | 1.57 | 4.92 |
| 2012-06-30 | 47.13 | 1.57 | 4.92 |
- Wavestone's level of debt (71.6%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has increased over the past 5 years (6.5% vs 71.6% today).
- Debt is well covered by operating cash flow (46.2%, greater than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 29.4x coverage).
Financial health checks
We assess Wavestone's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Wavestone has a total score of 4/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
Dividends
What is Wavestone's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
€2,000 of
Wavestone
shares you are expected to receive
€14
in your first year as a dividend.
Dividend Amount
- Wavestone's pays a lower dividend yield than the bottom 25% of dividend payers in France (1.56%).
- Wavestone's dividend is below the markets top 25% of dividend payers in France (4.36%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 3 Analyst Estimates (S&P Global) | See Below |
| France IT Industry Average Dividend Yield | Market Cap Weighted Average of 20 Stocks | 1.5% |
| France Market Average Dividend Yield | Market Cap Weighted Average of 324 Stocks | 2.9% |
| France Minimum Threshold Dividend Yield | 10th Percentile | 0.9% |
| France Bottom 25% Dividend Yield | 25th Percentile | 1.6% |
| France Top 25% Dividend Yield | 75th Percentile | 4.4% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in €) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2021-03-31 | 0.26 | 2.00 |
| 2020-03-31 | 0.23 | 2.00 |
| 2019-03-31 | 0.20 | 2.00 |
| Date (Data in €) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2018-07-16 | 0.203 | 0.661 |
| 2018-05-29 | 0.203 | 0.475 |
| 2017-07-06 | 0.153 | 0.503 |
| 2017-05-31 | 0.153 | 0.632 |
| 2016-07-20 | 0.103 | 0.482 |
| 2016-05-31 | 0.103 | 0.572 |
| 2015-07-23 | 0.098 | 0.640 |
| 2014-07-15 | 0.083 | 0.814 |
| 2013-07-29 | 0.080 | 1.059 |
| 2013-05-29 | 0.080 | 1.522 |
| 2012-07-11 | 0.055 | 1.281 |
| 2012-06-06 | 0.055 | 1.309 |
| 2011-08-01 | 0.053 | 1.230 |
| 2011-06-30 | 0.053 | 0.966 |
| 2011-05-31 | 0.053 | 0.932 |
| 2010-06-30 | 0.048 | 1.003 |
| 2010-06-01 | 0.048 | 1.172 |
| 2009-06-30 | 0.048 | 1.265 |
| 2009-04-23 | 0.048 | 1.324 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Wavestone is not paying a notable dividend for France, therefore no need to check if the payments are stable.
- Wavestone is not paying a notable dividend for France, therefore no need to check if the payments are increasing.
Income/ dividend checks
We assess Wavestone's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Wavestone afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Wavestone has a total score of 0/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
Management
CEO
| COMPENSATION | €232,914 |
| AGE | 60 |
| TENURE AS CEO | 6.6 years |
CEO Bio
Mr. Pascal Imbert has been Chairman of the Management Board at Wavestone SA (also known as Solucom SA) since September 26, 2012 and has been its Member of the Management Board since September 30, 2002. Mr. Imbert co-founded Wavestone SA in 1990 and served as its Chief Executive Officer. Mr. Imbert joined Télésystèmes in 1980 where he took charge of the Networks Design and Creation department in 1986. In 1988, he joined Cirel Systèmes as Technical Director and later served as its Deputy Managing Director. He served as the Chairman of Wavestone SA. He serves as Vice-Chairman of Idesys. He has been an Independent Director at Axway Software S.A. since April 28, 2011. He serves as Independent Director of Axway Inc. He serves as Member of the Supervisory Board of Idesys. He served as a Director of Wavestone SA since September 15, 1999. Mr. Imbert is a Polytechnique and Telecom Engineer. He attended Ecole Polytechnique France and Ecole Nationale Superieure des Telecommunications de Paris.
CEO Compensation
- Pascal's compensation has been consistent with company performance over the past year.
- Pascal's remuneration is lower than average for companies of similar size in France.
Management Team Tenure
Average tenure and age of the Wavestone management team in years:
- The average tenure for the Wavestone management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team
Pascal Imbert
CEO & Chairman of the Management Board
€233K
60
6.6 yrs
Patrick Hirigoyen
Deputy Chief Executive
€232K
55
16.6 yrs
Sarah Lamigeon
Director of Communications & Member of the Supervisory Board
€103K
46
8.3 yrs
Benjamin Clément
Head of Communications & Member of Supervisory Board
€51K
29
Tiphanie Bordier
Chief Financial Officer
5.3 yrs
Reza Maghsoudnia
Director of Strategic Development
8.3 yrs
Fanny Rouhet
Head of Human Resources
Bassam Almoussa
Chairman of Arcome SAS and Chief Executive Officer of Arcome SAS
54
Pascal Nicaud
Executive Partner & CEO of Lumens Consultants
Olivier Schmitt
Executive Partner & Chairman of Trend Consultants
Board of Directors Tenure
Average tenure and age of the Wavestone board of directors in years:
- The tenure for the Wavestone board of directors is about average.
Board of Directors
Michel Dancoisne
Chairman of the Supervisory Board
€68K
71
16.6 yrs
Jean-Francois Perret
Vice-Chairman of the Supervisory Board
€11K
76
4.8 yrs
Sarah Lamigeon
Director of Communications & Member of the Supervisory Board
€103K
46
3.8 yrs
Benjamin Clément
Head of Communications & Member of Supervisory Board
€51K
29
1.3 yrs
Bassam Almoussa
Chairman of Arcome SAS and Chief Executive Officer of Arcome SAS
54
Olivier Schmitt
Executive Partner & Chairman of Trend Consultants
Loic Carpentier
Executive Partner & Director of Trend Consultants
Marie-Ange Verdickt
Independent Member of the Supervisory Board
€19K
56
6.6 yrs
Rafaël Vivier
Independent Member of the Supervisory Board
€16K
43
3.8 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (€) | Value (€) | |
|---|---|---|---|---|---|---|---|---|---|---|
Management checks
We assess Wavestone's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Wavestone has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
News
Simply Wall St News
Is Wavestone SA's (EPA:WAVE) CEO Paid Enough Relative To Peers?
First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Pascal Imbert's Compensation Compare With Similar Sized Companies. … At the time of writing our data says that Wavestone SA has a market cap of €550m, and is paying total annual CEO compensation of €233k.
Simply Wall St - – Full articleDid You Miss Wavestone's (EPA:WAVE) Impressive 232% Share Price Gain?
By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. … During five years of share price growth, Wavestone achieved compound earnings per share (EPS) growth of 22% per year. … So the EPS growth rate is rather close to the annualized share price gain of 27% per year.
Simply Wall St - – Full articleA Close Look At Wavestone SA’s (EPA:WAVE) 24% ROCE
In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business. … What is Return On Capital Employed (ROCE)? … ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business.
Simply Wall St - – Full articleOne Thing To Remember About The Wavestone SA (EPA:WAVE) Share Price
The other type, which cannot be diversified away, is the volatility of the entire market. … Every stock in the market is exposed to this volatility, which is linked to the fact that stocks prices are correlated in an efficient market. … Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility).
Simply Wall St - – Full articleIs It Too Late To Consider Buying Wavestone SA (EPA:WAVE)?
As a stock with high coverage by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock? … However, what if the stock is still a bargain. … Let’s examine Wavestone’s valuation and outlook in more detail to determine if there’s still a bargain opportunity
Simply Wall St - – Full articleWhy Wavestone SA (EPA:WAVE) Looks Like A Quality Company
Our data shows Wavestone has a return on equity of 23% for the last year. … That means that for every €1 worth of shareholders' equity, it generated €0.23 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleCalculating The Fair Value Of Wavestone SA (EPA:WAVE)
How far off is Wavestone SA (EPA:WAVE) from its intrinsic value? … by taking the foreast future cash flows of the company and discounting them back to today's value. … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model.
Simply Wall St - – Full articleAre Wavestone SA's (EPA:WAVE) Interest Costs Too High?
Wavestone SA (EPA:WAVE) is a small-cap stock with a market capitalization of €527m. … While investors primarily focus on the growth potential and competitive landscape of the small-cap companies, they end up ignoring a key aspect, which could be the biggest threat to its existence: its financial health. … Evaluating financial health as part of your investment thesis is
Simply Wall St - – Full articleWavestone SA (EPA:WAVE): Is Growth Priced In?
Wavestone SA (EPA:WAVE) is considered a high-growth stock, but its last closing price of €25.8 left some investors wondering if this high future earnings potential can be rationalized by its current price tag. … Let’s look into this by assessing WAVE's expected growth over the next few years. … According to the analysts covering the company, the following few years should bring about good growth prospects for Wavestone
Simply Wall St - – Full articleShould You Be Tempted To Sell Wavestone SA (EPA:WAVE) Because Of Its P/E Ratio?
This article is written for those who want to get better at using price to earnings ratios (P/E ratios). … We'll look at Wavestone SA's (EPA:WAVE) P/E ratio and reflect on what it tells us about the company's share price. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)
Simply Wall St - – Full articleCompany Info
Description
Wavestone SA provides management and information systems consulting services primarily in France and internationally. The company offers consulting services in the areas of finance, telecom, media and entertainment, consumer goods and retail, manufacturing, energy and utilities, transportation and travel, real estate, public sector, and international institutions. The company was formerly known as Solucom SA and changed its name to Wavestone SA in July 2016. Wavestone SA was founded in 1990 and is headquartered in Paris, France.
Details
| Name: | Wavestone SA |
| WAVE | |
| Exchange: | ENXTPA |
| Founded: | 1990 |
| €575,117,472 | |
| 20,004,086 | |
| Website: | http://www.wavestone.com/en/ |
| Address: |
Wavestone SA Tour Franklin, 100-101, terrasse Boieldieu, Paris, Ile-de-France, 92042, France |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| ENXTPA | WAVE | Ordinary Shares | Euronext Paris | FR | EUR | 16. Feb 2000 | |
| BST | 2WS | Ordinary Shares | Boerse-Stuttgart | DE | EUR | 16. Feb 2000 | |
| BATS-CHIXE | WAVEP | Ordinary Shares | BATS 'Chi-X Europe' | GB | EUR | 16. Feb 2000 |
Number of employees
Current staff
Industry
| IT Consulting and Other Services | |
| Software |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/04/22 20:36 |
| End of day share price update: | 2019/04/18 00:00 |
| Last estimates confirmation: | 2019/04/18 |
| Last earnings filing: | 2018/12/11 |
| Last earnings reported: | 2018/09/30 |
| Last annual earnings reported: | 2018/03/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
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.
