Buy Or Sell Opportunity • Apr 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 26% to €45.45. The fair value is estimated to be €57.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 8.7%. Revenue is forecast to grow by 6.9% in 2 years. Earnings are forecast to grow by 23% in the next 2 years. Buy Or Sell Opportunity • Apr 09
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 22% to €45.20. The fair value is estimated to be €59.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 8.7%. Revenue is forecast to grow by 7.5% in 2 years. Earnings are forecast to grow by 24% in the next 2 years. Buy Or Sell Opportunity • Mar 20
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to €44.85. The fair value is estimated to be €57.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 8.7%. Revenue is forecast to grow by 7.5% in 2 years. Earnings are forecast to grow by 24% in the next 2 years. Buy Or Sell Opportunity • Mar 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.8% to €47.50. The fair value is estimated to be €59.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 8.7%. Revenue is forecast to grow by 7.5% in 2 years. Earnings are forecast to grow by 24% in the next 2 years. Buy Or Sell Opportunity • Feb 12
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.1% to €46.95. The fair value is estimated to be €60.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 8.7%. Revenue is forecast to grow by 7.5% in 2 years. Earnings are forecast to grow by 24% in the next 2 years. Price Target Changed • Feb 03
Price target increased by 7.8% to €69.45 Up from €64.40, the current price target is an average from 4 analysts. New target price is 21% above last closing price of €57.50. Stock is up 15% over the past year. The company is forecast to post earnings per share of €3.35 for next year compared to €3.09 last year. Price Target Changed • Jan 14
Price target increased by 9.7% to €66.75 Up from €60.83, the current price target is an average from 4 analysts. New target price is 10% above last closing price of €60.60. Stock is up 48% over the past year. The company is forecast to post earnings per share of €3.34 for next year compared to €3.09 last year. Reported Earnings • Dec 19
First half 2026 earnings released: EPS: €1.24 (vs €1.11 in 1H 2025) First half 2026 results: EPS: €1.24 (up from €1.11 in 1H 2025). Revenue: €458.1m (flat on 1H 2025). Net income: €30.3m (up 11% from 1H 2025). Profit margin: 6.6% (up from 5.9% in 1H 2025). Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the IT industry in France. Over the last 3 years on average, earnings per share has increased by 9% per year and the company’s share price has also increased by 9% per year. Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €56.30, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 13x in the IT industry in France. Total returns to shareholders of 38% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €64.58 per share. Buy Or Sell Opportunity • Aug 26
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.0% to €50.10. The fair value is estimated to be €66.38, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 5.9%. For the next 3 years, revenue is forecast to grow by 3.3% per annum. Earnings are also forecast to grow by 10.0% per annum over the same time period. Buy Or Sell Opportunity • Jul 28
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 39% to €62.00. The fair value is estimated to be €51.50, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 5.9%. Revenue is forecast to grow by 5.7% in 2 years. Earnings are forecast to grow by 20% in the next 2 years. Upcoming Dividend • Jul 28
Upcoming dividend of €0.46 per share Eligible shareholders must have bought the stock before 04 August 2025. Payment date: 06 August 2025. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of French dividend payers (5.3%). Lower than average of industry peers (2.5%). Declared Dividend • Jun 23
Dividend increased to €0.46 Dividend of €0.46 is 21% higher than last year. Ex-date: 4th August 2025 Payment date: 6th August 2025 Dividend yield will be 0.8%, which is lower than the industry average of 1.6%. Payout Ratios Payout ratio: 15%. Cash payout ratio: 13%. Price Target Changed • Jun 04
Price target increased by 7.4% to €56.28 Up from €52.42, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of €55.70. Stock is down 12% over the past year. The company is forecast to post earnings per share of €3.35 for next year compared to €3.09 last year. Reported Earnings • Jun 03
First half 2025 earnings released: EPS: €1.11 (vs €1.16 in 1H 2024) First half 2025 results: EPS: €1.11. Revenue: €457.8m (up 66% from 1H 2024). Net income: €27.2m (up 19% from 1H 2024). Profit margin: 5.9% (down from 8.3% in 1H 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the IT industry in France. Buy Or Sell Opportunity • Jun 03
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to €55.70. The fair value is estimated to be €45.86, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 7.3%. Revenue is forecast to grow by 10% in 2 years. Earnings are forecast to grow by 37% in the next 2 years. Buy Or Sell Opportunity • Apr 22
Now 20% undervalued Over the last 90 days, the stock has risen 3.5% to €45.45. The fair value is estimated to be €56.84, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 7.3%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 42% in the next 2 years. Buy Or Sell Opportunity • Apr 04
Now 22% undervalued Over the last 90 days, the stock has risen 3.0% to €44.20. The fair value is estimated to be €56.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 7.3%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 42% in the next 2 years. Buy Or Sell Opportunity • Mar 04
Now 20% undervalued Over the last 90 days, the stock has risen 2.3% to €45.10. The fair value is estimated to be €56.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 7.3%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 42% in the next 2 years. Price Target Changed • Jan 15
Price target decreased by 7.1% to €54.64 Down from €58.84, the current price target is an average from 5 analysts. New target price is 34% above last closing price of €40.85. Stock is down 35% over the past year. The company is forecast to post earnings per share of €3.07 for next year compared to €2.71 last year. Reported Earnings • Dec 06
First half 2025 earnings released: EPS: €1.11 (vs €1.16 in 1H 2024) First half 2025 results: EPS: €1.11. Revenue: €457.8m (up 66% from 1H 2024). Net income: €27.2m (up 19% from 1H 2024). Profit margin: 5.9% (down from 8.3% in 1H 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the IT industry in France. Price Target Changed • Dec 05
Price target decreased by 7.2% to €64.24 Down from €69.20, the current price target is an average from 5 analysts. New target price is 55% above last closing price of €41.35. Stock is down 16% over the past year. The company is forecast to post earnings per share of €3.17 for next year compared to €2.71 last year. Upcoming Dividend • Jul 24
Upcoming dividend of €0.38 per share Eligible shareholders must have bought the stock before 31 July 2024. Payment date: 02 August 2024. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of French dividend payers (5.4%). Lower than average of industry peers (1.8%). Announcement • Jun 20
Wavestone SA, Annual General Meeting, Jul 25, 2024 Wavestone SA, Annual General Meeting, Jul 25, 2024. Location: auditorium l apostrophe, 83 avenue marceau, paris France Declared Dividend • Jun 19
Dividend of €0.38 announced Shareholders will receive a dividend of €0.38. Ex-date: 31st July 2024 Payment date: 2nd August 2024 Dividend yield will be 0.7%, which is lower than the industry average of 1.6%. Payout Ratios Payout ratio: 14%. Cash payout ratio: 12%. Reported Earnings • Jun 06
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: €2.71 (up from €2.51 in FY 2023). Revenue: €701.1m (up 32% from FY 2023). Net income: €58.2m (up 16% from FY 2023). Profit margin: 8.3% (down from 9.4% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the IT industry in France. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 16% per year. Buy Or Sell Opportunity • Feb 05
Now 20% undervalued Over the last 90 days, the stock has risen 37% to €59.40. The fair value is estimated to be €74.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 24%. Revenue is forecast to grow by 75% in 2 years. Earnings are forecast to grow by 70% in the next 2 years. Price Target Changed • Jan 29
Price target increased by 7.0% to €63.88 Up from €59.68, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of €64.20. Stock is up 39% over the past year. The company is forecast to post earnings per share of €2.55 for next year compared to €2.51 last year. New Risk • Jan 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 23% 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. This is currently the only risk that has been identified for the company. Announcement • Jan 17
Wavestone SA (ENXTPA:WAVE) acquired Aspirant, LLC. Wavestone SA (ENXTPA:WAVE) acquired Aspirant, LLC on January 16, 2024. IA Global Capital acted as exclusive financial advisor to Wavestone. Grant Thornton LLP acted as a an accountant, Arsène-Cabinet d'Avocats and Dentons Europe (London) Limited acted as a legal advisor to Wavestone SA (ENXTPA:WAVE). Metz Lewis Brodman Must O'Keefe LLC and Oury Clark Solicitors acted as a legal advisor to Aspirant, LLC and Schneider Downs & Co., Inc. acted as an accountant to Aspirant, LLC.
Wavestone SA (ENXTPA:WAVE) completed the acquisition of Aspirant, LLC on January 16, 2024. Price Target Changed • Jan 17
Price target increased by 9.4% to €61.68 Up from €56.40, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of €60.70. Stock is up 30% over the past year. The company is forecast to post earnings per share of €2.53 for next year compared to €2.51 last year. Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €57.40, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 17x in the IT industry in France. Total returns to shareholders of 100% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €99.18 per share. Major Estimate Revision • Dec 11
Consensus revenue estimates increase by 12%, EPS downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from €617.7m to €690.4m. EPS estimate fell from €2.82 to €2.53. Net income forecast to grow 32% next year vs 14% growth forecast for IT industry in France. Consensus price target up from €56.40 to €60.85. Share price rose 7.5% to €49.40 over the past week. Reported Earnings • Dec 07
First half 2024 earnings released: EPS: €1.16 (vs €0.90 in 1H 2023) First half 2024 results: EPS: €1.16 (up from €0.90 in 1H 2023). Revenue: €276.7m (up 17% from 1H 2023). Net income: €23.0m (up 28% from 1H 2023). Profit margin: 8.3% (up from 7.6% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the IT industry in France. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Price Target Changed • Dec 06
Price target increased by 7.2% to €60.48 Up from €56.40, the current price target is an average from 4 analysts. New target price is 22% above last closing price of €49.55. Stock is up 19% over the past year. The company is forecast to post earnings per share of €2.58 for next year compared to €2.51 last year. Buying Opportunity • Oct 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 9.8%. The fair value is estimated to be €55.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.4% over the last 3 years. Earnings per share has grown by 23%. For the next 3 years, revenue is forecast to grow by 6.7% per annum. Earnings is also forecast to grow by 11% per annum over the same time period. Announcement • Jul 26
Wavestone SA (ENXTPA:WAVE) signed a Memorandum of Understanding to Q_PERIOR AG for approximately €340 million. Wavestone SA (ENXTPA:WAVE) signed a Memorandum of Understanding to Q_PERIOR AG for approximately €340 million on July 25, 2023. The transaction would result in Wavestone acquiring 100% of the share capital of Q_PERIOR, based on an enterprise value of €330 million, including an equity value of €321.9 million and an adjusted net debt of €8.1 million. In addition to this Base price, the sellers would be entitled to an earn-out of up to €35.0 million, conditioned by the EBIT of Q_PERIOR at March 31, 2024. This operation would be financed for 79.0% of the Base price by the issuance of new Wavestone shares on the basis of a reference price of €54 per new share, i.e., a total of 4,709,840 new shares. These new Wavestone shares would be acquired and held by Q_PERIOR shareholders, who would thus become Wavestone shareholders. The remaining balance of the Base price, i.e. €67.6 million, and if applicable the earn-out up to a maximum of €35.0 million, would be financed in cash from Wavestone's available funds. On this basis, earnings per share (EPS) for the new entity would increase by March 31, 2024, and the Transaction is expected to be accretive from fiscal year 2024/25 (ending March 31, 2025), the 1st full year of consolidation of the two firms .Q_PERIOR's key executives would join Wavestone's management team, so that the new firm's operational governance bodies would accurately represent the newly formed entity. Following the Transaction, both companies agreed that the new entity would operate under the Wavestone name. In 2022 , Q_PERIOR generated consolidated revenue of €285 million, up +21%, with an EBIT margin of 8.1% The transaction is to receive approval from Wavestone shareholders' Extraordinary General Meeting. DC Advisory and Bnp Paribas acted s financial advisors to Wavestone SA (ENXTPA:WAVE). Grant Thornton UK LLP acted as accountant to Wavestone SA (ENXTPA:WAVE). Hoche Société d'Avocats and Hoche Société d'Avocats acted as legal advisors to Wavestone SA (ENXTPA:WAVE). Taylor Wessing acted as legal advisor to Q_PERIOR AG and Rothschild & Co US Inc. acted as financial advisor to Q_PERIOR AG. Upcoming Dividend • Jul 26
Upcoming dividend of €0.38 per share at 0.8% yield Eligible shareholders must have bought the stock before 02 August 2023. Payment date: 04 August 2023. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of French dividend payers (5.1%). Lower than average of industry peers (1.9%). Reported Earnings • Jun 02
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: €2.51 (down from €2.55 in FY 2022). Revenue: €532.3m (up 13% from FY 2022). Net income: €50.1m (down 1.9% from FY 2022). Profit margin: 9.4% (down from 11% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.1%. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the IT industry in France. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Jan 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 6.4%. The fair value is estimated to be €53.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has grown by 22%. Revenue is forecast to grow by 17% in 2 years. Earnings is forecast to grow by 23% in the next 2 years. Reported Earnings • Dec 06
First half 2023 earnings released: EPS: €0.90 (vs €1.03 in 1H 2022) First half 2023 results: EPS: €0.90 (down from €1.03 in 1H 2022). Revenue: €237.1m (up 8.8% from 1H 2022). Net income: €17.9m (down 14% from 1H 2022). Profit margin: 7.6% (down from 9.5% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the IT industry in France. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 19% per year. Buying Opportunity • Aug 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 4.7%. The fair value is estimated to be €62.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Earnings per share has grown by 15%. For the next 3 years, revenue is forecast to grow by 6.4% per annum. Earnings is also forecast to grow by 4.9% per annum over the same time period. Upcoming Dividend • Jul 27
Upcoming dividend of €0.38 per share Eligible shareholders must have bought the stock before 03 August 2022. Payment date: 05 August 2022. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of French dividend payers (5.5%). Lower than average of industry peers (1.7%). Reported Earnings • Jun 01
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: €2.55 (up from €1.27 in FY 2021). Revenue: €470.1m (up 13% from FY 2021). Net income: €51.0m (up 101% from FY 2021). Profit margin: 11% (up from 6.1% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.4%. Over the next year, revenue is forecast to grow 6.7%, compared to a 14% growth forecast for the industry in France. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Dec 13
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from €2.01 to €2.29. Revenue forecast steady at €466.7m. Net income forecast to grow 21% next year vs 23% growth forecast for IT industry in France. Consensus price target up from €50.10 to €56.90. Share price rose 9.5% to €54.40 over the past week. Major Estimate Revision • Dec 13
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from €2.01 to €2.29. Revenue forecast steady at €466.7m. Net income forecast to grow 21% next year vs 23% growth forecast for IT industry in France. Consensus price target up from €50.10 to €56.90. Share price rose 9.5% to €54.40 over the past week. Reported Earnings • Dec 08
First half 2022 earnings: EPS exceeds analyst expectations First half 2022 results: EPS: €1.03 (up from €0.35 in 1H 2021). Revenue: €217.8m (up 17% from 1H 2021). Net income: €20.7m (up 198% from 1H 2021). Profit margin: 9.5% (up from 3.7% in 1H 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.6%. Earnings per share (EPS) surpassed analyst estimates by 1.6%. Over the next year, revenue is forecast to grow 7.5%, compared to a 11% growth forecast for the industry in France. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Dec 08
Price target increased to €56.90 Up from €47.77, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of €54.40. Stock is up 83% over the past year. The company is forecast to post earnings per share of €2.29 for next year compared to €1.27 last year. Price Target Changed • Oct 20
Price target increased to €50.10 Up from €45.53, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of €50.40. Stock is up 103% over the past year. The company is forecast to post earnings per share of €1.98 for next year compared to €1.27 last year.