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Wavestone

ENXTPA:WAVE
Snowflake Description

Solid track record with reasonable growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
WAVE
ENXTPA
€546M
Market Cap
  1. Home
  2. FR
  3. Software
Company description

Wavestone SA provides management and information systems consulting services primarily in France, Luxembourg, Hong Kong, the United States, the United Kingdom, Belgium, Switzerland, and Morocco. The last earnings update was 126 days ago. More info.


Add to Portfolio Compare Print
  • Wavestone has significant price volatility in the past 3 months.
WAVE Share Price and Events
7 Day Returns
-0.5%
ENXTPA:WAVE
-2.4%
FR IT
-0.8%
FR Market
1 Year Returns
-2.9%
ENXTPA:WAVE
-8.1%
FR IT
-0.1%
FR Market
WAVE Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Wavestone (WAVE) -0.5% -19.9% -29.3% -2.9% 80.5% 290.7%
FR IT -2.4% -4.3% -14.5% -8.1% 40.3% 128.5%
FR Market -0.8% -0.8% -6.7% -0.1% 22.8% 55.3%
1 Year Return vs Industry and Market
  • WAVE outperformed the IT industry which returned -8.1% over the past year.
  • WAVE underperformed the Market in France which returned -0.1% over the past year.
Price Volatility
WAVE
Industry
5yr Volatility vs Market
Related Companies

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.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Wavestone.

ENXTPA:WAVE Discounted Cash Flow Data Sources
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 8.5%
Perpetual Growth Rate 10-Year FR Government Bond Rate 0.8%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ENXTPA:WAVE
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year FR Govt Bond Rate 0.8%
Equity Risk Premium S&P Global 9.2%
IT Unlevered Beta Simply Wall St/ S&P Global 0.76
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.758 (1 + (1- 33%) (15.87%))
0.838
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.84
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.78% + (0.838 * 9.22%)
8.51%

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 use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.

ENXTPA:WAVE DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Levered FCF (EUR, Millions) 28.17 34.30 39.15 45.81 53.13
Source Analyst x3 Analyst x3 Analyst x2 Est @ 17%, capped from 24.31% Est @ 16%, capped from 24.31%
Present Value
Discounted (@ 8.51%)
25.96 29.13 30.64 33.04 35.32
Present value of next 5 years cash flows €154.09
ENXTPA:WAVE DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= €53.13 × (1 + 0.78%) ÷ (8.51% – 0.78%)
€692.61
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= €692.61 ÷ (1 + 8.51%)5
€460.42
ENXTPA:WAVE Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= €154.09 + €460.42
€614.51
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €614.51 / 20.05
€30.65
ENXTPA:WAVE Discount to Share Price
Calculation Result
Value per share (EUR) From above. €30.65
Current discount Discount to share price of €27.25
= -1 x (€27.25 - €30.65) / €30.65
11.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Wavestone is available for.
Intrinsic value
11%
Share price is €27.25 vs Future cash flow value of €30.65
Current Discount Checks
For Wavestone to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Wavestone's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Wavestone's share price is below the future cash flow value, but not at a substantial discount (< 40%).
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?
Raw Data
ENXTPA:WAVE PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-03-31) in EUR €1.35
ENXTPA:WAVE Share Price ** ENXTPA (2018-11-16) in EUR €27.25
France IT Industry PE Ratio Median Figure of 29 Publicly-Listed IT Companies 17.49x
France Market PE Ratio Median Figure of 409 Publicly-Listed Companies 15.22x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Wavestone.

ENXTPA:WAVE PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTPA:WAVE Share Price ÷ EPS (both in EUR)

= 27.25 ÷ 1.35

20.18x

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?
Raw Data
ENXTPA:WAVE PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 20.18x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
16.1%per year
France IT Industry PEG Ratio Median Figure of 24 Publicly-Listed IT Companies 1.2x
France Market PEG Ratio Median Figure of 273 Publicly-Listed Companies 1.32x

*Line of best fit is calculated by linear regression .

ENXTPA:WAVE PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 20.18x ÷ 16.1%

1.25x

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?
Raw Data
ENXTPA:WAVE PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-03-31) in EUR €6.61
ENXTPA:WAVE Share Price * ENXTPA (2018-11-16) in EUR €27.25
France IT Industry PB Ratio Median Figure of 36 Publicly-Listed IT Companies 2.04x
France Market PB Ratio Median Figure of 596 Publicly-Listed Companies 1.46x
ENXTPA:WAVE PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTPA:WAVE Share Price ÷ Book Value per Share (both in EUR)

= 27.25 ÷ 6.61

4.12x

* 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.
X
Value checks
We assess Wavestone's value by looking at:
  1. 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. )
  2. Is the PE ratio less than the market average, and/ or less than the IT industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the IT industry average (and greater than 0)? (1 check)
  5. 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!
Annual Growth Rate
16.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Wavestone expected to grow at an attractive rate?
  • Wavestone's earnings growth is expected to exceed the low risk savings rate of 0.8%.
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
Raw Data
ENXTPA:WAVE Future Growth Rates Data Sources
Data Point Source Value (per year)
ENXTPA:WAVE Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 16.1%
ENXTPA:WAVE Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 8.1%
France IT Industry Earnings Growth Rate Market Cap Weighted Average 16.9%
France IT Industry Revenue Growth Rate Market Cap Weighted Average 7.5%
France Market Earnings Growth Rate Market Cap Weighted Average 10.3%
France Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*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
Raw Data
ENXTPA:WAVE Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (7 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ENXTPA:WAVE Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-03-31 459 43 44 1
2020-03-31 427 39 37 3
2019-03-31 394 33 31 3
ENXTPA:WAVE Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
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
2015-09-30 181 12 13
2015-06-30 172 13 13

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Wavestone's earnings are expected to grow by 16.1% yearly, however this is not considered high growth (20% yearly).
  • Wavestone's revenue is expected to grow by 8.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ENXTPA:WAVE Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (7 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 7 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:WAVE Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-03-31 2.21 2.21 2.21 1.00
2020-03-31 1.85 2.01 1.69 3.00
2019-03-31 1.52 1.57 1.43 3.00
ENXTPA:WAVE Past Financials Data
Date (Data in EUR Millions) EPS *
2018-03-31 1.35
2017-12-31 1.22
2017-09-30 1.08
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
2015-09-30 0.68
2015-06-30 0.66

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Wavestone is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Wavestone's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the France market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the France market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
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
Below we compare Wavestone's growth in the last year to its industry (IT).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Wavestone's year on year earnings growth rate has been positive over the past 5 years.
  • Wavestone's 1-year earnings growth exceeds its 5-year average (32.8% vs 18.9%)
  • Wavestone's earnings growth has exceeded the FR IT industry average in the past year (32.8% vs 11.6%).
Earnings and Revenue History
Wavestone's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Wavestone Company Filings, last reported 7 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ENXTPA:WAVE Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
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
2012-03-31 108.06 7.00 13.56
2011-12-31 106.88 5.88 14.00

*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 has not improved over the past 3 years (Return on Capital Employed).
X
Past performance checks
We assess Wavestone's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the IT industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
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.
Net Worth
  • 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
This treemap shows a more detailed breakdown of Wavestone's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 2.4x 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.
Raw Data

All data from Wavestone Company Filings, last reported 7 months ago.

ENXTPA:WAVE Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
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
2012-03-31 45.16 2.55 14.58
2011-12-31 45.16 2.55 14.58
  • Wavestone's level of debt (66.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (6.7% vs 66.6% today).
  • Debt is well covered by operating cash flow (34.8%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 25.6x coverage).
X
Financial health checks
We assess Wavestone's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Wavestone has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. 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
Dividend payments
0.74%
Current annual income from Wavestone dividends. Estimated to be 1.17% next year.
If you bought €2,000 of Wavestone shares you are expected to receive €15 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Wavestone's pays a lower dividend yield than the bottom 25% of dividend payers in France (1.62%).
  • Wavestone's dividend is below the markets top 25% of dividend payers in France (4.32%).
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.
Raw Data
ENXTPA:WAVE Annualized Past and Future Dividends
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 1.9%
France Market Average Dividend Yield Market Cap Weighted Average of 318 Stocks 3.1%
France Minimum Threshold Dividend Yield 10th Percentile 1%
France Bottom 25% Dividend Yield 25th Percentile 1.6%
France Top 25% Dividend Yield 75th Percentile 4.3%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ENXTPA:WAVE Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2021-03-31 0.36 2.00
2020-03-31 0.34 2.00
2019-03-31 0.20 1.00
ENXTPA:WAVE Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2018-07-16 0.203 0.564
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
2008-11-20 0.048 1.609

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.
Current Payout to shareholders
What portion of Wavestone's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of Wavestone's dividends as it is not paying a notable one for France.
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (5.6x coverage).
X
Income/ dividend checks
We assess Wavestone's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. 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)
  7. Wavestone has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

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

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Pascal Imbert
COMPENSATION €232,914
AGE 60
TENURE AS CEO 6.2 years
CEO Bio

Mr. Pascal Imbert has been Chairman of the Management Board at Wavestone SA (also known as Solucom SA) since September 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:

6.2
Average Tenure
54
Average Age
  • 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

TITLE
CEO & Chairman of the Management Board
COMPENSATION
€233K
AGE
60
TENURE
6.2 yrs

Patrick Hirigoyen

TITLE
COO, Deputy Chief Executive and Member of the Management Board
COMPENSATION
€232K
AGE
55
TENURE
6.2 yrs

Sarah Lamigeon

TITLE
Director of Communications and Member of the Supervisory Board
COMPENSATION
€104K
AGE
46
TENURE
7.8 yrs

Tiphanie Bordier

TITLE
Chief Financial Officer
TENURE
4.8 yrs

Reza Maghsoudnia

TITLE
Director of Development
TENURE
7.8 yrs

Fanny Rouhet

TITLE
Head of Human Resources

Bassam Almoussa

TITLE
Chairman of Arcome SAS and Chief Executive Officer of Arcome SAS
AGE
54

Pascal Nicaud

TITLE
Executive Partner & CEO of Lumens Consultants

Olivier Schmitt

TITLE
Executive Partner & Chairman of Trend Consultants

Laurent Stoupy

TITLE
Executive Partner
AGE
51
Board of Directors Tenure

Average tenure and age of the Wavestone board of directors in years:

4.3
Average Tenure
55
Average Age
  • The tenure for the Wavestone board of directors is about average.
Board of Directors

Michel Dancoisne

TITLE
Chairman of the Supervisory Board
COMPENSATION
€68K
AGE
71
TENURE
16.2 yrs

Jean-Francois Perret

TITLE
Vice-Chairman of the Supervisory Board
COMPENSATION
€11K
AGE
76
TENURE
4.3 yrs

Sarah Lamigeon

TITLE
Director of Communications and Member of the Supervisory Board
COMPENSATION
€104K
AGE
46
TENURE
3.3 yrs

Bassam Almoussa

TITLE
Chairman of Arcome SAS and Chief Executive Officer of Arcome SAS
AGE
54

Olivier Schmitt

TITLE
Executive Partner & Chairman of Trend Consultants

Loic Carpentier

TITLE
Executive Partner & Director of Trend Consultants

Marie-Ange Verdickt

TITLE
Member of the Supervisory Board
COMPENSATION
€22K
AGE
56
TENURE
6.2 yrs

Rafaël Vivier

TITLE
Member of the Supervisory Board
COMPENSATION
€17K
AGE
43
TENURE
3.3 yrs

Benjamin Clément

TITLE
Member of Supervisory Board
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Wavestone's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. 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

External News
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Simply Wall St News

How Much Money Does Wavestone SA (EPA:WAVE) Make?

Today we will examine Wavestone’s ability to generate cash flows, as well as the level of capital expenditure it is expected to incur over the next couple of years, which will result in how much money goes to you. … Wavestone generates cash through its day-to-day business, which needs to be reinvested into the company in order for it to continue operating. … The two ways to assess whether Wavestone’s FCF is sufficient, is to compare the FCF yield to the market index yield, as well as determine whether the top-line operating cash flows will continue to grow

Simply Wall St -

Are Wavestone SA's (EPA:WAVE) Interest Costs Too High?

Wavestone SA (EPA:WAVE) is a small-cap stock with a market capitalization of €611m. … 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. … Assessing first and foremost the financial health is

Simply Wall St -

Wavestone SA (EPA:WAVE): Is Growth Priced In?

Wavestone SA (EPA:WAVE) is considered a high-growth stock, but its last closing price of €30.1 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. … Wavestone is poised for significantly high earnings growth in the near future

Simply Wall St -

Should You Be Tempted To Sell Wavestone SA (EPA:WAVE) At Its Current PE Ratio?

I am writing today to help inform people who are new to the stock market. … and want to learn about the link between company’s fundamentals and stock market performance. … I will deconstruct the P/E ratio and highlight what you need to be careful of when using the P/E ratio

Simply Wall St -

Wavestone SA (EPA:WAVE): What Are The Future Prospects?

as a 16.2% rise in profits is expected in the upcoming year, … the higher past 5-year average growth rate of 19.4% … With trailing-twelve-month net income at current levels of €26.6m, we should see this rise to €30.9m in 2019.

Simply Wall St -

Has Wavestone SA (EPA:WAVE) Improved Earnings Growth In Recent Times?

Today I will assess WAVE's latest performance announced on 31 March 2018 and compare these figures to its longer term trend and industry movements. … Did WAVE beat its long-term earnings growth trend and its industry. … WAVE's trailing twelve-month earnings (from 31 March 2018) of €26.63m has

Simply Wall St -

Should You Be Holding Wavestone SA (EPA:WAVE)?

As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook.

Simply Wall St -

One Factor To Consider Before Investing In Wavestone SA (EPA:WAVE)

If you are currently a shareholder in Wavestone SA (EPA:WAVE), or considering investing in the stock, you need to examine how the business generates cash, and how it is reinvested. … I’ve analysed below, the health and outlook of Wavestone’s cash flow, which will help you understand the stock from a cash standpoint. … There are two methods I will use to evaluate the quality of Wavestone’s FCF: firstly, I will measure its FCF yield relative to the market index yield; secondly, I will examine whether its operating cash flow will continue to grow into the future, which will give us a sense of sustainability.

Simply Wall St -

Are Wavestone SA's (EPA:WAVE) Interest Costs Too High?

While small-cap stocks, such as Wavestone SA (EPA:WAVE) with its market cap of €855.44m, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn.

Simply Wall St -

Is Wavestone SA (EPA:WAVE) Expensive For A Reason? A Look At The Intrinsic Value

How far off is Wavestone SA (EPA:WAVE) from its intrinsic value? … by taking the expected future cash flows and discounting them to their present 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 -

Company Info

Map
Description

Wavestone SA provides management and information systems consulting services primarily in France, Luxembourg, Hong Kong, the United States, the United Kingdom, Belgium, Switzerland, and Morocco. 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
€546,261,348
20,046,288
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
Staff numbers
2,727
Wavestone employees.
Industry
IT Consulting and Other Services
Software
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2018/11/19 08:17
End of day share price update: 2018/11/16 00:00
Last estimates confirmation: 2018/11/14
Last earnings filing: 2018/07/16
Last earnings reported: 2018/03/31
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.