Buy Or Sell Opportunity • Jun 18
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to €1.77. The fair value is estimated to be €2.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 42% over the last 3 years. Earnings per share has grown by 46%. Revenue is forecast to grow by 92% in 2 years. Earnings are forecast to grow by 104% in the next 2 years. Buy Or Sell Opportunity • May 13
Now 20% undervalued Over the last 90 days, the stock has risen 9.1% to €1.84. The fair value is estimated to be €2.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 42% over the last 3 years. Earnings per share has grown by 46%. Revenue is forecast to grow by 92% in 2 years. Earnings are forecast to grow by 104% in the next 2 years. New Risk • May 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of French stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (17% increase in shares outstanding). Market cap is less than US$100m (€19.1m market cap, or US$22.4m). Buy Or Sell Opportunity • Apr 27
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at €1.82. The fair value is estimated to be €2.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 42% over the last 3 years. Earnings per share has grown by 46%. Revenue is forecast to grow by 92% in 2 years. Earnings are forecast to grow by 104% in the next 2 years. Announcement • Apr 17
Logic Instrument S.A., Annual General Meeting, May 21, 2026 Logic Instrument S.A., Annual General Meeting, May 21, 2026. Location: 3 rue ampere zi igny, igny France New Risk • Apr 14
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (10.0% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (17% increase in shares outstanding). Market cap is less than US$100m (€19.6m market cap, or US$23.1m). Reported Earnings • Apr 06
Full year 2025 earnings released: EPS: €0.11 (vs €0.14 in FY 2024) Full year 2025 results: EPS: €0.11 (down from €0.14 in FY 2024). Revenue: €39.7m (up 42% from FY 2024). Net income: €1.23m (flat on FY 2024). Profit margin: 3.1% (down from 4.4% in FY 2024). Revenue is forecast to grow 29% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Tech industry in France. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has increased by 80% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Feb 23
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (23% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (8.8% average weekly change). Market cap is less than US$100m (€20.6m market cap, or US$24.3m). Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €2.04, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 9x in the Tech industry in France. Total returns to shareholders of 558% over the past three years. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €1.72, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Tech industry in France. Total returns to shareholders of 399% over the past three years. New Risk • Nov 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (23% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (€12.4m market cap, or US$14.3m). Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €1.47, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Tech industry in France. Total returns to shareholders of 364% over the past three years. Major Estimate Revision • Nov 20
Consensus revenue estimates fall by 10% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €44.2m to €39.7m. EPS estimate fell from €0.24 to €0.15 per share. Net income forecast to grow 36% next year vs 36% growth forecast for Tech industry in France. Consensus price target up from €2.60 to €2.89. Share price fell 6.7% to €1.54 over the past week. Price Target Changed • Nov 19
Price target increased by 16% to €2.89 Up from €2.49, the current price target is provided by 1 analyst. New target price is 69% above last closing price of €1.72. Stock is up 93% over the past year. The company is forecast to post earnings per share of €0.15 for next year compared to €0.14 last year. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €2.18, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 7x in the Tech industry in France. Total returns to shareholders of 610% over the past three years. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €1.89, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 7x in the Tech industry in France. Total returns to shareholders of 446% over the past three years. Announcement • Apr 13
Logic Instrument S.A., Annual General Meeting, May 19, 2025 Logic Instrument S.A., Annual General Meeting, May 19, 2025. Location: 3 rue ampere, zi igny, igny France Reported Earnings • Apr 04
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: €0.14 (up from €0.07 in FY 2023). Revenue: €28.0m (up 69% from FY 2023). Net income: €1.23m (up 95% from FY 2023). Profit margin: 4.4% (up from 3.8% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.9%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Tech industry in France. Over the last 3 years on average, earnings per share has increased by 128% per year but the company’s share price has only increased by 62% per year, which means it is significantly lagging earnings growth. New Risk • Mar 27
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of French stocks, typically moving 9.7% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.7% average weekly change). High level of non-cash earnings (34% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Market cap is less than US$100m (€14.1m market cap, or US$15.2m). Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to €1.91, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the Tech industry in France. Total returns to shareholders of 446% over the past three years. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €1.32, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Tech industry in France. Total returns to shareholders of 300% over the past three years. New Risk • Feb 23
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (€9.72m market cap, or US$10.2m). Price Target Changed • Jan 31
Price target increased by 12% to €1.93 Up from €1.73, the current price target is provided by 1 analyst. New target price is 96% above last closing price of €0.98. Stock is up 7.0% over the past year. The company is forecast to post earnings per share of €0.14 for next year compared to €0.07 last year. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €1.13, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Tech industry in France. Total returns to shareholders of 226% over the past three years. New Risk • Jan 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (€9.08m market cap, or US$9.46m). Minor Risk Share price has been volatile over the past 3 months (6.7% average weekly change). Reported Earnings • Aug 12
First half 2024 earnings released: EPS: €0.083 (vs €0.04 in 1H 2023) First half 2024 results: EPS: €0.083 (up from €0.04 in 1H 2023). Revenue: €14.6m (up 104% from 1H 2023). Net income: €750.8k (up 108% from 1H 2023). Profit margin: 5.1% (in line with 1H 2023). Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Tech industry in France. Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €1.14, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Tech industry in France. Total returns to shareholders of 83% over the past three years. Valuation Update With 7 Day Price Move • Jul 09
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €1.10, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Tech industry in France. Total returns to shareholders of 84% over the past three years. New Risk • Jun 07
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €9.17m (US$9.91m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (34% accrual ratio). Market cap is less than US$10m (€9.17m market cap, or US$9.91m). Minor Risk Share price has been volatile over the past 3 months (8.8% average weekly change). Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €1.24, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 14x in the Tech industry in France. Total returns to shareholders of 140% over the past three years. New Risk • Mar 26
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €8.63m (US$9.34m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Market cap is less than US$10m (€8.63m market cap, or US$9.34m). Minor Risk Revenue is less than US$5m (€4.3m revenue, or US$4.7m). Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €1.13, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 14x in the Tech industry in France. Total returns to shareholders of 108% over the past three years. Valuation Update With 7 Day Price Move • Feb 28
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €1.17, the stock trades at a trailing P/E ratio of 17.8x. Average trailing P/E is 33x in the Tech industry in Europe. Total returns to shareholders of 117% over the past three years. New Risk • Feb 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). High level of non-cash earnings (44% accrual ratio). Market cap is less than US$10m (€8.63m market cap, or US$9.29m). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Shareholders have been diluted in the past year (5.0% increase in shares outstanding). Announcement • Sep 15
Logic Instrument S.A. (ENXTPA:ALLOG) signed a promise to acquire Elexo from Atos SE (ENXTPA:ATO). Logic Instrument S.A. (ENXTPA:ALLOG) signed a promise to acquire Elexo from Atos SE (ENXTPA:ATO) on September 14, 2023. Transaction to be finalised in Q4. New Risk • Aug 07
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 44% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). High level of non-cash earnings (44% accrual ratio). Market cap is less than US$10m (€4.54m market cap, or US$4.99m). Minor Risk Shareholders have been diluted in the past year (5.0% increase in shares outstanding). Reported Earnings • Aug 07
First half 2023 earnings released: EPS: €0.04 (vs €0.025 loss in 1H 2022) First half 2023 results: EPS: €0.04 (up from €0.025 loss in 1H 2022). Revenue: €7.17m (up 79% from 1H 2022). Net income: €360.5k (up €573.7k from 1H 2022). Profit margin: 5.0% (up from net loss in 1H 2022). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Mar 09
Full year 2022 earnings released Full year 2022 results: Revenue: €9.92m (up 25% from FY 2021). Net income: €24.0k (up €869.0k from FY 2021). Profit margin: 0.2% (up from net loss in FY 2021). Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Mar 05
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €9.14m (down 25% from FY 2019). Net loss: €111.0k (down €132.0k from profit in FY 2019). Is New 90 Day High Low • Jan 18
New 90-day high: €0.58 The company is up 1.0% from its price of €0.57 on 20 October 2020. The French market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is up 16% over the same period. Is New 90 Day High Low • Nov 02
New 90-day low: €0.44 The company is down 12% from its price of €0.50 on 04 August 2020. The French market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is down 4.0% over the same period.