Buy Or Sell Opportunity • May 18
Now 21% undervalued Over the last 90 days, the stock has risen 17% to €15.95. The fair value is estimated to be €20.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Earnings per share has declined by 20%. For the next 3 years, revenue is forecast to grow by 3.9% per annum. Earnings are also forecast to grow by 6.3% per annum over the same time period. Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €15.70, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Electronic industry in France. Total loss to shareholders of 50% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €20.24 per share. Announcement • Apr 10
LACROIX Group SA, Annual General Meeting, May 13, 2026 LACROIX Group SA, Annual General Meeting, May 13, 2026. Location: 17 rue oceane, saint herblain France Reported Earnings • Apr 02
Full year 2025 earnings released Full year 2025 results: Revenue: €445.5m (down 30% from FY 2024). Net income: €16.3m (up €34.4m from FY 2024). Profit margin: 3.7% (up from net loss in FY 2024). The move to profitability was driven by lower expenses. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Electronic industry in France. Announcement • Apr 02
LACROIX Group SA Provides Earnings Guidance for the Year 2026 and Confirms Earnings Guidance for the Year 2027 LACROIX Group SA provided earnings guidance for the year 2026 and confirmed earnings guidance for the year 2027. For 2026, the Group expects to deliver moderate revenue growth. This objective will be underpinned by: (i) an Electronics activity benefiting from favorable market dynamics in Avionics & Defense and a stabilization of the Automotive, HBAS and Industry segments; and (ii) following nearly 15% growth in 2025, a stabilization of the Environment activity, despite a temporarily slower French Smart Lighting market due to the usual wait-and-see situation in a municipal election year.
For 2027, the Group confirms a target revenue range of EUR 475 million – EUR 500 million. Announcement • Feb 11
LACROIX Group SA Confirms Earnings Guidance for the Year 2027 LACROIX Group SA confirmed earnings guidance for the year 2027. For the year, the group confirms its target revenue between €475 million and €500 million. Announcement • Nov 08
LACROIX Group SA Provides Earnings Guidance for the Full Year 2025 LACROIX Group SA provided earnings guidance for the full year 2025. For Fourth Quarter 2025, LACROIX expects continued strong momentum in Environment, supported by robust market positioning, and stability in Electronics, benefiting from a favorable base effect. For the full year, the Group remains on track to achieve its targets of around €455 million in revenue. Reported Earnings • Oct 05
First half 2025 earnings released First half 2025 results: Revenue: €227.9m (down 35% from 1H 2024). Net income: €12.0m (up €11.3m from 1H 2024). Profit margin: 5.3% (up from 0.2% in 1H 2024). Revenue is expected to decline by 5.6% p.a. on average during the next 3 years, while revenues in the Electronic industry in France are expected to grow by 17%. Announcement • Oct 02
Lacroix Group SA Provides Earnings Guidance for the Full Year 2025 LACROIX Group SA provided earnings guidance for the full year 2025. For the year, the Group expects full-year revenue of around €455 million (-4% on a comparable scope excluding Road Signs segment). New Risk • Oct 01
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 13% 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 Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risk Market cap is less than US$100m (€54.1m market cap, or US$63.5m). Price Target Changed • Jul 30
Price target decreased by 8.2% to €7.85 Down from €8.55, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of €8.06. Stock is down 60% over the past year. The company is forecast to post earnings per share of €0.99 next year compared to a net loss per share of €3.86 last year. Price Target Changed • May 16
Price target decreased by 19% to €8.55 Down from €10.55, the current price target is an average from 2 analysts. New target price is 18% above last closing price of €7.24. Stock is down 72% over the past year. The company is forecast to post earnings per share of €0.66 next year compared to a net loss per share of €3.86 last year. Announcement • Apr 09
LACROIX Group SA, Annual General Meeting, May 16, 2025 LACROIX Group SA, Annual General Meeting, May 16, 2025. Location: 17 rue oceane, saint herblain France Announcement • Apr 03
LACROIX Group SA Provides Earnings Guidance for the Year 2025 LACROIX Group SA provided earnings guidance for the year 2025. The company expects its revenue of around €600 million. Reported Earnings • Apr 01
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: €7.21 loss per share (down from €0.91 profit in FY 2023). Revenue: €635.5m (down 17% from FY 2023). Net loss: €18.1m (down €22.3m from profit in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 64%. Revenue is forecast to stay flat during the next 2 years compared to a 17% growth forecast for the Electronic industry in France. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Mar 07
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 3.5% to €10.00. The fair value is estimated to be €8.23, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last year. Meanwhile, the company became loss making. Revenue is forecast to decline by 15% in a year. Earnings are forecast to decline by 126% in the next year. New Risk • Mar 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 7.0% 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 Interest payments are not well covered by earnings (1.5x net interest cover). Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (7.0% average weekly change). Market cap is less than US$100m (€46.0m market cap, or US$49.5m). Major Estimate Revision • Feb 12
Consensus EPS estimates fall by 35% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -€3.26 to -€4.40 per share. Revenue forecast of €640.5m unchanged since last update. Electronic industry in France expected to see average net income growth of 51% next year. Consensus price target down from €15.30 to €10.55. Share price fell 12% to €8.00 over the past week. Announcement • Jan 23
LACROIX Group SA to Report First Half, 2025 Results on Sep 30, 2025 LACROIX Group SA announced that they will report first half, 2025 results on Sep 30, 2025 Announcement • Jan 08
LACROIX Group SA to Report Fiscal Year 2024 Results on Mar 31, 2025 LACROIX Group SA announced that they will report fiscal year 2024 results at 12:00 PM, Central European Standard Time on Mar 31, 2025 Announcement • Dec 13
Lacroix in Talks to Sell Its City-Mobility Business LACROIX Group SA (ENXTPA:LACR) announced that it has started discussions on the sale of its city-mobility segment to Austrian traffic technology group SWARCO AG. The targeted operations include the Traffic and V2X businessunits, which booked EUR 27.3 million (USD 28.6 million) in revenue in 2023, making up for 3.6% of the group's total revenue. They employ 122 people across the French sites of Carros, Ploufragan and Cesson, as well as a Spanish site in Madrid. Negotiations follow the announcement of the French firm’s plan to sell the business in May. A divestment will complete Lacroix’ strategic refocusing on its two high-potential activities -- electronics and environment. Lacroix and Swarco expect to finalise a transaction in the first quarter of 2025. Financial details were not provided. Major Estimate Revision • Oct 07
Consensus EPS estimates have been downgraded. The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €702.7m to €641.0m. Now expected to report a loss of €3.29 per share instead of €1.70 per share profit previously forecast. Electronic industry in France expected to see average net income growth of 16% next year. Consensus price target down from €27.50 to €18.75. Share price fell 11% to €15.90 over the past week. Reported Earnings • Oct 02
First half 2024 earnings released First half 2024 results: Revenue: €350.3m (down 9.7% from 1H 2023). Net income: €700.0k (down 88% from 1H 2023). Profit margin: 0.2% (down from 1.4% in 1H 2023). Revenue is expected to decline by 1.5% p.a. on average during the next 3 years, while revenues in the Electronic industry in France are expected to grow by 24%. Price Target Changed • Oct 01
Price target decreased by 21% to €23.00 Down from €29.20, the current price target is an average from 2 analysts. New target price is 28% above last closing price of €17.95. Stock is down 43% over the past year. The company is forecast to post a net loss per share of €3.29 compared to earnings per share of €0.91 last year. New Risk • Sep 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €90.1m (US$99.5m) This is considered a minor 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 Risk Interest payments are not well covered by earnings (2.1x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.6% net profit margin). Market cap is less than US$100m (€90.1m market cap, or US$99.5m). Major Estimate Revision • Jul 26
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €730.7m to €702.7m. EPS estimate also fell from €2.04 per share to €1.70 per share. Net income forecast to grow 89% next year vs 71% growth forecast for Electronic industry in France. Consensus price target down from €29.20 to €27.50. Share price fell 7.1% to €19.50 over the past week. Upcoming Dividend • Jul 05
Upcoming dividend of €0.70 per share Eligible shareholders must have bought the stock before 12 July 2024. Payment date: 16 July 2024. Payout ratio is on the higher end at 77%, however this is supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of French dividend payers (5.2%). Higher than average of industry peers (0.7%). Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €20.90, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Electronic industry in France. Total loss to shareholders of 55% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €37.92 per share. Announcement • May 15
LACROIX Group SA Reiterates Earnings Guidance for the Year 2024 LACROIX Group SA reiterated earnings guidance for the year 2024. The company expects its revenue to exceed €710 million in 2024, up slightly on the 2023 level excluding the Road Signs segment (i.e. €702 million). The current EBITDA margin is expected to exceed its 2023 level, within a range of 5.5% to 6.5%. Declared Dividend • Apr 15
Dividend reduced to €0.70 Dividend of €0.70 is 13% lower than last year. Ex-date: 12th July 2024 Payment date: 16th July 2024 Dividend yield will be 2.9%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by both earnings (77% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 3.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 201% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • Apr 09
Consensus EPS estimates fall by 22% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €755.8m to €726.9m. EPS estimate also fell from €2.74 per share to €2.13 per share. Net income forecast to grow 135% next year vs 36% growth forecast for Electronic industry in France. Consensus price target down from €31.00 to €29.00. Share price fell 6.7% to €23.80 over the past week. Announcement • Apr 03
LACROIX Group SA, Annual General Meeting, May 17, 2024 LACROIX Group SA, Annual General Meeting, May 17, 2024. Agenda: To consider dividend. Buy Or Sell Opportunity • Apr 03
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to €24.20. The fair value is estimated to be €31.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to decline by 0.3% per annum. Earnings are forecast to grow by 44% per annum over the same time period. Announcement • Apr 03
LACROIX Group SA Provides Revenue Guidance for the Full Years 2024 and 2025 LACROIX Group SA provided revenue guidance for the full years 2024 and 2025. Taking into account the economic uncertainties of 2024, the company expected a revenue excluding the Road signs segment to exceed €710 million in 2024, slightly up on its 2023 level (that is €702 million). By 2025, the Group confirmed its revenue target of €800 million, conditional on the completion of an external growth operation and more favorable demand trends in the automotive and HBAS markets. Announcement • Dec 16
LACROIX and AIAC Enter into Exclusive Negotiations for Sale of Road Signs Business Unit LACROIX Group SA (ENXTPA:LACR) announced that it has entered into exclusive negotiations with the North American industrial investment firm AMERICAN INDUSTRIAL ACQUISITION CORPORATION (AIAC) with a view to selling its Road Signs Business Unit (8% of LACROIX revenue by 2022). This announcement follows the communication of February 9, 2023 in which LACROIX expressed its desire to find a buyer for this business, in order to focus its investments on its strategic markets around industrial IoT and electronic equipment. Major Estimate Revision • Nov 09
Consensus EPS estimates fall by 28% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €776.6m to €764.6m. EPS estimate also fell from €3.36 per share to €2.41 per share. Net income forecast to shrink 3.1% next year vs 24% growth forecast for Electronic industry in France . Consensus price target down from €44.00 to €34.95. Share price was steady at €27.80 over the past week. Announcement • Nov 09
LACROIX Group SA Provides Earnings Guidance for the Year 2023 LACROIX Group SA provided earnings guidance for the year 2023. For the year, the company remains confident in exceeding a revenue of €750 million on a like-for-like basis, i.e. an increase of at least 6%. Price Target Changed • Nov 08
Price target decreased by 13% to €40.95 Down from €47.30, the current price target is an average from 2 analysts. New target price is 50% above last closing price of €27.30. Stock is up 4.2% over the past year. The company is forecast to post earnings per share of €2.95 for next year compared to €2.54 last year. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to €30.90, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Electronic industry in France. Total returns to shareholders of 40% over the past three years. Reported Earnings • Oct 01
First half 2023 earnings released: EPS: €1.20 (vs €0.83 in 1H 2022) First half 2023 results: EPS: €1.20 (up from €0.83 in 1H 2022). Revenue: €387.8m (up 15% from 1H 2022). Net income: €5.60m (up 44% from 1H 2022). Profit margin: 1.4% (up from 1.1% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Electronic industry in France. Board Change • Aug 31
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. Independent Director Pierre Tiers was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Aug 29
Lacroix Group Sa Provides Earnings Forecast for the Year 2023 and 2025 LACROIX Group SA provided earnings forecast for the year 2023 and 2025. For the 2023, the company confirm its financial targets for 2023, with revenue over €750 million on a like-for-like basis, i.e. an increase of at least 6%. For the 2025, the company expects financial targets set out in the Leadership 2025 plan have been confirmed, in particular the targets for revenue (€800 million) and EBITDA margin (around 9%). Announcement • May 10
LACROIX Group SA Provides Revenue Guidance for the Fiscal Year 2023 LACROIX Group SA provided revenue guidance for the fiscal year 2023. With this very positive start to the year, the company is maintaining its annual targets. The group anticipates a revenue of over €750 million on a like-for-like basis, i.e. growth of at least 6%. Reported Earnings • Mar 29
Full year 2022 earnings released Full year 2022 results: Revenue: €707.8m (up 41% from FY 2021). Net income: €11.9m (down 45% from FY 2021). Profit margin: 1.7% (down from 4.3% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.4% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Electronic industry in France. Price Target Changed • Nov 16
Price target decreased to €44.50 Down from €48.75, the current price target is an average from 2 analysts. New target price is 72% above last closing price of €25.80. Stock is down 32% over the past year. The company is forecast to post earnings per share of €2.51 for next year compared to €5.32 last year. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Hugues Meili was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Major Estimate Revision • Oct 06
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from €3.31 to €2.49 per share. Revenue forecast steady at €673.8m. Net income forecast to shrink 29% next year vs 14% growth forecast for Electronic industry in France . Consensus price target down from €48.75 to €42.85. Share price rose 3.2% to €29.40 over the past week. Reported Earnings • Sep 30
Second quarter 2022 earnings released Second quarter 2022 results: Net income: (flat on 2Q 2021). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Electronic industry in France. Price Target Changed • Sep 30
Price target decreased to €45.15 Down from €50.55, the current price target is an average from 2 analysts. New target price is 55% above last closing price of €29.10. Stock is down 23% over the past year. The company is forecast to post earnings per share of €3.31 for next year compared to €5.32 last year. Price Target Changed • Aug 26
Price target decreased to €48.55 Down from €53.55, the current price target is an average from 2 analysts. New target price is 48% above last closing price of €32.90. Stock is down 23% over the past year. The company is forecast to post earnings per share of €3.43 for next year compared to €5.32 last year. Upcoming Dividend • Jul 01
Upcoming dividend of €0.85 per share Eligible shareholders must have bought the stock before 08 July 2022. Payment date: 12 July 2022. Payout ratio is a comfortable 16% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of French dividend payers (5.6%). In line with average of industry peers (2.8%). Price Target Changed • May 10
Price target decreased to €51.55 Down from €57.45, the current price target is an average from 2 analysts. New target price is 38% above last closing price of €37.40. Stock is down 19% over the past year. The company is forecast to post earnings per share of €3.45 for next year compared to €5.32 last year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Hugues Meili was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €39.00, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 16x in the Electronic industry in France. Total returns to shareholders of 118% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €74.85 per share. Price Target Changed • Feb 15
Price target increased to €57.45 Up from €52.55, the current price target is an average from 2 analysts. New target price is 34% above last closing price of €42.90. Stock is up 27% over the past year. The company is forecast to post earnings per share of €2.37 for next year compared to €2.43 last year. Valuation Update With 7 Day Price Move • Oct 01
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €37.80, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 18x in the Electronic industry in France. Total returns to shareholders of 86% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €62.12 per share. Price Target Changed • Jul 12
Price target increased to €56.00 Up from €51.90, the current price target is provided by 1 analyst. New target price is 30% above last closing price of €43.00. Stock is up 85% over the past year. Upcoming Dividend • Jul 03
Upcoming dividend of €0.68 per share Eligible shareholders must have bought the stock before 09 July 2021. Payment date: 13 July 2021. Trailing yield: 1.4%. Lower than top quartile of French dividend payers (3.7%). In line with average of industry peers (1.5%). Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improved over the past week After last week's 16% share price gain to €43.00, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 23x in the Electronic industry in France. Total returns to shareholders of 43% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €37.67 per share. Price Target Changed • Apr 09
Price target increased to €44.90 Up from €41.00, the current price target is an average from 2 analysts. New target price is 14% above last closing price of €39.50. Stock is up 88% over the past year. Is New 90 Day High Low • Dec 23
New 90-day high: €33.70 The company is up 47% from its price of €23.00 on 24 September 2020. The French market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 24% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.71 per share. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment improved over the past week After last week's 18% share price gain to €31.80, the stock is trading at a trailing P/E ratio of 13.6x, up from the previous P/E ratio of 11.5x. This compares to an average P/E of 35x in the Electronic industry in France. Total returns to shareholders over the past three years are 27%.