Ipsos (BATS-CHIXE:IPSP) - Share price, News & Analysis

IPSP fundamental analysis
Snowflake Score
Valuation	5/6
Future Growth	1/6
Past Performance	5/6
Financial Health	6/6
Dividends	4/6

IPSP Stock Overview

Ipsos SA, through its subsidiaries, provides survey-based research services for companies and institutions in Europe, the Middle East, Africa, the Americas, and the Asia-Pacific.

Rewards

Trading at 71.1% below our estimate of its fair value

Earnings are forecast to grow 7.78% per year

Earnings grew by 68% over the past year

Risk Analysis

Shares are highly illiquid

Unstable dividend track record

Ipsos Competitors

Adobe

NasdaqGS:ADBE

US$188.0b

Salesforce

NYSE:CRM

US$172.9b

IQVIA Holdings

NYSE:IQV

US$40.1b

CoStar Group

NasdaqGS:CSGP

US$25.2b

Price History & Performance

Summary of all time highs, changes and price drops for Ipsos
Historical stock prices
Current Share Price	€42.40
52 Week High	€44.50
52 Week Low	€32.85
Beta	1.21
1 Month Change	6.73%
3 Month Change	-4.72%
1 Year Change	18.68%
3 Year Change	64.02%
5 Year Change	46.43%
Change since IPO	70.59%

Shareholder Returns

	IPSP	GB Media	GB Market
7D	0%	-3.3%	-3.5%
1Y	18.7%	-8.3%	-2.2%

Return vs Industry: IPSP exceeded the UK Media industry which returned -5.7% over the past year.

Return vs Market: IPSP exceeded the UK Market which returned -4.3% over the past year.

Price Volatility

Is IPSP's price volatile compared to industry and market?
IPSP volatility
IPSP Average Weekly Movement	n/a
Media Industry Average Movement	6.5%
Market Average Movement	6.1%
10% most volatile stocks in GB Market	12.0%
10% least volatile stocks in GB Market	3.0%

Stable Share Price: Insufficient data to determine IPSP's volatility over the past 3 months.

Volatility Over Time: Insufficient data to determine IPSP's volatility change over the past year.

About the Company

Founded	Employees	CEO	Website
1975	17,366	Ben Page	https://www.ipsos.com

Ipsos SA, through its subsidiaries, provides survey-based research services for companies and institutions in Europe, the Middle East, Africa, the Americas, and the Asia-Pacific. The company offers services in the information production and analysis chain, including data collection, data processing and integration, data analysis, information delivery, and information activation. It also provides audience measurement, brand health tracking, car clinics and mobility lab, creative excellence, corporate reputation, customer experience, healthcare, innovation, marketing management and analytics, qualitative insight, retail and consumer intelligence, market strategy and understanding, mystery shopping, observer, public affairs, quality measurement, and social intelligence analytics services, as well as other specialist services, such as media development, retail performance, and employee relationship management.

Ipsos Fundamentals Summary

How do Ipsos's earnings and revenue compare to its market cap?
IPSP fundamental statistics
Market Cap	€2.11b
Earnings (TTM)	€183.92m
Revenue (TTM)	€2.15b

11.5x

P/E Ratio

1.0x

P/S Ratio

Is IPSP overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
IPSP income statement (TTM)
Revenue	€2.15b
Cost of Revenue	€757.39m
Gross Profit	€1.39b
Other Expenses	€1.21b
Earnings	€183.92m

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

Jul 20, 2022

Earnings per share (EPS)	4.14
Gross Margin	64.72%
Net Profit Margin	8.57%
Debt/Equity Ratio	35.7%

How did IPSP perform over the long term?

See historical performance and comparison

Dividends

2.4%

Current Dividend Yield

28%

Payout Ratio

Does IPSP pay a reliable dividends?

See IPSP dividend history and benchmarks

When do you need to buy IPSP by to receive an upcoming dividend?
Ipsos dividend dates
Ex Dividend Date	Jul 01 2022
Dividend Pay Date	Jul 05 2022
Days until Ex dividend	64 days
Days until Dividend pay date	68 days

Does IPSP pay a reliable dividends?

See IPSP dividend history and benchmarks

Valuation

Is Ipsos undervalued compared to its fair value and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PEG Ratio
PB vs Industry

>50%

Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: IPSP (€42.4) is trading below our estimate of fair value (€146.6)

Significantly Below Fair Value: IPSP is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: IPSP is good value based on its PE Ratio (11.5x) compared to the UK Media industry average (32x).

PE vs Market: IPSP is good value based on its PE Ratio (11.5x) compared to the UK market (16.4x).

Price to Earnings Growth Ratio

PEG Ratio: IPSP is poor value based on its PEG Ratio (1.5x)

Price to Book Ratio

PB vs Industry: IPSP is good value based on its PB Ratio (1.6x) compared to the GB Media industry average (1.9x).

Future Growth

How is Ipsos forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

Future Growth Score

1/6

Future Growth Score 1/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

7.8%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: IPSP's forecast earnings growth (7.8% per year) is above the savings rate (0.9%).

Earnings vs Market: IPSP's earnings (7.8% per year) are forecast to grow slower than the UK market (11.7% per year).

High Growth Earnings: IPSP's earnings are forecast to grow, but not significantly.

Revenue vs Market: IPSP's revenue (4.5% per year) is forecast to grow slower than the UK market (4.9% per year).

High Growth Revenue: IPSP's revenue (4.5% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: IPSP's Return on Equity is forecast to be low in 3 years time (12.6%).

Past Performance

How has Ipsos performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

8.3%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: IPSP has high quality earnings.

Growing Profit Margin: IPSP's current net profit margins (8.6%) are higher than last year (6%).

Past Earnings Growth Analysis

Earnings Trend: IPSP's earnings have grown by 8.3% per year over the past 5 years.

Accelerating Growth: IPSP's earnings growth over the past year (68%) exceeds its 5-year average (8.3% per year).

Earnings vs Industry: IPSP earnings growth over the past year (68%) exceeded the Media industry 61.7%.

Return on Equity

High ROE: IPSP's Return on Equity (13.9%) is considered low.

Financial Health

How is Ipsos's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: IPSP's short term assets (€1.0B) exceed its short term liabilities (€688.9M).

Long Term Liabilities: IPSP's short term assets (€1.0B) exceed its long term liabilities (€706.3M).

Debt to Equity History and Analysis

Debt Level: IPSP's net debt to equity ratio (13.4%) is considered satisfactory.

Reducing Debt: IPSP's debt to equity ratio has reduced from 75.7% to 35.7% over the past 5 years.

Debt Coverage: IPSP's debt is well covered by operating cash flow (72.3%).

Interest Coverage: IPSP's interest payments on its debt are well covered by EBIT (15.6x coverage).

Balance Sheet

Dividend

What is Ipsos's current dividend yield, its reliability and sustainability?

Dividend Score

4/6

Dividend Score 4/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

2.42%

Current Dividend Yield

Upcoming Dividend Payment

Dividend Yield vs Market

Notable Dividend: IPSP's dividend (2.42%) is higher than the bottom 25% of dividend payers in the UK market (1.75%).

High Dividend: IPSP's dividend (2.42%) is low compared to the top 25% of dividend payers in the UK market (4.65%).

Stability and Growth of Payments

Stable Dividend: IPSP's dividend payments have been volatile in the past 10 years.

Growing Dividend: IPSP's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (27.7%), IPSP's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its low cash payout ratio (16.9%), IPSP's dividend payments are well covered by cash flows.

Next Steps

Explore strong dividend paying companies in the Media industry.

Management

How experienced are the management team and are they aligned to shareholders interests?

3.3yrs

Average management tenure

CEO

Ben Page (55 yo)

0.42

Tenure

Mr. Ben Page serves as Director at Ipsos SA. He serves as a Member of Management Board of Ipsos SA and serves as its Chief Executive Officer since November 15, 2021 and served as its Chief Executive Office...

Leadership Team

Experienced Management: IPSP's management team is considered experienced (3.3 years average tenure).

Board Members

Experienced Board: IPSP's board of directors are considered experienced (5.5 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/04/27 00:00
End of Day Share Price	2022/04/11 00:00
Earnings	2021/12/31
Annual Earnings	2021/12/31