Recent Insider Transactions • Jun 03
Insider recently sold €3.3m worth of stock On the 1st of June, Jean-Luc Barma sold around 192k shares on-market at roughly €17.15 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €3.2m more than they bought in the last 12 months. Recent Insider Transactions • May 06
Insider recently bought €59k worth of stock On the 4th of May, Jean-Luc Barma bought around 3k shares on-market at roughly €16.90 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Jerome Larrue was the last director to join the board, commencing their role in 2019. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 15
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: €0.69 (down from €0.76 in FY 2020). Revenue: €246.0m (up 14% from FY 2020). Net income: €12.9m (down 8.8% from FY 2020). Profit margin: 5.2% (down from 6.6% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 8.0%, compared to a 11% growth forecast for the industry in France. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 27% per year. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 36% share price gain to €16.40, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 20x in the IT industry in France. Total returns to shareholders of 102% over the past three years. Price Target Changed • Feb 04
Price target increased to €18.00 Up from €16.10, the current price target is provided by 1 analyst. New target price is 25% above last closing price of €14.40. Stock is up 66% over the past year. The company is forecast to post earnings per share of €0.88 for next year compared to €0.76 last year. Reported Earnings • Sep 20
First half 2021 earnings released: EPS €0.48 (vs €0.17 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €120.9m (up 8.1% from 1H 2020). Net income: €8.91m (up 181% from 1H 2020). Profit margin: 7.4% (up from 2.8% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Jul 28
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from €0.85 to €0.95. Revenue forecast unchanged at €246.6m. Net income forecast to grow 25% next year vs 30% growth forecast for IT industry in France. Consensus price target up from €13.00 to €14.00. Share price rose 14% to €12.50 over the past week. Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment improved over the past week After last week's 15% share price gain to €12.35, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 20x in the IT industry in France. Total returns to shareholders of 6.6% over the past three years. Price Target Changed • Jun 08
Price target increased to €13.00 Up from €11.60, the current price target is provided by 1 analyst. New target price is 20% above last closing price of €10.80. Stock is up 113% over the past year. Major Estimate Revision • Apr 20
Consensus EPS estimates increase to €0.83 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from €240.2m to €246.6m. EPS estimate increased from €0.67 to €0.83 per share. Net income forecast to grow 9.5% next year vs 8.5% growth forecast for IT industry in France. Consensus price target up from €9.80 to €11.60. Share price rose 7.3% to €9.38 over the past week. Price Target Changed • Apr 19
Price target increased to €11.60 Up from €9.50, the current price target is provided by 1 analyst. New target price is 24% above last closing price of €9.34. Stock is up 100% over the past year. Reported Earnings • Apr 17
Full year 2020 earnings released: EPS €0.76 (vs €0.40 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: €214.9m (down 2.0% from FY 2019). Net income: €14.1m (up 92% from FY 2019). Profit margin: 6.6% (up from 3.4% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Mar 15
New 90-day high: €9.56 The company is up 42% from a price of €6.74 on 15 December 2020. Outperformed the French market which is up 9.0% over the last 90 days. Exceeded the IT industry, which is up 8.0% over the same period. Major Estimate Revision • Feb 04
Analysts update estimates The 2020 consensus earning per share (EPS) estimate increased from €0.35 to €0.46. Revenue estimate for the same period was approximately flat at €214.9m. Net income is expected to grow by 43% next year compared to 1.8% growth forecast for the IT industry in France. The consensus price target increased from €7.40 to €9.50. Share price is up 5.8% to €8.72 over the past week. Price Target Changed • Feb 03
Price target raised to €9.50 Up from €7.10, the current price target is provided by 1 analyst. The new target price is 8.9% above the current share price of €8.72. As of last close, the stock is up 42% over the past year. Is New 90 Day High Low • Jan 11
New 90-day high: €9.40 The company is up 47% from its price of €6.40 on 13 October 2020. The French market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 6.0% over the same period. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improved over the past week After last week's 16% share price gain to €7.90, the stock is trading at a trailing P/E ratio of 20.1x, up from the previous P/E ratio of 17.3x. This compares to an average P/E of 20x in the IT industry in France. Total return to shareholders over the past three years is a loss of 41%. Is New 90 Day High Low • Dec 15
New 90-day high: €6.82 The company is up 23% from its price of €5.56 on 15 September 2020. The French market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is down 1.0% over the same period. Valuation Update With 7 Day Price Move • Nov 04
Market bids up stock over the past week After last week's 16% share price gain to €5.84, the stock is trading at a trailing P/E ratio of 14.9x, up from the previous P/E ratio of 12.8x. This compares to an average P/E of 17x in the IT industry in France. Total return to shareholders over the past three years is a loss of 57%. Valuation Update With 7 Day Price Move • Oct 29
Market pulls back on stock over the past week After last week's 17% share price decline to €5.04, the stock is trading at a trailing P/E ratio of 12.8x, down from the previous P/E ratio of 15.5x. This compares to an average P/E of 15x in the IT industry in France. Total return to shareholders over the past three years is a loss of 64%. Is New 90 Day High Low • Oct 29
New 90-day low: €5.04 The company is down 10.0% from its price of €5.58 on 30 July 2020. The French market is down 3.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the IT industry, which is down 11% over the same period. Is New 90 Day High Low • Oct 12
New 90-day high: €6.40 The company is up 39% from its price of €4.61 on 14 July 2020. The French market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 2.0% over the same period. Reported Earnings • Sep 20
First half earnings released Over the last 12 months the company has reported total profits of €7.26m, down 27% from the prior year. Total revenue was €223.5m over the last 12 months, up 4.1% from the prior year.