New Risk • Jul 18
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: €894k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Minor Risks Shareholders have been diluted in the past year (3.0% increase in shares outstanding). Significant insider selling over the past 3 months (€894k sold). Board Change • Jul 18
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. 1 experienced director. 7 highly experienced directors. Independent Director Sylvie Guinard was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 25
Full year 2023 earnings released Full year 2023 results: Revenue: €277.5m (up 3.6% from FY 2022). Net income: €10.0m (down 9.9% from FY 2022). Profit margin: 3.6% (down from 4.1% in FY 2022). Revenue is forecast to grow 5.7% p.a. on average during the next 2 years, compared to a 6.7% growth forecast for the IT industry in the United Kingdom. Duyuru • Mar 20
Visiativ SA (ENXTPA:ALVIV) acquired Solid Applications Limited. Visiativ SA (ENXTPA:ALVIV) acquired Solid Applications Limited on January 1, 2024. In 2023, SOLID Applications generated sales of £2 million. The acquisition of 100% of the share capital of Solid Applications Limited, financed entirely in cash.Visiativ SA (ENXTPA:ALVIV) completed the acquisition of Solid Applications Limited on January 1, 2024. New Risk • Feb 19
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (9.1% operating cash flow to total debt). Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.6% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.3% increase in shares outstanding). Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to €35.60, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 22x in the IT industry in the United Kingdom. Simply Wall St's valuation model estimates the intrinsic value at €22.98 per share. Board Change • Nov 19
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. 2 experienced directors. 6 highly experienced directors. Independent Director Sylvie Guinard was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Duyuru • Oct 10
Visiativ SA (ENXTPA:ALVIV) agreed to acquire 1Life Group. Visiativ SA (ENXTPA:ALVIV) agreed to acquire 1Life Group on October 9, 2023. Financed entirely in cash, the acquisition of 60% of 1Life's capital will be consolidated in Visiativ's financial statements during Q4 2023. 1Life achieved revenue of €10 million in 2022. The transaction is expected to close in the weeks ahead. Reported Earnings • Oct 01
First half 2023 earnings released: EPS: €0.75 (vs €0.27 in 1H 2022) First half 2023 results: EPS: €0.75 (up from €0.27 in 1H 2022). Revenue: €127.7m (up 12% from 1H 2022). Net income: €3.40m (up 183% from 1H 2022). Profit margin: 2.7% (up from 1.0% in 1H 2022). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the IT industry in the United Kingdom. New Risk • Sep 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (9.6% operating cash flow to total debt). Shares are highly illiquid. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Shareholders have been diluted in the past year (4.1% increase in shares outstanding). Board Change • Sep 27
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. 2 experienced directors. 6 highly experienced directors. Independent Director Sylvie Guinard was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 08
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. 2 experienced directors. 6 highly experienced directors. Independent Director Sylvie Guinard was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Duyuru • Aug 07
Visiativ SA (ENXTPA:ALVIV) agreed to acquire All The Assets And Employees Of Techform. Visiativ SA (ENXTPA:ALVIV) agreed to acquire All The Assets And Employees Of Techform on August 7, 2023. This acquisition will strengthen the Visiativ Innovation Platform offered to industrial SMEs and mid-sized companies. The takeover has been welcomed by Techform's employees and customers, reassured by Visiativ's solidity. Visiativ announces it has been chosen by Toulouse Commercial Court to take over all the assets and employees of Techform. Laurent Fiard of Visiativ welcomes TECHFORM teams to Visiativ and be able to offer TECHFORM CPQ solutions to all our SME customers. The strong complementarity of Techform's and Visiativ's respective customer portfolios will contribute to achieving significant commercial synergies. The acquisition is financed entirely in cash. The acquisition of the assets of Techform, which will be consolidated in the second half of 2023. Duyuru • Aug 01
Visiativ SA (ENXTPA:ALVIV) acquired 90% stake in Ebm Gmbh. Visiativ SA (ENXTPA:ALVIV) acquired 90% stake in Ebm Gmbh on July 1, 2023. Transaction is financed entirely in cash.
Visiativ SA (ENXTPA:ALVIV) completed the acquisition of 90% stake in Ebm Gmbh on July 1, 2023. Board Change • Apr 26
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. 2 experienced directors. 6 highly experienced directors. Independent Director Sylvie Guinard was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Mar 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. 2 experienced directors. 6 highly experienced directors. Independent Director Sylvie Guinard was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Aug 09
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. 4 experienced directors. 4 highly experienced directors. Independent Director Daniel Derderian was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • May 04
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. 4 experienced directors. 4 highly experienced directors. Independent Director Daniel Derderian was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Mar 24
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. 4 experienced directors. 4 highly experienced directors. Independent Director Daniel Derderian was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Feb 22
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. 7 experienced directors. 1 highly experienced director. Independent Director Daniel Derderian was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Feb 03
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. 7 experienced directors. 1 highly experienced director. Independent Director Daniel Derderian was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Oct 26
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. 7 experienced directors. 1 highly experienced director. Independent Director Daniel Derderian was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment.