Aubay Société Anonyme (AUB.PA) | Investment Case

1. Company Snapshot

1.a. Company Description

Aubay Société Anonyme operates as a digital services company in Belgium, Luxembourg, Spain, Portugal, Italy, and France.The company offers management consulting services, including business line expertise, operational excellence, digital transformation, and operational assistance; and infrastructures-cloud and security solutions, such as hybrid cloud infrastructure, IT operations, IT service management, and cybersecurity.It also provides IT and architecture consulting services comprising audits and studying opportunities, urbanization/enterprise architecture, architecture solutions/digital programs, and IT expertise; and testing-QA services that include functional and technical, and mobile application testing, as well as automation of testing and testing in agile mode.

In addition, the company offers digital marketing services, which comprise marketing strategy, design thinking, user experience, and user interface solutions; application services; and fast lab and innovation services, including RPA, artificial intelligence, blockchain, and virtual and mixed reality.Further, it provides steering services, such as strategic steering, operational steering, governance project, and operational efficiency; and big datadata intelligence services, such as data processing pillars, organization of data, advanced analytics, and presentation of analysis.Additionally, the company offers agility/DevOps services comprising coaching, agile transformation, operational scrum master, and DevOps.

It serves the banking/finance, insurance and personal protection coverage, public, services/utilities, industry/transport, telecom, media and gaming, and retail and distribution sectors.The company was founded in 1997 and is based in Boulogne-Billancourt, France.

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1.b. Last Insights on AUB

Aubay Société Anonyme's recent performance was driven by its attractive dividend profile, strong financial health, and resilience in fluctuating economic conditions. The company's consistent payout history and robust financials make it an appealing option for investors seeking stable income and potential long-term growth. Additionally, Aubay's ability to navigate market volatility and maintain its dividend payments demonstrates its financial flexibility and commitment to shareholders.

1.c. Company Highlights

Last Price	52.5
Change Percentage	-0.19%
Open	52.8
Previous Close	52.6
Market Cap ( Millions)	674
Volume	1547
Year High	54.2
Year Low	40.5
M A 50	48.15
M A 200	47.4

FCF Yield	6.22%
Dividend Yield	2.67%
ROE	12.71%
Debt / Equity	7.26%
Net Debt / EBIDTA	-165.63%
Price To Book	2.45
Price Earnings Ratio	19.41
Price To FCF	16.08
Price To sales	1.25
EV / EBITDA	12.09

2. Transcript Summary

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3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.40%)

6. Segments

Banking/Finance

Expected Growth: 3.5%

Aubay Société Anonyme's 3.5% growth in Banking/Finance is driven by increasing demand for digital transformation, cloud adoption, and cybersecurity services. Additionally, the rise of fintech and regtech, coupled with stringent regulatory requirements, fuels growth in consulting and implementation services.

Insurance and Social Protection

Expected Growth: 2.8%

Aubay Société Anonyme's 2.8% growth in Insurance and Social Protection is driven by increasing demand for risk management, government initiatives promoting social welfare, and rising awareness of insurance benefits among individuals and businesses. Additionally, the company's strategic expansion into new markets and innovative product offerings have contributed to its growth momentum.

Telecom, Media and Gaming

Expected Growth: 4.2%

Aubay Société Anonyme's 4.2% growth in Telecom, Media and Gaming is driven by increasing demand for digital transformation, cloud adoption, and cybersecurity services. Additionally, the rise of 5G networks, streaming services, and online gaming platforms are fueling growth in these segments.

Services/Utilities/Health

Expected Growth: 3.8%

Aubay Société Anonyme's 3.8% growth in Services/Utilities/Health is driven by increasing demand for digital transformation, cybersecurity, and data analytics in the healthcare sector. Additionally, the company's expertise in IT consulting and outsourcing services has enabled it to capitalize on the growing need for operational efficiency in utilities and healthcare industries.

Administration

Expected Growth: 2.2%

Aubay Société Anonyme's 2.2% growth in Administration is driven by increasing demand for digital transformation, cost optimization, and regulatory compliance. The company's expertise in IT consulting and outsourcing has enabled it to capitalize on these trends, resulting in steady revenue growth.

Industry and Transport

Expected Growth: 3.1%

Aubay Société Anonyme's 3.1% growth in Industry and Transport is driven by increasing demand for digital transformation in the industrial sector, growth in electric and autonomous vehicles, and investments in smart transportation infrastructure. Additionally, the rise of Industry 4.0 and IoT adoption are fueling growth in industrial automation and logistics.

Trade and Distribution

Expected Growth: 3.4%

Aubay Société Anonyme's 3.4% growth in Trade and Distribution is driven by increasing demand for digital transformation, expansion into new markets, and strategic partnerships. Additionally, the company's focus on innovation, cost optimization, and operational efficiency have contributed to this growth.

7. Detailed Products

Digital Transformation Consulting

Aubay's digital transformation consulting services help clients navigate the complexities of digital transformation, from strategy to implementation.

Application Development

Aubay's application development services cover the entire software development lifecycle, from design to deployment, using agile methodologies and cutting-edge technologies.

Cloud Services

Aubay's cloud services help clients migrate, manage, and optimize their cloud infrastructure, ensuring scalability, security, and cost-effectiveness.

Cybersecurity Services

Aubay's cybersecurity services help clients protect their IT systems and data from cyber threats, ensuring compliance with regulatory requirements.

Data Analytics and AI

Aubay's data analytics and AI services help clients extract insights from their data, using machine learning, predictive analytics, and data visualization.

IT Infrastructure Services

Aubay's IT infrastructure services cover the design, implementation, and management of IT infrastructure, including network, server, and storage solutions.

8. Aubay Société Anonyme's Porter Forces

Forces Ranking

Threat Of Substitutes

Aubay Société Anonyme operates in the IT consulting industry, where there are many substitutes available. However, the company's strong brand reputation and expertise in digital transformation, data science, and cybersecurity mitigate the threat of substitutes.

Bargaining Power Of Customers

Aubay Société Anonyme's customers are primarily large corporations and government agencies, which have limited bargaining power due to the company's specialized services and expertise.

Bargaining Power Of Suppliers

Aubay Société Anonyme relies on a network of suppliers for IT infrastructure, software, and other services. While the company has some bargaining power, suppliers also have some leverage due to the specialized nature of their products and services.

Threat Of New Entrants

The IT consulting industry has high barriers to entry, including the need for specialized expertise, certifications, and established relationships with clients. This limits the threat of new entrants.

Intensity Of Rivalry

The IT consulting industry is highly competitive, with many established players and a constant influx of new entrants. Aubay Société Anonyme faces intense rivalry from competitors such as Accenture, Deloitte, and Capgemini.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	2.60%
Debt Cost	4.46%
Equity Weight	97.40%
Equity Cost	10.10%
WACC	9.95%
Leverage	2.67%

11. Quality Control: Aubay Société Anonyme passed 6 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Magic Software

A-Score: 6.2/10

Value: 3.5

Growth: 6.7

Quality: 6.7

Yield: 7.5

Momentum: 9.5

Volatility: 3.3

1-Year Total Return ->

Aubay

A-Score: 5.3/10

Value: 4.9

Growth: 5.9

Quality: 6.2

Yield: 4.4

Momentum: 6.0

Volatility: 4.7

1-Year Total Return ->

All for One

A-Score: 5.2/10

Value: 7.8

Growth: 6.3

Quality: 4.6

Yield: 6.2

Momentum: 3.0

Volatility: 3.3

1-Year Total Return ->

Cancom

A-Score: 5.0/10

Value: 5.9

Growth: 5.8

Quality: 4.3

Yield: 6.9

Momentum: 4.0

Volatility: 3.0

1-Year Total Return ->

FDM

A-Score: 4.9/10

Value: 7.9

Growth: 3.0

Quality: 7.6

Yield: 9.4

Momentum: 0.0

Volatility: 1.3

1-Year Total Return ->

Comarch

A-Score: 3.9/10

Value: 3.4

Growth: 3.1

Quality: 4.2

Yield: 1.9

Momentum: 5.0

Volatility: 6.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

2.74%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

9.95%

Aubay Société Anonyme - FR0000063737

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on AUB

1.c. Company Highlights

Less Volatile

Stable Momentum

Average Yield

Fairly Valued

Higher Yield

Average Quality

Revenues Beats

Strong Momentum

Medium Volatility

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.40%)

6. Segments

Banking/Finance

Expected Growth: 3.5%

Insurance and Social Protection

Expected Growth: 2.8%

Telecom, Media and Gaming

Expected Growth: 4.2%

Services/Utilities/Health

Expected Growth: 3.8%

Administration

Expected Growth: 2.2%

Industry and Transport

Expected Growth: 3.1%

Trade and Distribution

Expected Growth: 3.4%

7. Detailed Products

Digital Transformation Consulting

Application Development

Cloud Services

Cybersecurity Services

Data Analytics and AI

IT Infrastructure Services

8. Aubay Société Anonyme's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Aubay Société Anonyme passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

52.5$

Current Price

52.5$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA