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1. Company Snapshot

1.a. Company Description

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 presentation, and information activation.It also provides audience measurement, automotive and mobility development, brand health tracking, channel performance, corporate reputation, creative excellence, customer experience, healthcare, innovation, Ipsos MMA, Ipsos UU, market strategy and understanding, observer, public affairs, social intelligence analytics, and other specialist services, as well as research methodologies, such as device agnosticism, programmatic sampling, and digital face-to-face interview.


In addition, the company offers online and mobile integrated services and device agnostic solutions that include online surveys adapted to laptops, smartphones, and tablets; and qualitative research services, as well as operates Ipsos.Digital, a do-it-yourself platform.Further, it provides artificial intelligence and data science solutions that develops and provides analytical tools based on data science, machine learning, big analytics, and modelling; and behavioral science and neuroscience solutions, as well as operates Ipsos Knowledge Centre for teams and clients.Ipsos SA was incorporated in 1975 and is headquartered in Paris, France.

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1.b. Last Insights on IPS

Ipsos SA's recent performance was negatively impacted by a Q1 revenue miss, with organic sales declining 1.4% due to weakness in the Americas. Unfavorable foreign exchange effects, primarily the euro's appreciation against the US dollar, hurt revenue growth. Despite this, the company maintains its 2026 outlook and is optimistic about future prospects, driven by strategic acquisitions and a robust order book. A €100 million share buyback program was launched, which could positively impact shareholder value.

1.c. Company Highlights

2. Ipsos Delivers Steady 2025 Results, Paving the Way for Future Growth

Ipsos reported revenue of EUR 2.525 billion for 2025, representing a 3.4% growth, with an organic growth of 0.6%. The operating margin stood at 12.8%, in line with expectations. However, the actual EPS of 3.05 fell short of estimates of 3.84. The company's net profit attributable to the group was EUR 240 million, and the cash flow was EUR 181 million. The financial position remains sound with a debt-to-EBITDA ratio of 0.5x.

Publication Date: Feb -26

📋 Highlights
  • Total Revenue: EUR 2.525 billion in 2025, reflecting 3.4% growth over prior year.
  • Operating Margin: 12.8% maintained, with net profit of EUR 240 million despite below-target organic growth of 0.6%.
  • Digital Growth: Ipsos Digital surged 27% to EUR 140 million revenue, outperforming traditional segments.
  • Strategic Investment: EUR 1.2 billion allocated over 5 years for AI, tech accelerators, and acquisitions to drive 3-4% annual growth (2026-2028).
  • Financial Position: Strong cash flow of EUR 181 million and debt-to-EBITDA ratio of 0.5x, supporting EUR 1.4 billion cumulative free cash flow target by 2030.

Segmental Performance

The EMEA region saw a 2% organic growth, driven by the private sector business, which grew 2.1%. The digital platform had a significant growth of 27%, while the public affairs business declined by 8% due to complex and challenging political situations. The acquisition of BVA Family and infas contributed to the company's growth, but also affected the gross margin.

Strategic Choices and Outlook

Ipsos has taken six strategic choices to drive growth and innovation, including leveraging technology and AI, and improving value-added services. The company aims to implement globally managed services with consistent methods, technology, and price ranges. For 2026, Ipsos expects an organic growth outlook in the range of 2% to 3%, with an operating margin expected to be equivalent to that of 2025, at around 12.3%. As Jean Poitou, the CEO, mentioned, "We plan to strengthen the use of Ipsos Digital, a platform with 140 million euros in revenue and a profitability higher than double that of Ipsos."

Valuation Metrics

With a P/E Ratio of 9.04, the stock appears to be undervalued, especially considering the expected growth in the coming years. The Dividend Yield of 5.52% and Free Cash Flow Yield of 10.45% also make the stock attractive. The EV/EBITDA ratio of 5.81 suggests that the company's enterprise value is reasonable compared to its EBITDA. The current valuation metrics indicate that the market has not fully priced in the company's growth potential, with an expected average growth of 3% to 4% between 2026 and 2028, accelerating to over 5% in 2029 and 2030.

3. NewsRoom

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Ipsos: Disclosure of trading in own shares under a share buyback programme (20 to 24 April 2026)

Apr -28

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Ipsos: Monthly declaration of shares and voting rights - March 2026

Apr -24

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Ipsos: Disclosure of trading in own shares under a share buyback programme (13 to 17 April 2026)

Apr -21

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Is Ipsos (ENXTPA:IPS) Share Weakness A Chance After Sector Reassessment?

Apr -17

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Most Homeowners Prefer Remodeling Rather Than Relocating Amid Affordability Woes, Redfin Survey Shows

Apr -17

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Ipsos SA (IPSOF) Q1 2026 Earnings Call Highlights: Navigating Challenges with Strategic Growth ...

Apr -17

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Ipsos maintains 2026 outlook despite decline in Q1 revenue

Apr -16

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Ipsos shares plunge 13% after Q1 revenue miss on Americas slump

Apr -16

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.00%)

6. Segments

Research Solutions

Expected Growth: 1.0%

Ipsos SA's Research Solutions segment growth is driven by increasing demand for data-driven insights, expansion into emerging markets, and strategic acquisitions. Additionally, the rise of digital technologies and growing need for customer experience management are fueling growth. Furthermore, the company's investments in AI and machine learning are enhancing its research capabilities, attracting new clients and driving revenue growth.

7. Detailed Products

Ipsos Observer

A syndicated study that provides insights on consumer behavior, attitudes, and opinions across various industries

Ipsos iris

A digital behavioral data platform that provides insights on online behavior and consumer journeys

Ipsos UU

A mobile ethnography app that captures in-the-moment consumer experiences and behaviors

Ipsos Connect

A suite of solutions that connects brands with their target audiences through online communities and panels

Ipsos MMA

A marketing mix modeling solution that optimizes marketing investments and ROI

Ipsos Affluent Survey

A global study that provides insights on the behaviors, attitudes, and preferences of affluent consumers

Ipsos Global Trends

A study that identifies and analyzes global trends and their impact on businesses and societies

8. Ipsos SA's Porter Forces

Forces Ranking

Threat Of Substitutes

Ipsos SA operates in a market with moderate threat of substitutes, as clients can opt for alternative research methods or in-house research teams, but the company's expertise and reputation mitigate this threat.

Bargaining Power Of Customers

Ipsos SA's clients are diverse and fragmented, reducing their bargaining power, and the company's strong brand and expertise give it an upper hand in negotiations.

Bargaining Power Of Suppliers

Ipsos SA has a diversified supplier base, and its suppliers have limited bargaining power due to the company's scale and reputation.

Threat Of New Entrants

While there are barriers to entry in the market research industry, new entrants can still disrupt the market, but Ipsos SA's established brand and expertise provide a competitive advantage.

Intensity Of Rivalry

The market research industry is highly competitive, with many established players, and Ipsos SA faces intense rivalry from competitors, which can lead to pricing pressure and innovation.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 23.37%
Debt Cost 3.95%
Equity Weight 76.63%
Equity Cost 8.60%
WACC 7.52%
Leverage 30.49%

11. Quality Control: Ipsos SA passed 4 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

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Logista

A-Score: 6.9/10

Value: 7.0

Growth: 4.8

Quality: 5.6

Yield: 10.0

Momentum: 4.0

Volatility: 10.0

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Strabag

A-Score: 6.6/10

Value: 7.5

Growth: 4.7

Quality: 6.5

Yield: 8.1

Momentum: 10.0

Volatility: 3.0

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Ipsos

A-Score: 5.6/10

Value: 7.9

Growth: 5.3

Quality: 6.7

Yield: 6.2

Momentum: 1.0

Volatility: 6.7

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Bureau Veritas

A-Score: 5.5/10

Value: 3.8

Growth: 5.0

Quality: 6.0

Yield: 5.6

Momentum: 3.0

Volatility: 9.7

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SGS

A-Score: 5.3/10

Value: 1.5

Growth: 3.2

Quality: 5.5

Yield: 6.9

Momentum: 5.0

Volatility: 9.3

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DKSH Holding

A-Score: 5.1/10

Value: 5.8

Growth: 3.2

Quality: 4.8

Yield: 6.9

Momentum: 1.5

Volatility: 8.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

37.12$

Current Price

37.12$

Potential

-0.00%

Expected Cash-Flows