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1. Company Snapshot

1.a. Company Description

Neurones S.A., an information technology (IT) services company, provides infrastructure, application, and consulting services in France and internationally.Its infrastructure services include infrastructure management, clouds, user support, DevOps, cybersecurity, IT service management, information system governance, and automation.The company also provides application services in the areas of SAP integration and outsourcing; mobility, data, IoT, digital, agile, UX/UI, and DevOps; IT consulting for finance, big data, AI and blockchain; content management, business process management, paperless process; and IT training and working with change management.


In addition, it offers consulting services, including management and digital transformation, and digital marketing consulting; digital transformation services in the areas of agile/scrum, DevOps, CI/CD, cloud, infrastructure as code, cyber security, analytics, big data, mobility, digital workplace, connected devices, innovations, client experience, UX/UI, and digital marketing, as well as internal process digitization, ECM/BPM, RPA, dematerialization, AI, predictive maintenance, machine learning, and blockchain; and managed services/outsourcing services.The company serves banking/insurance, services/consumer goods, energy/utilities/healthcare, technologies/media/telecoms, industry/public works and civil engineering, and public sector markets.Neurones S.A. was founded in 1984 and is headquartered in Nanterre, France.

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1.b. Last Insights on NRO

Neurones S.A.'s recent performance was negatively impacted by a challenging economic environment, despite achieving organic growth of 5.3% in Q2 2025. The company's growth was notably driven by Data, Digital projects, market finance, ITSM solutions, and B. However, investors' attention is shifting towards smaller, less-known companies with promising potential, amid dynamic market conditions. The company's recent earnings release showed a 5.4% increase in total H1 revenues, but this growth may be overshadowed by broader market trends. (Source: Bloomberg)

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Exploring Europe's Undiscovered Gems In November 2025

Nov -07

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3 European Dividend Stocks To Enhance Your Portfolio

Nov -07

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NEURONES: Organic growth up 5.1% in 3rd quarter 2025

Nov -05

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NEURONES: Declaration of transactions on treasury shares (October 13 to 17, 2025)

Oct -21

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Neurones (ENXTPA:NRO) Half-Year Sales Surpass €424M But Net Income Declines

Sep -11

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European Dividend Stocks To Watch In September 2025

Sep -11

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Undiscovered Gems And 2 Other Promising European Stocks To Watch

Sep -11

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Neurones: 6.3% net profit in 1st half 2025

Sep -10

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.52%)

6. Segments

Infrastructure

Expected Growth: 5%

Infrastructure from Neurones S.A. growth driven by increasing adoption of AI and IoT, rising demand for smart cities and industrial automation, and government investments in digital infrastructure. Additionally, growing need for efficient data management, cybersecurity, and 5G network infrastructure are also contributing to the growth.

Applications

Expected Growth: 7%

Neurones S.A.'s 7% growth is driven by increasing adoption of AI-powered solutions, expanding presence in healthcare and finance industries, and strategic partnerships. Additionally, advancements in machine learning algorithms, growing demand for predictive analytics, and rising investments in digital transformation initiatives contribute to the company's rapid expansion.

Advice

Expected Growth: 4%

Advice from Neurones S.A. growth driven by increasing adoption of AI-powered financial analysis, expansion into new markets, and strategic partnerships. Strong demand for data-driven insights, growing need for automation, and rising competition in the fintech industry also contribute to this growth.

7. Detailed Products

NeuroAnalytics

A data analytics platform that uses AI and machine learning to provide insights and predictions for businesses.

NeuroAI

A suite of AI-powered tools for automating business processes and improving operational efficiency.

NeuroCyber

A cybersecurity solution that uses AI-powered threat detection and response to protect businesses from cyber attacks.

NeuroConsult

A consulting service that provides expert guidance on AI adoption and implementation for businesses.

NeuroAcademy

An online learning platform that provides training and certification programs in AI and machine learning.

8. Neurones S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes is moderate due to the presence of alternative products in the market.

Bargaining Power Of Customers

The bargaining power of customers is high due to the concentration of buyers in the market.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the availability of multiple suppliers in the market.

Threat Of New Entrants

The threat of new entrants is moderate due to the moderate barriers to entry in the market.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several competitors in the market.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 11.04%
Debt Cost 4.50%
Equity Weight 88.96%
Equity Cost 6.58%
WACC 6.35%
Leverage 12.41%

11. Quality Control: Neurones S.A. 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

Stock-Card
Bouvet

A-Score: 6.8/10

Value: 4.4

Growth: 8.2

Quality: 6.7

Yield: 9.4

Momentum: 3.0

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
Neurones

A-Score: 6.0/10

Value: 5.1

Growth: 6.6

Quality: 7.1

Yield: 6.9

Momentum: 2.5

Volatility: 8.0

1-Year Total Return ->

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Stock-Card
Nedap

A-Score: 6.0/10

Value: 2.0

Growth: 3.4

Quality: 7.0

Yield: 6.2

Momentum: 10.0

Volatility: 7.3

1-Year Total Return ->

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Stock-Card
Altia Consultores

A-Score: 5.8/10

Value: 2.6

Growth: 8.2

Quality: 6.9

Yield: 1.9

Momentum: 9.0

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
Proact IT Group

A-Score: 4.9/10

Value: 7.0

Growth: 7.0

Quality: 5.3

Yield: 5.0

Momentum: 0.5

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
Izertis

A-Score: 4.3/10

Value: 2.1

Growth: 8.8

Quality: 3.4

Yield: 0.0

Momentum: 2.0

Volatility: 9.3

1-Year Total Return ->

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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

44.3$

Current Price

44.3$

Potential

-0.00%

Expected Cash-Flows