Wavestone SA (WAVE.PA) | Investment Case

1. Company Snapshot

1.a. Company Description

Wavestone SA provides management and digital consulting services primarily in France and internationally.It offers consulting services in the areas of finance, telecom, media and entertainment, consumer goods and retail, manufacturing, energy and utilities, transportation and travel, real estate, public sector, and international institutions.The company was formerly known as Solucom SA and changed its name to Wavestone SA in July 2016.

Wavestone SA was founded in 1990 and is based in Paris, France.

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1.b. Last Insights on WAVE

Wavestone SA's recent performance has been positively driven by its involvement in high-potential areas. The company was part of the EUCybersafe Consortium, which secured a cybersecurity contract from the European Commission to deliver critical operations to public institutions across the EU. This development highlights Wavestone's expertise in cybersecurity and its ability to capitalize on growing demand. Additionally, the company has been identified as an undiscovered gem in Europe with promising potential, showcasing its strong fundamentals and growth prospects.

1.c. Company Highlights

Last Price	56.5
Change Percentage	-1.57%
Open	57.6
Previous Close	57.4
Market Cap ( Millions)	1381
Volume	16259
Year High	63
Year Low	38.65
M A 50	49.09
M A 200	51.23

FCF Yield	6.00%
Dividend Yield	0.81%
ROE	12.49%
Debt / Equity	12.78%
Net Debt / EBIDTA	1.96%
Price To Book	2.2
Price Earnings Ratio	18.37
Price To FCF	16.65
Price To sales	1.46
EV / EBITDA	11.19

2. Transcript Summary

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3. NewsRoom

3 Undiscovered Gems in Europe with Promising Potential

Nov -28

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Exploring Wavestone And 2 Other Undiscovered European Gems

Oct -23

Source:

European Commission Awards Cybersecurity Contract to Unisys-Led Consortium

Oct -09

Source:

Exploring Undiscovered European Stocks In September 2025

Sep -19

Source:

3 Undiscovered Gems In Europe With Promising Potential

Jul -21

Source:

Wavestone Earns "All-Star" Distinction in IAOP's 2025 Global Outsourcing 100

May -14

Source:

Introducing Wavestone North America: The Consulting Firm Built for What's Next

Apr -11

Source:

Wavestone SA (FRA:2WSA) (Q2 2025) Earnings Call Highlights: Strong Revenue Growth Amidst Market ...

Dec -20

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.27%)

6. Segments

Management and Information Systems Consulting

Expected Growth: 10.27%

Wavestone SA's 10.27% growth in Management and Information Systems Consulting is driven by increasing demand for digital transformation, cloud adoption, and cybersecurity services. Strong client relationships, expansion into new markets, and strategic acquisitions also contribute to growth. Additionally, the company's expertise in IT consulting, change management, and operational efficiency improvement helps clients navigate complex business challenges, further fueling growth.

7. Detailed Products

Digital Transformation

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

Cybersecurity

Wavestone's cybersecurity services provide comprehensive protection against cyber threats, from risk assessment to incident response.

Data Science and Analytics

Wavestone's data science and analytics services help clients unlock insights from their data, driving business growth and improvement.

IT Strategy and Governance

Wavestone's IT strategy and governance services help clients align their IT with business objectives, ensuring effective IT management and decision-making.

Organizational Change Management

Wavestone's organizational change management services help clients navigate complex change initiatives, ensuring successful adoption and minimal disruption.

Project and Program Management

Wavestone's project and program management services help clients deliver complex projects on time, within budget, and to the required quality standards.

8. Wavestone SA's Porter Forces

Forces Ranking

Threat Of Substitutes

Wavestone SA operates in a niche market with limited substitutes, but the threat of substitutes is still present due to the evolving nature of the consulting industry.

Bargaining Power Of Customers

Wavestone SA's customers are primarily large corporations with limited bargaining power, allowing the company to maintain a strong negotiating position.

Bargaining Power Of Suppliers

Wavestone SA relies on a network of skilled consultants and partners, but the company's size and reputation mitigate the bargaining power of its suppliers.

Threat Of New Entrants

The consulting industry has high barriers to entry, and Wavestone SA's established brand and reputation make it difficult for new entrants to compete.

Intensity Of Rivalry

The consulting industry is highly competitive, and Wavestone SA faces intense rivalry from established players and new entrants, requiring the company to maintain a strong competitive edge.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	13.92%
Debt Cost	4.07%
Equity Weight	86.08%
Equity Cost	8.80%
WACC	8.14%
Leverage	16.17%

11. Quality Control: Wavestone SA passed 7 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

Sygnity

A-Score: 4.9/10

Value: 0.9

Growth: 6.7

Quality: 8.6

Yield: 0.0

Momentum: 10.0

Volatility: 3.0

1-Year Total Return ->

Gofore

A-Score: 4.8/10

Value: 5.4

Growth: 9.0

Quality: 5.9

Yield: 4.4

Momentum: 0.5

Volatility: 3.7

1-Year Total Return ->

Wavestone

A-Score: 4.5/10

Value: 5.6

Growth: 7.3

Quality: 6.9

Yield: 0.6

Momentum: 2.5

Volatility: 4.0

1-Year Total Return ->

Knowit

A-Score: 4.5/10

Value: 6.5

Growth: 4.6

Quality: 4.8

Yield: 5.0

Momentum: 1.0

Volatility: 5.0

1-Year Total Return ->

SeSa

A-Score: 4.2/10

Value: 6.2

Growth: 7.8

Quality: 4.2

Yield: 0.6

Momentum: 4.0

Volatility: 2.7

1-Year Total Return ->

Exsitec Holding

A-Score: 3.8/10

Value: 2.2

Growth: 8.7

Quality: 5.4

Yield: 1.2

Momentum: 1.5

Volatility: 3.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

1.92%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

8.14%

Wavestone SA - FR0013357621

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on WAVE

1.c. Company Highlights

Average Quality

Average Yield

Stable Momentum

Average Growth

Weak Momentum

Fairly Valued

Revenues Beats

Medium Volatility

Lower Growth

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.27%)

6. Segments

Management and Information Systems Consulting

Expected Growth: 10.27%

7. Detailed Products

Digital Transformation

Cybersecurity

Data Science and Analytics

IT Strategy and Governance

Organizational Change Management

Project and Program Management

8. Wavestone SA'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: Wavestone SA passed 7 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

56.5$

Current Price

56.5$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA