olivLaw · European equity research
SOGECLAIR ALSOG.PA
France · Euronext Paris · ISIN FR0000065864 · Vertical: Listed companies from France
SOGECLAIR is a European group providing engineering and services for aerospace, defence, business aviation, automotive and rail, with simulation software through its subsidiary A.V. Simulation. In 2022 its revenue rose to 134.93 million EUR as commercial aviation recovered strongly after the pandemic. The group remains exposed to raw material prices, the dollar exchange rate and cyber risk.
At the close of 05 Nov 2026, SOGECLAIR (ALSOG.PA) stock was 25.90 EUR (−2.26% on the day), with market capitalisation 78.8 k EUR, P/E 0.0 on diluted EPS of 650.00 EUR over the last 12 months, beta 0.53, 52-week range 24.60–42.00 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 28.8
- oversold (≤ 30)
- Bollinger (20, 2)
- 25.32 – 31.56
- in the lower half of the band · %B 0.09 · band width 21.9%
- SMA 50 / 200
- 29.99 / 33.20
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.19 / -1.01
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −14.2% | −0.6% | −13.6 pp | — |
| 3 months | −24.5% | −4.2% | −20.3 pp | — |
| 6 months | −29.6% | +4.3% | −34.0 pp | — |
| Year to date | +0.4% | +7.5% | −7.1 pp | — |
| 1 year | −1.1% | +9.9% | −11.1 pp | −10.8% |
| 3 years | +43.9% | +49.8% | −6.0 pp | −15.9% |
| 5 years | +12.1% | +42.8% | −30.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 75 percentile of its own 4-quarter history (min 0.0, median 0.0, max 17.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|
| Revenue | 185.0 m | 123.1 m | 121.0 m | 134.9 m |
| Revenue YoY | unavailable | −33.5% | −1.6% | +11.5% |
| Net income | 5.0 m | 14.3 m | 2.6 m | 2.0 m |
| Net income YoY | unavailable | +188.6% | −81.5% | −25.3% |
| Diluted EPS | 1.68 | 4,840.00 | 860.00 | 650.00 |
| Diluted EPS YoY | unavailable | +287,995.2% | −82.2% | −24.4% |
| net % | 2.7% | 11.6% | 2.2% | 1.5% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 18.6 m EUR
- Financial debt
- 2.6 m EUR
- Net debt
- -16.0 m EUR
- Equity
- 60.7 m EUR
- Total assets
- 146.3 m EUR
- Debt / equity
- 0.04x
- Current ratio
- 1.59x
- ROE
- 3.3%
- ROA
- 1.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2019 | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 185.0 m | 123.1 m | 121.0 m | 134.9 m | esef· 18 Apr 2023verified |
| Operating income | 8.8 m | -13.3 m | 4.1 m | 4.7 m | esef· 18 Apr 2023verified |
| Depreciation & amortisation | 7.8 m | 7.2 m | 7.2 m | 8.0 m | esef· 18 Apr 2023verified |
| EBITDA | 16.6 m ≈ | -6.1 m ≈ | 11.3 m ≈ | 12.7 m ≈ | esef· 18 Apr 2023derived |
| Pre-tax income | 7.8 m | -14.7 m | 4.7 m | 3.7 m | esef· 18 Apr 2023verified |
| Income tax | 2.0 m | -868.0 k | 1.3 m | 1.2 m | esef· 18 Apr 2023verified |
| Net income | 5.0 m | 14.3 m | 2.6 m | 2.0 m | esef· 18 Apr 2023verified |
| Diluted EPS | 1.68 | 4,840.00 | 860.00 | 650.00 | esef· 18 Apr 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2019 | 2020 | 2021 | 2022 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 19.0 m | 45.9 m | 27.8 m | 18.6 m | esef· 18 Apr 2023verified |
| Receivables | 70.0 m | 45.1 m | 45.4 m | — | esef· 19 Apr 2022verified |
| Inventories | 12.6 m | 10.8 m | 10.8 m | 13.3 m | esef· 18 Apr 2023verified |
| Current assets | 123.7 m | 120.7 m | 107.1 m | 105.3 m | esef· 18 Apr 2023verified |
| Goodwill | 15.2 m | 12.7 m | 13.3 m | 13.4 m | esef· 18 Apr 2023verified |
| Intangibles (excl. goodwill) | 7.4 m | 7.5 m | 8.5 m | 9.1 m | esef· 18 Apr 2023verified |
| Total assets | 165.7 m | 164.5 m | 150.4 m | 146.3 m | esef· 18 Apr 2023verified |
| Short-term debt | 6.8 m | 462.0 k | 146.0 k | 2.6 m | esef· 18 Apr 2023verified |
| Current liabilities | 68.7 m | 91.1 m | 63.0 m | 66.3 m | esef· 18 Apr 2023verified |
| Equity | 66.0 m | 47.6 m | 60.8 m | 60.7 m | esef· 18 Apr 2023verified |
| Shares outstanding at year end | 3.0 m | 3.0 k | 3.1 k | 3.0 k | esef· 18 Apr 2023derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 68 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 78.8 k EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality49
- Growth50
- Balance sheet66
- Valuation100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 8,188.27 – 51,123.05 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA31,120.52 – 51,123.05 (Mid 38,073.68)4 companies used · median multiple 7.9x · quartiles 6.2x – 11.0xABEO.PA, AI.PA, ANTIN.PA, ATE.PA
- Peers: P/E8,188.27 – 19,370.54 (Mid 11,720.56)20 companies used · median multiple 18.0x · quartiles 12.6x – 29.8x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA, BN.PA
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Neutral profile · Score 68/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.4% | 48 (vs peers) | 15% |
| Net margin · Quality | 1.5% | 51 (vs peers) | 9% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -10.0% | 0 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | 628.7% | 100 (on a fixed band) | 12% |
| Net debt / EBITDA · Balance sheet | -1.3x | 67 (vs peers) | 15% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.6x | 66 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 0.0x | 100 (vs peers) | 15% |
| EV/EBITDA · Valuation | -1.3x | 100 (on a fixed band) | 15% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet66/100 · 2/3 factors with a value
- Growth50/100 · 2/2 factors with a value
- Quality49/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation100/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SOGECLAIR (ALSOG.PA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 134.9 m EUR in 2022; YoY growth 11.5%; net margin 1.5%; ROE 4.1%; net debt/EBITDA -1.3x.
The estimated value range is 19,654.39–35,246.80 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 24,897.12 EUR, the price of 25.90 EUR leaves a potential of 96,027.9% (value / price − 1) and a margin of safety of 99.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 68/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EPS CAGR 3Y: 628.7%
- P/E (TTM): 0.0x
- EV/EBITDA: -1.3x
- The price is below the estimated value range
What contradicts it
- Revenue CAGR 3Y: -10.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Interest coverage, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| BN.PADanone | 44.1 bn | 21.9 | 11.9% | 7.4% | −0.9% | −11% / +16% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for ALSOG.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 13.85 Total return -47% · Per year -47% | 24.60 Total return -5% · Per year -5% | 37.23 Total return 44% · Per year 44% |
| 3 years | 10.99 Total return -58% · Per year -25% | 22.20 Total return -14% · Per year -5% | 37.23 Total return 44% · Per year 13% |
| 5 years | 8.73 Total return -66% · Per year -20% | 20.04 Total return -23% · Per year -5% | 37.23 Total return 44% · Per year 8% |
- Exit P/E± 5.55
- Net margin± 3.89
- Annual revenue growth± 3.51
- Annual dilution± 0.33
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
SOGECLAIR is a European group providing engineering and services for aerospace, defence, business aviation, automotive and rail, with simulation software through its subsidiary A.V. Simulation. In 2022 its revenue rose to 134.93 million EUR as commercial aviation recovered strongly after the pandemic 1. The group remains exposed to raw material prices, the dollar exchange rate and cyber risk 1.
SWOT
Strengths
- A solid financial structure, with stable equity and moderate net debt at the end of 2022 1.
- Geographic and sector diversification, with activity in aerospace, defence, automotive, rail and business aviation 1.
- Extensive international presence, with sites in several countries and a network of subsidiaries supporting global clients 1.
Weaknesses
Opportunities
Risks
- Raw material dependencehigh
Supply of qualified raw materials is exposed to availability and price risks, which could halt production or compress margins 1.
- Cyber riskhigh
The group's IT systems, directly connected to client networks, could be targeted by attacks that lead to data theft or the interruption of projects 1.
- Currency riskmedium
Contracts partly paid in US dollars and costs in euros and Canadian dollars expose the group to fluctuations that could affect results 1.
- Pandemic-related riskmedium
The company noted that the pandemic's effects on air traffic and investment persisted, which could reduce revenue in some segments 1.
- Research and development risklow
Failure of research programmes, impairment of assets or abandonment of programmes could affect results if the expected return does not materialise 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
- Operating margins remain thin, and the Americas zone was loss-making, which could limit the ability to absorb new cost shocks 1.
- If raw material prices and staff costs keep rising, their pass-through to clients could be incomplete 1.
- Exposure to exchange rates and cyber risk could generate unforeseen losses for a group of moderate size 1.
What to watch
- Evolution of the operating margin in the Americas zone and the effect of pricing and productivity measures2023
- Pace of the recovery in commercial and business aviation in revenue2023
- Level of raw material costs and their pass-through to clients2023
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
SOGECLAIR operates as an engineering and services group for the aerospace, defence, rail and automotive industries, with more than 25 sites worldwide 1. It provides long-term engineering services to aircraft manufacturers, series production and simulation solutions. Activities are organised by geographic zone, Europe/Africa, the Americas and Asia-Pacific, while the holding coordinates strategy, financing and corporate functions 1.
Revenue in 2022 was 134.93 million EUR, up 11.5% from 2021, and current operating income reached 4.6 million EUR 1. The group kept a solid financial structure, with consolidated equity of 60.7 million EUR at the end of 2022 1. The ONE SOGECLAIR strategic plan, launched to reorganise the group, was under way in 2022 1.
Segments
Americas zone
The Americas zone accounts for 20.1% of revenue and grew 16.6%, driven by growth in engineering, solutions and consulting activities 1. Profitability remained negative in 2022 because of the costs of converting the Savannah plant and labour tensions, and management expects a return to profitability through pricing and productivity gains 1.
Market context
The markets SOGECLAIR serves depend on investment by airlines and aircraft manufacturers, on defence and space budgets, and on automotive and rail investment 1. The company reported a strong recovery in commercial aviation in 2022 and good momentum in business aviation 1. Demand in the automotive industry was weaker, with activity declining in the Europe / Africa zone 1.
The group's clients are concentrated in France, which represents a significant part of revenue, as well as in Europe, the Americas and Asia-Pacific 1. Diversification into defence, space and business aviation is presented as a response to the drop in investment during the pandemic 1. For 2023 the company anticipated a new year of growth, without giving a precise figure 1.
Trends
- Defence and space investmenttailwind
The company pointed to diversification into defence and space as a response to the pandemic's impact on investment 1. If defence budgets rise, this segment could complement commercial aviation 1.
- Raw material costsheadwind
Dependence on raw materials and energy is classed as a risk with high frequency and high impact, and price increases are not always passed on immediately to clients 1. High prices could compress the group's margins 1.
- Currency movementsmixed
Most costs are in euros and Canadian dollars, while some contracts are paid in US dollars, and the currency impact was negative in 2022 1. Exchange-rate developments could affect results, depending on exposure and existing hedges 1.
Competitive position
The sources provided do not identify SOGECLAIR's direct competitors. The company operates in aerospace engineering, simulation and technical services, where competition comes from engineering providers and from manufacturers' in-house teams 1. A full competitive analysis cannot be completed from the available text.
The group's positioning rests on technical expertise, long-term contracts and international presence, and the company cited a premium positioning based on its expertise 1. Comparisons with other players would therefore require additional sources not included in the document analysed 1.
- Global aerospace engineering providers
The source does not name specific competitors; the category is mentioned only generically in the context of engineering services.
- Simulator and simulation software providers
Subsidiaries A.V. Simulation and Oktal operate in simulation, without the source naming competitors.
- Rail and automotive service integrators
Rail and automotive activity is mentioned in the reports, but competitors are not identified in the source.
- Manufacturers' in-house engineering teams
Clients may bring technical work in-house, which could limit demand for external services, as described in the risks.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202218 Apr 2023
- Annual report 202119 Apr 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / SOGECLAIR · 31 Dec 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.