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olivLaw · European equity research

COFACE SA COFA.PA

France · Euronext Paris · ISIN FR0010667147 · Vertical: Listed companies from France

16.07EUR+1.32% · 1 dayClose 05 Nov 2026

COFACE SA is a French group that provides trade credit insurance and credit risk information services to companies worldwide. The documents analysed show a board with a detailed governance structure, under increasing scrutiny over the independence and diversity of its members.

At the close of 05 Nov 2026, COFACE SA (COFA.PA) stock was 16.07 EUR (+1.32% on the day), with market capitalisation 2.4 bn EUR, P/E 10.8 on diluted EPS of 1.49 EUR over the last 12 months, beta 0.50, 52-week range 14.47–17.49 EUR.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
2.4 bn EUR
shares as of 31 Dec 2025
P/E (TTM)
10.8
Diluted EPS TTM 1.49 · TTM to 31 Dec 2025
E/P (TTM)
9.27%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
0.50
Volatility (1y) 20%
52-week range
14.4717.49

Price history

Loading chart…

Technical reading

RSI (14)
58.4
strong (55–70)
Bollinger (20, 2)
15.29 – 16.04
above the upper band · %B 1.04 · band width 4.8%
SMA 50 / 200
15.96 / 15.67
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
-0.04 / -0.11
MACD above 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

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month+1.6%−0.6%+2.3 pp—
3 months−0.4%−4.2%+3.8 pp—
6 months−0.6%+4.3%−4.9 pp—
Year to date+2.4%+7.5%−5.2 pp—
1 year+11.6%+9.9%+1.7 pp−8.8%
3 years+37.9%+49.8%−11.9 pp−10.0%
5 years+31.8%+42.8%−11.0 pp—
Max drawdown (1y)
−11.9%
15 May 2026 → 05 Jun 2026
Max drawdown (5y)
−34.2%
03 Jan 2022 → 07 Mar 2022
Compound annual growth (5y)
+5.7%
EURO STOXX 50 +7.4%

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 100 percentile of its own 3-quarter history (min 7.4, median 8.2, max 10.5; quarters with earnings only).

Fiscal years

Fiscal year202320242025
Revenueunavailableunavailableunavailable
Revenue YoYunavailableunavailableunavailable
Net income240.5 m261.1 m222.0 m
Net income YoYunavailable+8.6%−15.0%
Diluted EPS1.611.751.49
Diluted EPS YoYunavailable+8.7%−14.9%
net %unavailableunavailableunavailable
Free cash flowunavailableunavailableunavailable

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
501.5 m EUR
Financial debt
unavailable EUR
Net debt
unavailable EUR
Equity
2.2 bn EUR
Total assets
8.1 bn EUR
Debt / equity
unavailable
Current ratio
unavailable
ROE
10.1%
ROA
2.7%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (EUR)

Income statement · EUR

Operating income
2023
362.9 m
2024
409.2 m
2025
332.5 m

esef· 07 Apr 2026verified

Income tax
2023
88.0 m
2024
105.2 m
2025
68.9 m

esef· 07 Apr 2026verified

Net income
2023
240.5 m
2024
261.1 m
2025
222.0 m

esef· 07 Apr 2026verified

Diluted EPS
2023
1.61
2024
1.75
2025
1.49

esef· 07 Apr 2026verified

Balance sheet · EUR

Cash
2023
495.6 m
2024
507.8 m
2025
501.5 m

esef· 07 Apr 2026verified

Goodwill
2023
155.3 m
2024
156.8 m
2025
169.8 m

esef· 07 Apr 2026verified

Intangibles (excl. goodwill)
2023
84.4 m
2024
83.7 m
2025
93.4 m

esef· 07 Apr 2026verified

Total assets
2023
7.9 bn
2024
8.1 bn
2025
8.1 bn

esef· 07 Apr 2026verified

Equity
2023
2.1 bn
2024
2.2 bn
2025
2.2 bn

esef· 07 Apr 2026verified

Shares outstanding at year end
2023
149.4 m
2024
149.2 m
2025
149.0 m

esef· 07 Apr 2026derived

Cash flow · EUR

Operating cash flow
2023
294.3 m
2024
353.4 m
2025
248.0 m

esef· 07 Apr 2026verified

Investing cash flow
2023
-327.8 m
2024
134.2 m
2025
31.6 m

esef· 07 Apr 2026verified

Financing cash flow
2023
13.9 m
2024
-490.8 m
2025
-274.2 m

esef· 07 Apr 2026verified

Computed indicators

Growth

Revenue growth (YoY)
unavailable
input data missing
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
-18.8%
computed by olivLawFY 2025
Net income growth (YoY)
-15.0%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
-14.9%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
unavailable
input data missing
FCF margin
unavailable
input data missing

Returns

ROE
10.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
2.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
unavailable
input data missing
Quick ratio
unavailable
input data missing
Cash ratio
unavailable
input data missing

Cash

Operating cash flow
248.0 m EUR
computed by olivLawFY 2025
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
2.4 bn EUR
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
unavailable
input data missing
Market cap / net income TTM
10.8x
computed by olivLawFY 2025
P/E (TTM)
10.8x
computed by olivLawFY 2025
Earnings yield
9.3%
computed by olivLawFY 2025
P/B
1.1x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 1 of at least 6
  • score weight coverage: 10.4% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

16.07 EUR

05 Nov 2026Source: olivLaw, closing series

Market cap: 2.4 bn EUR

Key indicators

Market capitalisation
2.4 bn EUR
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
10.8x
computed by olivLawFY 2025
P/B
1.1x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
10.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
unavailable
input data missing
Revenue growth (YoY)
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

13/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: esefpublished 07 Apr 2026
verified 44derived 3

Score by group

10% · Insufficient data

Estimated value range

Low
17.12
EUR per share
Mid
26.52
EUR per share
High
43.94
EUR per share
Price: 16.07 EUR
The price is below the range
Potential to the central value: 65.0% (value / price − 1)
Margin of safety: 39.4% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

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: 17.12 – 43.94 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/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/E17.12 – 43.94 (Mid 26.52)
    21 companies used · median multiple 17.8x · quartiles 11.5x – 29.5x
    74SW.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, ALSOG.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

Insufficient data

Minimum-evidence gate: indicators available: 1 of at least 6; score weight coverage: 10.4% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Qualityunavailableunavailable—
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheetunavailableunavailable—
P/E (TTM) · Valuation10.8x79 (vs peers)100%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partialunavailable · 0/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality· partialunavailable · 0/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial79/100 · 1/3 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

COFACE SA (COFA.PA). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: ROE 10.1%.

The estimated value range is 17.12–43.94 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 26.52 EUR, the price of 16.07 EUR leaves a potential of 65.0% (value / price − 1) and a margin of safety of 39.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 10.4% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • P/E (TTM): 10.8x
  • The price is below the estimated value range

What contradicts it

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Listed companies from France · same country · compared with 40 companies

Multiples and returns vs the median

P/E
10.8x
vertical median 19.6x
below median (−44.9%)
EV/EBITDA
—
vertical median 6.3x
P/S
—
vertical median 0.5x
P/B
1.1x
vertical median 1.2x
below median (−12.0%)
ROE
10.1%
vertical median 4.2%
above median (+138.2%)
Net margin
—
vertical median 1.3%
EBIT margin
—
vertical median 3.2%
Revenue YoY
—
vertical median -0.1%
Net debt/EBITDA
—
vertical median -1.2x
Dividend yield
—
vertical median 1.7%

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude109.3 bn33.212.9%12.2%−2.0%+26% / +32%
BN.PADanone44.1 bn21.911.9%7.4%−0.9%−11% / +16%
AC.PAAccor13.8 bn30.79.6%8.0%+0.6%+6% / +56%
ADP.PAAeroports De Paris11.7 bn34.17.8%5.6%+12.1%−7% / +4%
AKE.PAArkema7.1 bn115.40.9%0.7%−5.0%+12% / −37%
ALO.PAAlstom5.8 bn18.33.1%1.7%+3.7%−51% / −4%
AF.PAAir France - Klm4.3 bn13.6—1.0%+4.8%+20% / +9%
ATE.PAAlten3.1 bn29.54.8%2.6%−1.1%+33% / −29%
BB.PASociete Bic2.7 bn31.35.0%4.1%−4.8%+32% / +5%
ANTIN.PAAntin Infrastructure Partners1.4 bn13.021.9%36.6%−8.1%−24% / −35%
74SW.PA74software792.7 m20.98.9%8.5%+44.8%−13% / +41%
AUB.PAAubay667.4 m17.813.6%6.3%+11.3%+3% / +45%
ASY.PAAssystem507.1 m69.92.5%1.1%+7.4%−19% / −18%
ATO.PAAtos Se483.0 m—-23,400.0%-17.5%−16.5%−45% / −94%
ARAMI.PAAramis Group298.8 m15.010.0%0.8%+6.3%−33% / −16%
ARVEN.PAArverne Group246.1 m—-14.0%-115.3%+27.0%+20% / −35%
BGO.PACompagnie Chargeurs Invest189.4 m—-8.6%-5.7%−2.9%unavailable / unavailable
ALCIS.PACatering International & Services145.0 m28.49.3%1.9%+5.8%+39% / +107%
ALCGM.PACegedim144.6 m—-2.6%-1.2%+10.9%−26% / −49%
ATEME.PAAteme144.0 m151.32.8%1.0%+2.2%+82% / +77%
ALHEX.PAHexaom144.0 m6.79.9%2.2%+13.1%−32% / +7%
ALBON.PACompagnie Lebon111.7 m16.54.2%8.8%−17.9%+6% / +8%
ALHYF.PALhyfe75.8 m—-33.4%-570.5%+287.2%unavailable / unavailable
ALFER.PASergeferrari Group61.5 m11.55.1%1.5%+7.4%−33% / −27%
ABEO.PAAbeo60.8 m7.36.9%3.0%+12.6%−13% / −54%

1- and 3-year price returns: for COFA.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

Scenarios are not available. input data missing

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

COFACE SA is a French group that provides trade credit insurance and credit risk information services to companies worldwide. The documents analysed show a board with a detailed governance structure, under increasing scrutiny over the independence and diversity of its members.

SWOT

Strengths

  • A board with a diverse composition and a high share of independent directors, in line with the AFEP-MEDEF Code.
  • A governance system with clearly separated key functions reporting directly to the board.
  • High director attendance at meetings and an annual evaluation of how the board works.

Weaknesses

  • The document contains no detailed financial or operating data, which limits any assessment of performance.
  • The self-assessment suggests the board could devote more time to human resources and CSR matters.
  • Some directors have commercial relationships with partner companies, which require specific independence reviews.

Opportunities

  • Strengthening distribution partnerships across several countries could widen geographic reach.
  • External development and acquisition projects discussed by the board could bring new growth sources.
  • Sustainability commitments and emission reductions could strengthen the company's reputation.

Threats

  • A deterioration in the macroeconomic environment could raise the risk of non-payment for insured clients.
  • Higher regulatory requirements could generate additional compliance costs.
  • Dependence on a reference shareholder may raise questions about the independence of decisions.

Risks

  • Macroeconomic riskhigh

    Sudden changes in the economy can influence client solvency and insurance demand, with effects on results.

  • Regulatory riskmedium

    Applying Solvency II and new reporting requirements may need extra resources and could expose the company to sanctions if non-compliance occurs.

  • Independence riskmedium

    Commercial relationships of some directors with partner companies could affect perceptions of the board's independent judgement.

  • Shareholder concentration riskmedium

    The influence of the reference shareholder over strategic decisions may limit the role of minority shareholders in governance.

  • External development risklow

    Acquisitions and international partnerships discussed by the board may involve integration and execution risks.

Investment thesis

What would need to be true (bull case)

  • If the solid governance and internal control structure is maintained, the company could benefit from greater confidence among investors and regulators.
  • International activity and distribution partnerships could open new markets and diversify revenue sources.
  • Attention to sustainability and CSRD reporting could attract investors focused on ESG criteria.

What would break the thesis

  • If the economy deteriorates, demand for trade credit insurance could fall and the risk of losses could rise.
  • Higher compliance costs linked to regulatory requirements could reduce profit margins.
  • The influence of the reference shareholder and some directors' commercial ties could be seen as limits on independence.

What to watch

  • Quarterly results and publication of financial dataQ1 2027
  • Evolution of the macroeconomic environment and its impact on trade credit insurance demand2027
  • Progress on CSRD application and CO2 emission reductionsnext 10-K
  • Development of distribution partnerships and external development projects2027

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

The available source is the annual report for the year ended 31 December 2025, which focuses mainly on corporate governance and how the board functions. The document describes the board structure, specialised committees and a governance system built on key functions for risk management, compliance, internal audit and actuarial work.

The board held seven meetings in 2025, plus a strategic seminar in November and a session without management in December. Agenda items covered financial position, the application of Solvency II, approval of the 2026 budget, long-term incentive plans and external development projects.

The document shows a board with an international composition and a high share of independent directors, reflecting compliance with the AFEP-MEDEF Code. Two thirds of the committee members are independent directors, and the committee chairs are held by women.

Segments

Board governance

The board works through specialised committees for accounts and audit, nominations, remuneration and CSR, and risks. The 2025 self-assessment was generally rated satisfactory, with directors highlighting the quality of organisation and the atmosphere of trust.

Internal control and risk

The internal control system includes key functions that report directly to the board. Regular ORSA, RSR and SFCR reporting and approval of written Solvency II policies point to a structured supervisory framework.

Market context

The document provides no market data, market shares or sales figures, so it does not allow a quantitative assessment of the company's position in the trade credit insurance market. The findings are limited to governance structure and board decisions.

The macroeconomic environment was a recurring topic at board meetings in 2025, alongside risk management and the group's reinsurance policy, indicating that exposure to economic conditions remains a priority.

Trends

  • Macroeconomic environmentmixed

    The board reviewed economic developments regularly, which suggests that changes in the economic cycle directly influence demand for credit insurance. If economic uncertainty persists, demand for protection against non-payment could remain high.

  • Sustainability reportingmixed

    The board discussed the application of the CSRD and tracking of CO2 emission reductions. Heavier reporting requirements can add administrative cost but also improve transparency.

  • Insurance regulationmixed

    Applying Solvency II and preparing regular reports is an ongoing task. A stricter regulatory framework may strengthen investor confidence but also requires constant administrative effort.

  • Governance diversitytailwind

    Legal requirements and the AFEP-MEDEF Code encourage diversity of gender, nationality and experience on the board. If this trend strengthens, board composition could become a more important criterion for investors.

Competitive position

The document analysed does not identify competitors and does not describe market share. Based on this source, no statements can be made about the company's competitive positioning.

The only references to commercial relationships with third parties concern distribution partnerships and information purchase contracts, which the report states have no significant impact on the company.

  • Arch Capital GroupACGL

    The reference shareholder mentioned in the report; it is not presented as a direct competitor in the source.

  • Generali

    Distribution partner in several countries according to the report, not a declared competitor.

  • Groupe Elsan

    Information services customer mentioned in the report in the context of director independence.

  • Other trade credit insurers

    The source does not name other competitors; this category remains unidentified in the documents analysed.

News & filings

In the press

Annual reports (ESEF)

Sources

  1. [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / COFACE SA · 31 Dec 2025

Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

COFACE SA (COFA.PA): stock, results, valuation and forecast · olivLaw