olivLaw · European equity research
Elis ELIS.PA
France · Euronext Paris · ISIN FR0012435121 · Vertical: Listed companies from France
Elis is a European group that rents and maintains workwear, protective clothing and washroom products for hotels, restaurants and clients in commerce and services. Its activity depends on tourism and consumption outside the euro zone, which represents an important share of revenue, and 2025 brought higher financing costs.
At the close of 05 Nov 2026, Elis (ELIS.PA) stock was 24.30 EUR (+0.50% on the day), with market capitalisation 5.7 bn EUR, P/E 16.6 on diluted EPS of 1.46 EUR over the last 12 months, dividend yield 1.85%, beta 0.69, 52-week range 20.98–28.20 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)
- 73.3
- overbought (≥ 70)
- Bollinger (20, 2)
- 20.76 – 24.18
- above the upper band · %B 1.04 · band width 15.2%
- SMA 50 / 200
- 22.45 / 25.08
- mixed trend
- MACD (12, 26, 9)
- 0.45 / 0.16
- 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
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +12.4% | −0.6% | +13.0 pp | — |
| 3 months | −1.2% | −4.2% | +2.9 pp | — |
| 6 months | −11.8% | +4.3% | −16.1 pp | — |
| Year to date | +0.2% | +7.5% | −7.3 pp | — |
| 1 year | −0.3% | +9.9% | −10.2 pp | −6.8% |
| 3 years | +49.7% | +49.8% | −0.1 pp | −15.9% |
| 5 years | +46.3% | +42.8% | +3.5 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 67 percentile of its own 3-quarter history (min 14.1, median 16.6, max 17.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 4.3 bn | 4.6 bn | 4.8 bn |
| Revenue YoY | unavailable | +6.1% | +4.9% |
| Net income | 262.0 m | 337.7 m | 366.6 m |
| Net income YoY | unavailable | +28.9% | +8.6% |
| Diluted EPS | 1.06 | 1.34 | 1.46 |
| Diluted EPS YoY | unavailable | +26.4% | +9.0% |
| net % | 6.1% | 7.4% | 7.6% |
| Free cash flow | 528.5 m | 591.3 m | 646.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 398.1 m EUR
- Financial debt
- 2.6 bn EUR
- Net debt
- 2.2 bn EUR
- Equity
- 3.8 bn EUR
- Total assets
- 9.6 bn EUR
- Debt / equity
- 0.69x
- Current ratio
- 0.81x
- ROE
- 9.9%
- ROA
- 3.9%
- FCF margin
- 13.5%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 4.3 bn | 4.6 bn | 4.8 bn | esef· 07 Apr 2026verified |
| Operating income | 496.8 m | 596.3 m | 629.9 m | esef· 07 Apr 2026verified |
| Pre-tax income | 372.2 m | 465.9 m | 492.9 m | esef· 07 Apr 2026verified |
| Income tax | 110.3 m | 128.3 m | 126.2 m | esef· 07 Apr 2026verified |
| Net income | 262.0 m | 337.7 m | 366.6 m | esef· 07 Apr 2026verified |
| Diluted EPS | 1.06 | 1.34 | 1.46 | esef· 07 Apr 2026verified |
| Dividend per share | 0.43 | 0.45 | — | esef· 07 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 665.3 m | 622.0 m | 398.1 m | esef· 07 Apr 2026verified |
| Receivables | 823.5 m | 839.7 m | 945.3 m | esef· 07 Apr 2026verified |
| Inventories | 185.6 m | 200.0 m | 205.9 m | esef· 07 Apr 2026verified |
| Current assets | 1.8 bn | 1.8 bn | 1.7 bn | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 2.2 bn | 2.4 bn | 2.5 bn | esef· 07 Apr 2026verified |
| Goodwill | 4.0 bn | 3.9 bn | 4.0 bn | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 707.7 m | 648.4 m | 573.6 m | esef· 07 Apr 2026verified |
| Total assets | 9.3 bn | 9.4 bn | 9.6 bn | esef· 07 Apr 2026verified |
| Accounts payable | 404.8 m | 409.6 m | — | esef· 15 Apr 2025verified |
| Long-term debt | 2.7 bn | 2.7 bn | 2.6 bn | esef· 07 Apr 2026verified |
| Current liabilities | 2.1 bn | 2.1 bn | 2.1 bn | esef· 07 Apr 2026verified |
| Equity | 3.5 bn | 3.6 bn | 3.8 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 231.9 m | 236.2 m | 233.5 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.3 bn | 1.5 bn | 1.5 bn | esef· 07 Apr 2026verified |
| Capex | 797.1 m | 860.8 m | 864.0 m | esef· 07 Apr 2026verified |
| Free cash flow | 528.5 m ≈ | 591.3 m ≈ | 646.6 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -902.3 m | -1.1 bn | -991.5 m | esef· 07 Apr 2026verified |
| Financing cash flow | -46.4 m | -423.3 m | -744.7 m | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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 weight coverage: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 5.7 bn EUR
Key indicators
Coverage and freshness
Score by group
46% · Insufficient data
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: 6.12 – 43.51 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 · input data missing
- Peers: P/E16.19 – 43.51 (Mid 25.01)20 companies used · median multiple 17.1x · quartiles 11.1x – 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, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
- Dividend discount (DDM)6.12 – 8.35 (Mid 7.06)
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: score weight coverage: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.0% | 48 (vs peers) | 23% |
| Net margin · Quality | 7.6% | 82 (vs peers) | 14% |
| FCF conversion · Quality | 176.4% | 100 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 16.6x | 57 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 11.4% | 100 (on a fixed band) | 18% |
| 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 sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality71/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation76/100 · 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
ELIS (ELIS.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 4.8 bn EUR in 2025; YoY growth 4.9%; net margin 7.6%; ROE 9.9%.
The estimated value range is 11.16–25.93 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 16.04 EUR, the price of 24.30 EUR leaves a potential of -34.0% (value / price − 1) and a margin of safety of -51.5% (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 (score weight coverage: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 7.6%
- FCF conversion: 176.4%
- FCF yield: 11.4%
What contradicts it
- Current ratio: 0.8x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, 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% |
| 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% |
| ELIS.PAElis | 5.7 bn | 16.6 | 9.9% | 7.6% | +4.9% | −1% / +37% |
| 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 ELIS.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 | 15.50 Total return -35% · Per year -35% | 27.41 Total return 15% · Per year 15% | 41.27 Total return 72% · Per year 72% |
| 3 years | 15.16 Total return -33% · Per year -12% | 30.14 Total return 31% · Per year 9% | 49.83 Total return 113% · Per year 29% |
| 5 years | 14.83 Total return -31% · Per year -7% | 33.16 Total return 48% · Per year 8% | 60.16 Total return 163% · Per year 21% |
- Exit P/E± 7.54
- Net margin± 5.28
- Annual revenue growth± 4.31
- Annual dilution± 0.44
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
Elis is a European group that rents and maintains workwear, protective clothing and washroom products for hotels, restaurants and clients in commerce and services. Its activity depends on tourism and consumption outside the euro zone, which represents an important share of revenue, and 2025 brought higher financing costs 1.
SWOT
Strengths
- The group holds a solid position in Europe and an extensive client base across several sectors.
- The recurring service model provides fairly predictable revenue for a large part of the activity.
- Investments in digitalisation and recycling support differentiation from competitors.
Weaknesses
- An important part of the debt is denominated in foreign currencies, exposing the group to currency risk.
- Financing costs rose after recent refinancings at higher interest rates.
- Dependence on energy costs and cotton prices may affect margins.
Opportunities
- Growth in international tourism could support demand in the hotel segment.
- Expanding sales teams for smaller clients could increase order volumes.
- Products made from recycled textiles may attract clients concerned with sustainability.
Threats
- A slowdown in the European economy could reduce hotel and restaurant activity.
- Currency volatility may affect results reported in euros.
- Competitive pressure and volatile raw material prices could compress margins.
Risks
- Currency riskmedium
Revenue and debt in foreign currencies may fluctuate significantly against the euro, affecting consolidated results.
- Interest rate riskmedium
Refinancing at higher rates may raise financing costs, especially if rates fall more slowly than expected.
- Covenant breach riskhigh
Failing the leverage ceiling in the USPP contracts could trigger requirements for early repayment.
- Commodity and energy riskmedium
Higher gas, electricity or cotton prices could affect margins, although the group has fixed part of its consumption.
- Geopolitical risklow
Geopolitical uncertainty may affect tourism and consumption in Europe, with effects on demand.
Investment thesis
What would need to be true (bull case)
- If European tourism keeps growing and smaller clients adopt multi-service offers, group revenue could grow steadily.
- If digitalisation and recycling prove their value, the group could gain market share from weaker competitors.
- If energy costs remain fixed for the coming period, margins could be protected better than in the past.
What would break the thesis
- If tourism slows under geopolitical pressure, hotel demand could fall quickly.
- If interest rates stay high, financing costs could absorb part of operating profit.
- If foreign currencies depreciate against the euro, reported revenue could be lower than underlying revenue.
What to watch
- Revenue trend by segment and by country2026
- Compliance with the leverage ceiling in the USPP contractssemi-annual
- Average cost of debt after the 2025 refinancings2026
- Progress in expanding sales teams for smaller clients2026
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
According to the annual report for the year ended 31 December 2025, Elis provides rental, washing and recycling of professional textiles, and hygiene product dispensers for its clients 1. The group operates in several countries, and a significant part of its activity takes place outside the euro zone 1. Its business model relies on recurring contracts with clients from varied industries 1.
Segments
Market context
The European tourism market stayed robust in 2025, with Spain growing strongly while the United Kingdom and Germany stagnated or declined slightly 1. The 37.6% share of revenue from outside the euro zone shows the group's exposure to different currencies and economies 1. If tourist flows slowed, demand for the group's hotel services could be affected 1.
Trends
- International tourismtailwind
The number of international trips reached a new record in 2025, and Europe remains the leading tourist continent 1. Outlook for 2026 is still considered uncertain, but late-2025 activity suggests continued growth 1.
- Geopolitical uncertaintyheadwind
The international geopolitical context keeps the outlook for European hotel traffic uncertain 1. A deterioration could reduce demand in the hotel segment 1.
- Digitalisation of client relationstailwind
The myElis portal was extended in 2025 and will receive new features in 2026, simplifying order and document management 1. Digitalisation may support client retention if adoption continues 1.
- Energy and financing costsmixed
The group has fixed in advance the price of a large part of its gas and electricity consumption for 2026 and 2027 1. Financing costs rose in 2025 following refinancings at higher interest rates 1.
Competitive position
Elis operates in a competitive market for professional textile rental, where clients compare price, quality and delivery reliability 1. The group's advantage lies in its extensive network and multi-service offers 1. Competitors are not named explicitly in the available sources, so the list below is limited 1.
- Regional textile rental companies
Local or regional firms offering similar linen rental services, not identified in the available sources.
- Integrated cleaning service providers
Facility firms that also offer textile services, competing for clients in commerce and services.
- Textile manufacturers and direct sellers
Clients can buy linen directly, which could reduce demand for rental.
- Collective catering operators
Companies that manage textiles in-house, reducing dependence on external suppliers.
News & filings
In the press
- Antreprenori locali. Elis Pavaje, producător de pavele din Alba: „Se simt semne de încetinire, vedem reticenţă din partea clienţilor persoane fizice“.Ziarul Financiar · 26 Sept 2026 · RO
- Elis Pavaje la 35 de ani: Cum construieşte a doua generaţie viitorul companieiZiarul Financiar · 15 Jun 2026 · RO
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Elis · 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.