olivLaw · European equity research
EQUASENS EQS.PA
France · Euronext Paris · ISIN FR0012882389 · Vertical: Listed companies from France
EQUASENS is a European group providing software and digital solutions for healthcare, and it leads the French pharmacy IT market with a share of 40%. The group is expanding into medical practices, medico-social facilities and interoperability as digitalisation of healthcare advances.
At the close of 05 Nov 2026, EQUASENS (EQS.PA) stock was 27.60 EUR (−1.60% on the day), with market capitalisation 414.9 m EUR, P/E 11.5 on diluted EPS of 2.39 EUR over the last 12 months, dividend yield 4.53%, beta 0.40, 52-week range 26.75–45.00 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)
- 40.9
- weak (30–45)
- Bollinger (20, 2)
- 26.73 – 30.45
- in the lower half of the band · %B 0.23 · band width 13.0%
- SMA 50 / 200
- 29.98 / 34.75
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.66 / -0.58
- 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 | −5.2% | −0.6% | −4.5 pp | — |
| 3 months | −18.7% | −4.2% | −14.5 pp | — |
| 6 months | −25.2% | +4.3% | −29.5 pp | — |
| Year to date | −38.7% | +7.5% | −46.2 pp | — |
| 1 year | −25.1% | +9.9% | −35.0 pp | −6.8% |
| 3 years | −60.1% | +49.8% | −109.9 pp | −15.9% |
| 5 years | −72.8% | +42.8% | −115.6 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 0 percentile of its own 3-quarter history (min 18.5, median 19.7, max 24.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 214.1 m | 219.8 m | 216.8 m |
| Revenue YoY | unavailable | +2.7% | −1.4% |
| Net income | 46.4 m | 47.0 m | 36.2 m |
| Net income YoY | unavailable | +1.4% | −23.0% |
| Diluted EPS | 3.06 | 3.10 | 2.39 |
| Diluted EPS YoY | unavailable | +1.3% | −22.9% |
| net % | 21.7% | 21.4% | 16.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 16.0 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 240.7 m EUR
- Total assets
- 398.0 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.21x
- ROE
- 15.5%
- ROA
- 9.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 214.1 m | 219.8 m | 216.8 m | esef· 07 May 2025verified |
| Operating income | 55.2 m | 55.2 m | 43.7 m | esef· 07 May 2025verified |
| Depreciation & amortisation | 12.3 m | 13.2 m | 14.8 m | esef· 07 May 2025verified |
| EBITDA | 67.5 m ≈ | 68.4 m ≈ | 58.5 m ≈ | esef· 07 May 2025derived |
| Income tax | 6.2 m | 9.7 m | 9.5 m | esef· 07 May 2025verified |
| Net income | 46.4 m | 47.0 m | 36.2 m | esef· 07 May 2025verified |
| Diluted EPS | 3.06 | 3.10 | 2.39 | esef· 07 May 2025verified |
| Dividend per share | — | 1.15 | 1.25 | esef· 07 May 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 23.4 m | 18.4 m | 16.0 m | esef· 07 May 2025verified |
| Inventories | 9.3 m | 10.3 m | 10.3 m | esef· 07 May 2025verified |
| Current assets | 137.2 m | 132.3 m | 122.5 m | esef· 07 May 2025verified |
| Goodwill | 83.1 m | 90.2 m | 104.0 m | esef· 07 May 2025verified |
| Intangibles (excl. goodwill) | 38.5 m | 40.1 m | 46.0 m | esef· 07 May 2025verified |
| Total assets | 350.8 m | 394.0 m | 398.0 m | esef· 07 May 2025verified |
| Current liabilities | 98.1 m | 108.1 m | 101.6 m | esef· 07 May 2025verified |
| Equity | 196.8 m | 227.6 m | 240.7 m | esef· 07 May 2025verified |
| Shares outstanding at year end | 15.0 m | 15.0 m | 15.0 m | esef· 07 May 2025derived |
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
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 414.9 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · 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: 17.00 – 71.22 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/E26.51 – 71.22 (Mid 40.94)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)17.00 – 23.18 (Mid 19.62)
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: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 16.7% | 95 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| 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 | 1.2x | 34 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 11.5x | 74 (vs peers) | 38% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.5% | 21 (on a fixed band) | 23% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial34/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial95/100 · 1/3 factors with a value
- Returns· partial21/100 · 1/2 factors with a value
- Valuation· partial74/100 · 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
EQUASENS (EQS.PA). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 216.8 m EUR in 2024; YoY growth -1.4%; net margin 16.7%; ROE 16.1%.
The estimated value range is 21.75–47.20 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 30.28 EUR, the price of 27.60 EUR leaves a potential of 9.7% (value / price − 1) and a margin of safety of 8.8% (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: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 16.7%
- P/E (TTM): 11.5x
What contradicts it
- Shareholder yield (distributions): 1.5%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, 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% |
| 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% |
| EQS.PAEquasens | 414.9 m | 11.5 | 16.1% | 16.7% | −1.4% | −36% / −53% |
| 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 EQS.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 | 15.48 Total return -41% · Per year -41% | 27.45 Total return 4% · Per year 4% | 41.45 Total return 56% · Per year 56% |
| 3 years | 13.30 Total return -42% · Per year -17% | 26.69 Total return 10% · Per year 3% | 44.51 Total return 78% · Per year 21% |
| 5 years | 11.43 Total return -44% · Per year -11% | 25.96 Total return 16% · Per year 3% | 47.79 Total return 102% · Per year 15% |
- Exit P/E± 6.67
- Net margin± 4.67
- Annual revenue growth± 4.06
- Annual dilution± 0.39
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
EQUASENS is a European group providing software and digital solutions for healthcare, and it leads the French pharmacy IT market with a share of 40% 1. The group is expanding into medical practices, medico-social facilities and interoperability as digitalisation of healthcare advances.
SWOT
Strengths
- Leading position in the French pharmacy IT market and a broad range of solutions, from software to equipment and services 1.
- Multinational presence in several European countries, with complementary divisions covering the patient pathway 1.
- Proprietary support network and recognised certifications such as HDS and ISO 27001 that support client trust 1.
Weaknesses
Opportunities
- Growing digital role in healthcare and public interoperability programmes could widen the accessible market 1.
- Integrating artificial intelligence into new products could create offers with higher added value 1.
- Recent acquisitions such as CALIMED and DIGIPHARMACIE open new segments for physicians and pharmacies 1.
Risks
- Intense competitionmedium
Several strong competitors in key markets could limit market share gains and pressure prices 1.
- Dependence on regulationmedium
Legislative changes in healthcare may require costly product adaptations; if delayed, sales could be affected 1.
- Data securityhigh
Greater exposure to cyberattacks on health data could generate costs and loss of trust 1.
- Business model transitionmedium
Moving from local licences to SaaS could temporarily slow revenue growth and affect cash flows 1.
- International exposurelow
Activity across several countries with small positions could dilute returns if market shares do not grow 1.
Investment thesis
What would need to be true (bull case)
- A leading position in France and accelerating healthcare digitalisation could support long-term growth in recurring revenue 1.
- New AI-based offers and recent acquisitions could widen the segments the group can address 1.
- Diversification across divisions and countries reduces reliance on a single market or product 1.
What would break the thesis
- If competition in Italy, Germany and France limits share gains, international growth could remain modest 1.
- The company described 2024 as a difficult year, and a slow recovery could weigh on financial results 1.
- Heavy R&D and infrastructure investment could weigh on margins if revenue growth is not sufficient 1.
What to watch
- Evolution of market share in France and results of the PHARMAGEST division2025
- Pace of the transition from licences to SaaS and the share of recurring revenue2025
- Launch of AI-based products, including LOQUii2025
- Integration of recent acquisitions and share evolution in Italy and Germany2025
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
EQUASENS, formerly PHARMAGEST INTERACTIVE, is a publisher of IT solutions for the healthcare sector and operates mainly through five divisions: PHARMAGEST, AXIGATE LINK, MEDICAL SOLUTIONS, E-CONNECT and FINTECH 1. It serves pharmacies, medical practices, medico-social establishments and hospitals, with emphasis on interoperability between healthcare professionals. The group is controlled by LA COOPERATIVE WELCOOP, which supports its 'Patient Centré' strategy 1.
Segments
PHARMAGEST (pharmacies)
The PHARMAGEST division develops the id. pharmacy management software, active in France, Italy, Belgium, Luxembourg and Germany, along with equipment, security and robotics services 1. It is the group's core segment, with a dominant market position in France 1.
AXIGATE LINK (medico-social and hospitals)
The AXIGATE LINK division offers software for EHPAD care homes, home nursing, hospitals and telemedicine, with presence in France, Belgium and the United Kingdom 1. It includes the TitanLink line, used by more than 3 400 establishments in France and Belgium 1.
Market context
The European pharmacy IT market is structured by country, with EQUASENS leading in France at a 40% share and smaller positions in Belgium (10%), Germany (about 2.5%) and Italy (about 5%) 1. In Italy, the two main competitors together hold about 70% of the market 1. Markets are shaped by national regulation and digitalisation pressure.
Trends
- Digitalisation of the health systemtailwind
The group's strategy relies on a growing digital role in care, interoperability and public Numerique en Santé programmes, which could support demand for its solutions 1.
- Migration to SaaSmixed
The shift from on-premise licences to SaaS increases the recurring share of revenue but requires investment and an adapted commercial model 1.
- Artificial intelligencetailwind
The group intends to integrate more AI into its solutions through ia.lab and projects such as LOQUii, which could open new products 1.
- Staffing pressure and regulationmixed
Staff shortages in pharmacies and growing regulatory obligations may increase demand for automation, but also raise compliance costs for vendors 1.
Competitive position
In France, the main competitors in pharmacy IT are EVERYS and SMART-Rx, a subsidiary of the CEGEDIM group 1. In Italy the competition includes COMPUGROUP MEDICAL and PHARMASERVICE, while in Germany it includes ADG, NOVENTI, PHARMATECHNIK and CGM LAUER 1.
- EVERYS
Second significant player in the French pharmacy IT market 1.
- SMART-Rx (CEGEDIM group)
Subsidiary of the CEGEDIM group offering several pharmacy management solutions in France 1.
- COMPUGROUP MEDICAL
Important player in the Italian and German pharmacy software and PDA markets 1.
- CORILUS
Competitor in Belgium for pharmacies and for medico-social establishments 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202407 May 2025
- Annual report 202301 May 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / EQUASENS · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.