olivLaw · European equity research
Havas N.V. HAVAS.AS
Netherlands · Euronext Amsterdam · ISIN NL0015002K83 · Vertical: Listed companies from Netherlands
At the close of 04 Nov 2026, Havas N.V. (HAVAS.AS) stock was 18.45 EUR (+3.36% on the day), with market capitalisation 1.8 bn EUR, P/E 9.7 on diluted EPS of 1.90 EUR over the last 12 months, beta 0.65, 52-week range 13.90–19.30 EUR.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 66.1
- strong (55–70)
- Bollinger (20, 2)
- 16.63 – 18.45
- in the upper half of the band · %B 1.00 · band width 10.4%
- SMA 50 / 200
- 17.86 / 17.13
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- -0.02 / -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 | +5.1% | −1.5% | +6.6 pp | — |
| 3 months | −3.4% | −5.3% | +1.9 pp | — |
| 6 months | +9.8% | +4.7% | +5.1 pp | — |
| Year to date | +8.5% | +6.0% | +2.5 pp | — |
| 1 year | +24.7% | +8.2% | +16.5 pp | +0.5% |
| 3 years | unavailable | +47.2% | unavailable | +2.5% |
| 5 years | unavailable | +41.8% | unavailable | — |
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 2-quarter history (min 8.9, median 9.2, max 9.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2.9 bn | 2.9 bn | 2.9 bn |
| Revenue YoY | unavailable | −0.3% | +1.7% |
| Net income | 167.0 m | 173.0 m | 189.0 m |
| Net income YoY | unavailable | +3.6% | +9.2% |
| Diluted EPS | 0.17 | 1.73 | 1.90 |
| Diluted EPS YoY | unavailable | +917.6% | +9.8% |
| net % | 5.8% | 6.0% | 6.5% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 294.0 m EUR
- Financial debt
- 3.0 m EUR
- Net debt
- -291.0 m EUR
- Equity
- 1.8 bn EUR
- Total assets
- 6.6 bn EUR
- Debt / equity
- 0.00x
- Current ratio
- 0.84x
- ROE
- 10.1%
- ROA
- 2.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.9 bn | 2.9 bn | 2.9 bn | esef· 07 Apr 2026verified |
| Operating income | 310.0 m | 315.0 m | 334.0 m | esef· 07 Apr 2026verified |
| Depreciation & amortisation | 121.0 m | 113.0 m | 104.0 m | esef· 07 Apr 2026verified |
| EBITDA | 431.0 m ≈ | 428.0 m ≈ | 438.0 m ≈ | esef· 07 Apr 2026derived |
| Pre-tax income | 279.0 m | 278.0 m | 300.0 m | esef· 07 Apr 2026verified |
| Income tax | 95.0 m | 89.0 m | 90.0 m | esef· 07 Apr 2026verified |
| Net income | 167.0 m | 173.0 m | 189.0 m | esef· 07 Apr 2026verified |
| Diluted EPS | 0.17 | 1.73 | 1.90 | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 322.0 m | 234.0 m | 294.0 m | esef· 07 Apr 2026verified |
| Inventories | 91.0 m | 115.0 m | 130.0 m | esef· 07 Apr 2026verified |
| Current assets | 3.8 bn | 3.5 bn | 3.4 bn | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 220.0 m | 205.0 m | 192.0 m | esef· 07 Apr 2026verified |
| Goodwill | 2.4 bn | 2.5 bn | 2.5 bn | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 51.0 m | 49.0 m | 49.0 m | esef· 07 Apr 2026verified |
| Total assets | 6.9 bn | 6.7 bn | 6.6 bn | esef· 07 Apr 2026verified |
| Long-term debt | 3.0 m | 4.0 m | 3.0 m | esef· 07 Apr 2026verified |
| Current liabilities | 4.3 bn | 4.1 bn | 4.1 bn | esef· 07 Apr 2026verified |
| Equity | 2.0 bn | 1.9 bn | 1.8 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 982.4 m | 98.9 m | 99.0 m | esef· 07 Apr 2026derived |
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 weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.8 bn EUR
Key indicators
Coverage and freshness
Score by group
58% · 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: 20.12 – 60.99 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/EBITDA44.34 – 60.99 (Mid 50.04)5 companies used · median multiple 10.6x · quartiles 9.4x – 13.1xARCAD.AS, BAMNB.AS, BNJ.AS, BRNL.AS, CMCOM.AS
- Peers: P/E20.12 – 43.38 (Mid 26.21)15 companies used · median multiple 13.8x · quartiles 10.6x – 22.8xAALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, AXS.AS, BAMNB.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS
- 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: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 14.5% | 73 (vs peers) | 18% |
| Net margin · Quality | 6.5% | 75 (vs peers) | 11% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.7x | 80 (vs peers) | 18% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.8x | 3 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 9.7x | 90 (vs peers) | 18% |
| EV/EBITDA · Valuation | 3.5x | 100 (vs peers) | 18% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.4% | 20 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet58/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality74/100 · 2/3 factors with a value
- Returns· partial20/100 · 1/2 factors with a value
- Valuation95/100 · 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
Havas N.V. (HAVAS.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.9 bn EUR in 2025; YoY growth 1.7%; net margin 6.5%; ROE 10.2%; net debt/EBITDA -0.7x.
The estimated value range is 32.23–52.19 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 38.12 EUR, the price of 18.45 EUR leaves a potential of 106.6% (value / price − 1) and a margin of safety of 51.6% (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: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 14.5%
- Net margin: 6.5%
- Net debt / EBITDA: -0.7x
- P/E (TTM): 9.7x
- EV/EBITDA: 3.5x
- The price is below the estimated value range
What contradicts it
- Current ratio: 0.8x
- Shareholder yield (distributions): 1.4%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Netherlands · 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 | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 519.6 bn | 50.9 | 44.2% | 31.3% | +15.6% | +48% / +115% |
| ASM.ASASM International N.V. | 33.5 bn | 46.5 | 18.7% | 22.8% | +8.2% | +44% / +45% |
| DSFIR.ASDSM-Firmenich AG | 32.0 bn | 114.3 | 1.2% | 2.2% | +20.4% | +52% / +24% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 30.9 bn | 13.7 | 15.3% | 2.5% | +3.4% | −4% / +29% |
| ADYEN.ASAdyen N.V. | 26.9 bn | 25.4 | 22.3% | 40.1% | +18.9% | −36% / −20% |
| HAL.ASHAL Trust | 15.6 bn | 9.8 | 10.5% | 12.8% | +1.2% | +23% / +49% |
| EXO.ASExor N.V. | 15.3 bn | — | -10.6% | — | −100.0% | +3% / −17% |
| BESI.ASBE Semiconductor Industries N.V. | 12.1 bn | 91.6 | 28.7% | 22.3% | −2.7% | +17% / +18% |
| AKZA.ASAkzo Nobel N.V. | 10.8 bn | 17.1 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.6 bn | 25.8 | 7.2% | 5.7% | −5.3% | +51% / +15% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.3 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.4 bn | 42.5 | 9.1% | 1.3% | +2.9% | +49% / +408% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| HAVAS.ASHavas N.V. | 1.8 bn | 9.7 | 10.2% | 6.5% | +1.7% | +27% / unavailable |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +56% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 973.4 m | — | -1.5% | -1.1% | −18.8% | −1% / −49% |
| ACOMO.ASAcomo N.V. | 687.4 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 667.9 m | — | -28.2% | -21.7% | +66.1% | +61% / +25% |
| FFARM.ASForFarmers N.V. | 515.9 m | 10.3 | 14.5% | 1.6% | +14.8% | +31% / +140% |
| BRNL.ASBrunel International N.V. | 386.2 m | 126.5 | 1.0% | 0.3% | −10.8% | −5% / −29% |
| ALFEN.ASAlfen N.V. | 229.8 m | — | -0.1% | -0.0% | −10.7% | +0% / −77% |
| ENVI.ASEnvipco Holding N.V. | 227.9 m | — | -12.7% | -11.9% | −20.8% | −24% / +49% |
| CMCOM.ASCM.com N.V. | 188.7 m | — | -22.2% | -1.5% | −5.4% | +21% / −31% |
1- and 3-year price returns: for HAVAS.AS 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 | 10.66 Total return -42% · Per year -42% | 18.87 Total return 2% · Per year 2% | 28.46 Total return 54% · Per year 54% |
| 3 years | 9.78 Total return -47% · Per year -19% | 19.54 Total return 6% · Per year 2% | 32.43 Total return 76% · Per year 21% |
| 5 years | 8.97 Total return -51% · Per year -13% | 20.22 Total return 10% · Per year 2% | 36.95 Total return 100% · Per year 15% |
- Exit P/E± 4.88
- Net margin± 3.42
- Annual revenue growth± 2.88
- Annual dilution± 0.29
AI analysis
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202417 Apr 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.