olivLaw · European equity research
Linedata Services LIN.PA
France · Euronext Paris · ISIN FR0004156297 · Vertical: Listed companies from France
Linedata Services is a financial software group focused on asset management and lending, whose 2025 governance was marked by a board with a majority family shareholder and the consequences of a cyber attack on operations. This analysis is based on the 2025 universal registration document, which details board structure and compliance risks.
At the close of 05 Nov 2026, Linedata Services (LIN.PA) stock was 47.50 EUR (+0.00% on the day), with market capitalisation 233.6 m EUR, P/E 15.9 on diluted EPS of 2.98 EUR over the last 12 months, dividend yield 3.68%, beta 0.23, 52-week range 37.90–54.40 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)
- 44.6
- weak (30–45)
- Bollinger (20, 2)
- 44.80 – 50.97
- in the lower half of the band · %B 0.44 · band width 12.9%
- SMA 50 / 200
- 48.90 / 43.83
- mixed trend
- MACD (12, 26, 9)
- -0.61 / -0.63
- 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 | −12.7% | −0.6% | −12.0 pp | — |
| 3 months | +9.7% | −4.2% | +13.9 pp | — |
| 6 months | +14.2% | +4.3% | +9.8 pp | — |
| Year to date | +3.7% | +7.5% | −3.8 pp | — |
| 1 year | +6.3% | +9.9% | −3.7 pp | −6.8% |
| 3 years | −8.7% | +49.8% | −58.5 pp | −15.9% |
| 5 years | +20.9% | +42.8% | −22.0 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 100 percentile of its own 3-quarter history (min 10.8, median 15.0, max 15.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 183.3 m | 183.7 m | 169.6 m |
| Revenue YoY | unavailable | +0.2% | −7.7% |
| Net income | 25.5 m | 28.1 m | 14.7 m |
| Net income YoY | unavailable | +10.3% | −47.9% |
| Diluted EPS | 5.14 | 5.69 | 2.98 |
| Diluted EPS YoY | unavailable | +10.7% | −47.6% |
| net % | 13.9% | 15.3% | 8.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 14.9 m EUR
- Financial debt
- 55.3 m EUR
- Net debt
- 40.4 m EUR
- Equity
- 120.6 m EUR
- Total assets
- 300.6 m EUR
- Debt / equity
- 0.46x
- Current ratio
- 0.84x
- ROE
- 11.3%
- ROA
- 4.7%
- 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 | 183.3 m | 183.7 m | 169.6 m | esef· 21 Apr 2026verified |
| Operating income | 37.9 m | 39.9 m | 22.6 m | esef· 21 Apr 2026verified |
| Depreciation & amortisation | — | 13.5 m | 13.3 m | esef· 21 Apr 2026verified |
| EBITDA | — | 53.4 m ≈ | 35.9 m ≈ | esef· 21 Apr 2026derived |
| Income tax | 8.0 m | 9.4 m | 5.4 m | esef· 21 Apr 2026verified |
| Net income | 25.5 m | 28.1 m | 14.7 m | esef· 21 Apr 2026verified |
| Diluted EPS | 5.14 | 5.69 | 2.98 | esef· 21 Apr 2026verified |
| Dividend per share | 1.75 | 1.75 | 1.75 | esef· 21 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 | 30.5 m | 38.5 m | 14.9 m | esef· 21 Apr 2026verified |
| Receivables | 43.3 m | 46.0 m | 50.4 m | esef· 21 Apr 2026verified |
| Current assets | 81.4 m | 92.1 m | 74.2 m | esef· 21 Apr 2026verified |
| Property, plant & equipment, net | 8.7 m | 8.1 m | 6.6 m | esef· 21 Apr 2026verified |
| Goodwill | 164.0 m | 170.9 m | 167.4 m | esef· 21 Apr 2026verified |
| Intangibles (excl. goodwill) | 29.3 m | 29.2 m | 29.9 m | esef· 21 Apr 2026verified |
| Total assets | 309.4 m | 324.1 m | 300.6 m | esef· 21 Apr 2026verified |
| Accounts payable | — | 34.4 m | 38.2 m | esef· 21 Apr 2026verified |
| Long-term debt | — | 65.6 m | 55.3 m | esef· 21 Apr 2026verified |
| Current liabilities | 74.7 m | 83.4 m | 88.9 m | esef· 21 Apr 2026verified |
| Equity | 113.0 m | 138.4 m | 120.6 m | esef· 21 Apr 2026verified |
| Shares outstanding at year end | 5.0 m | 4.9 m | 4.9 m | esef· 21 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 40.4 m | 49.4 m | 26.2 m | esef· 21 Apr 2026verified |
| Investing cash flow | -8.9 m | -7.1 m | -16.5 m | esef· 21 Apr 2026verified |
| Financing cash flow | -26.0 m | -34.9 m | -31.8 m | esef· 21 Apr 2026verified |
| Dividends paid | 8.7 m | 8.7 m | 8.6 m | esef· 21 Apr 2026verified |
| Share repurchases | 0 | 1.2 m | 9.9 m | esef· 21 Apr 2026verified |
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
05 Nov 2026Source: olivLaw, closing series
Market cap: 233.6 m 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: 23.80 – 88.81 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/EBITDA37.03 – 72.01 (Mid 49.19)4 companies used · median multiple 7.9x · quartiles 6.2x – 11.0xABEO.PA, AI.PA, ANTIN.PA, ATE.PA
- Peers: P/E33.05 – 88.81 (Mid 51.05)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)23.80 – 32.45 (Mid 27.46)
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 | 11.6% | 67 (vs peers) | 18% |
| Net margin · Quality | 8.6% | 87 (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 | 1.1x | 29 (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 | 15.9x | 61 (vs peers) | 18% |
| EV/EBITDA · Valuation | 7.6x | 40 (vs peers) | 18% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 7.9% | 100 (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 sheet21/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality74/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation50/100 · 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
LINEDATA SERVICES (LIN.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 169.6 m EUR in 2025; YoY growth -7.7%; net margin 8.6%; ROE 11.3%; net debt/EBITDA 1.1x.
The estimated value range is 33.05–72.01 EUR per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 49.19 EUR, the price of 47.50 EUR leaves a potential of 3.6% (value / price − 1) and a margin of safety of 3.4% (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 (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
- Net margin: 8.6%
- Shareholder yield (distributions): 7.9%
What contradicts it
- Net debt / EBITDA: 1.1x
- Current ratio: 0.8x
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 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% |
| 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% |
| LIN.PALinedata Services | 233.6 m | 15.9 | 11.3% | 8.6% | −7.7% | +7% / −10% |
| 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 LIN.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 | 25.40 Total return -44% · Per year -44% | 45.13 Total return -1% · Per year -1% | 68.28 Total return 48% · Per year 48% |
| 3 years | 20.17 Total return -50% · Per year -21% | 40.73 Total return -4% · Per year -1% | 68.28 Total return 56% · Per year 16% |
| 5 years | 16.01 Total return -56% · Per year -15% | 36.75 Total return -7% · Per year -1% | 68.28 Total return 65% · Per year 11% |
- Exit P/E± 10.18
- Net margin± 7.13
- Annual revenue growth± 6.44
- Annual dilution± 0.60
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
Linedata Services is a financial software group focused on asset management and lending, whose 2025 governance was marked by a board with a majority family shareholder and the consequences of a cyber attack on operations. This analysis is based on the 2025 universal registration document, which details board structure and compliance risks 1.
SWOT
Strengths
- International presence through subsidiaries in several countries and jurisdictions, enabling service to clients in different regions 1.
- A board with experience in managing international groups and in the banking or financial sector 1.
- A governance structure with specialised committees for audit, remuneration, strategy and impact 1.
Weaknesses
Opportunities
Risks
- Cyber attackhigh
The impact of a cyber attack on activity was monitored by the board in 2025, indicating a significant operational risk 1.
- Personal data protectionhigh
Compliance with personal data laws in several jurisdictions could expose the group to sanctions if not maintained 1.
- Concentrated controlmedium
The majority shareholder and family members hold key board positions, which could limit the independence of decisions 1.
- Board independencemedium
Only some directors are independent, and co-opting a new independent member is still in progress 1.
- Regulation across several countrieslow
Regulatory differences between jurisdictions could increase compliance complexity for subsidiaries in different countries 1.
Investment thesis
What would need to be true (bull case)
- If the co-option of the new independent director is completed, board oversight could become more balanced 1.
- Presence in several countries and the board's experience in managing international groups could support growth 1.
- If security practices strengthen after the incident, client confidence could recover 1.
What would break the thesis
- A cyber attack with lasting impact could reduce client confidence and require additional investment 1.
- Control concentrated in the majority shareholder could limit the influence of other shareholders over decisions 1.
- Compliance costs across several jurisdictions could rise and erode margins if revenue does not grow in parallel 1.
What to watch
- Co-option of the new independent director and its approval by the general meetingnext AGM
- Evolution of the cyber attack's impact on activity and of remediation measures2026
- Compliance with personal data laws in subsidiaries in different countries2026
- Board mandates, which expire at the general meeting held in 20272027
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 2025 universal registration document, Linedata Services is a company within the Linedata Group with subsidiaries in several countries, including the United States, Ireland, China, India, Mexico and Portugal 1. Management is led by a chairman and chief executive, supported by a board of directors that operated through four standing committees in 2025. The legal and governance structure is described in detail in the report 1.
Board members held mandates across several group subsidiaries, indicating direct coordination among entities in different jurisdictions 1. The audit committee monitors internal control systems, risk management and compliance, while the impact committee oversees environmental and social matters 1.
The report notes that the board was regularly informed of compliance measures on personal data protection and IT security, in the context of the impact of a cyber attack on activity 1. These topics appear as central to group operations in fiscal 2025 1.
Segments
Asset management and lending
The 2025 annual report includes subsidiaries dedicated to asset management and to lending and leasing in the United States and Canada, suggesting these lines of business are central to the group 1.
Technology and IT services
Subsidiaries in India, Portugal and China, along with technology entities in Mexico, point to a software development and IT services component distributed geographically 1.
Market context
The universal registration document does not, in the excerpts analysed, describe the global financial software market in detail. The group's structure does, however, show a presence across several regions, particularly the Americas, Europe and Asia 1. Market analysis should be completed with additional sources on segment size.
Trends
- Cybersecurity and data protectionheadwind
In 2025 the board followed compliance measures on personal data and the impact of a cyber attack, showing regulatory and operational pressure in this area 1. If security requirements increase, compliance costs could rise.
- Board diversity requirementmixed
The law on balanced representation of women and men on boards is met, with women making up 40% of the board in 2025 1. This reflects a governance framework that evolves alongside regulation.
- Governance and board independencemixed
The board started steps to co-opt a new independent director, to be submitted to the general meeting 1. Changes on the board could influence strategic direction.
- International complianceheadwind
In 2025 the board approved statements on modern slavery and criminal finances, showing compliance with rules in several jurisdictions 1. Compliance costs could continue to rise.
Competitive position
The universal registration document analysed does not explicitly identify the company's competitors. The competitive landscape for asset management and lending software is, however, diverse, made up of global and regional vendors. The competitor list should be confirmed from additional sector sources.
- Asset management software vendors
Direct competitors in asset management, not explicitly identified in the source analysed.
- Lending and leasing software vendors
Competitors in lending and leasing, not explicitly identified in the source analysed.
- IT services providers for financial institutions
Competitors offering development and integration services, not explicitly identified in the source analysed.
- Regional financial software providers
Local competitors in the jurisdictions where the group has subsidiaries, not explicitly identified in the source analysed.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Apr 2026
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Linedata Services · 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.