olivLaw · European equity research
Wavestone WAVE.PA
France · Euronext Paris · ISIN FR0013357621 · Vertical: Listed companies from France
Wavestone is a French consulting firm specialised in digital transformation, cybersecurity and IT strategy, with international operations. Its relevance now lies in how quickly clients adapt their information systems and in the recent integration of Q_PERIOR.
At the close of 05 Nov 2026, Wavestone (WAVE.PA) stock was 34.15 EUR (−1.87% on the day), with market capitalisation 838.4 m EUR, P/E 10.2 on diluted EPS of 3.34 EUR over the last 12 months, dividend yield 1.35%, beta 0.56, 52-week range 28.95–61.80 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)
- 65.4
- strong (55–70)
- Bollinger (20, 2)
- 28.23 – 35.35
- in the upper half of the band · %B 0.83 · band width 22.4%
- SMA 50 / 200
- 30.98 / 40.72
- mixed trend
- MACD (12, 26, 9)
- 1.03 / 0.67
- 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 | +14.6% | −0.6% | +15.2 pp | — |
| 3 months | +0.4% | −4.2% | +4.6 pp | — |
| 6 months | −23.5% | +4.3% | −27.9 pp | — |
| Year to date | −38.6% | +7.5% | −46.1 pp | — |
| 1 year | −31.8% | +9.9% | −41.8 pp | −6.8% |
| 3 years | −22.0% | +49.8% | −71.9 pp | −15.9% |
| 5 years | −28.9% | +42.8% | −71.7 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 13.7, median 15.7, max 20.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 701.1 m | 943.7 m | 954.3 m |
| Revenue YoY | unavailable | +34.6% | +1.1% |
| Net income | 58.2 m | 75.6 m | 82.0 m |
| Net income YoY | unavailable | +29.8% | +8.5% |
| Diluted EPS | 2.71 | 3.09 | 3.34 |
| Diluted EPS YoY | unavailable | +14.0% | +8.1% |
| net % | 8.3% | 8.0% | 8.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 121.4 m EUR
- Financial debt
- 19.0 k EUR
- Net debt
- -121.4 m EUR
- Equity
- 702.5 m EUR
- Total assets
- 996.9 m EUR
- Debt / equity
- 0.00x
- Current ratio
- 1.59x
- ROE
- 12.3%
- ROA
- 8.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 701.1 m | 943.7 m | 954.3 m | esef· 21 Jul 2026verified |
| Operating income | 85.8 m | 109.6 m | 111.5 m | esef· 21 Jul 2026verified |
| Pre-tax income | 81.3 m | 103.2 m | 109.3 m | esef· 21 Jul 2026verified |
| Income tax | 22.7 m | 27.3 m | 27.2 m | esef· 21 Jul 2026verified |
| Net income | 58.2 m | 75.6 m | 82.0 m | esef· 21 Jul 2026verified |
| Diluted EPS | 2.71 | 3.09 | 3.34 | esef· 21 Jul 2026verified |
| Dividend per share | — | 0.46 | — | esef· 17 Jul 2025verified |
Balance sheet · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 77.5 m | 78.3 m | 121.4 m | esef· 21 Jul 2026verified |
| Current assets | 344.0 m | 350.5 m | 375.8 m | esef· 21 Jul 2026verified |
| Property, plant & equipment, net | 12.0 m | 11.6 m | 10.8 m | esef· 21 Jul 2026verified |
| Goodwill | 507.9 m | 512.5 m | 519.3 m | esef· 21 Jul 2026verified |
| Intangibles (excl. goodwill) | 74.6 m | 66.2 m | 59.0 m | esef· 21 Jul 2026verified |
| Total assets | 977.7 m | 979.9 m | 996.9 m | esef· 21 Jul 2026verified |
| Short-term debt | 6.0 m | 7.8 m | 19.0 k | esef· 21 Jul 2026verified |
| Long-term debt | 52.2 m | 44.9 m | 0 | esef· 21 Jul 2026verified |
| Current liabilities | 285.6 m | 234.8 m | 236.5 m | esef· 21 Jul 2026verified |
| Total liabilities | 977.7 m | 979.9 m | — | esef· 17 Jul 2025verified |
| Equity | 571.4 m | 633.4 m | 702.5 m | esef· 21 Jul 2026verified |
| Shares outstanding at year end | 21.5 m | 24.5 m | 24.5 m | esef· 21 Jul 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
- indicators available: 4 of at least 6
- score weight coverage: 31.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 838.4 m EUR
Key indicators
Coverage and freshness
Score by group
31% · 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: 37.05 – 99.53 EUR.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
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/E37.05 – 99.53 (Mid 57.22)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)outside the aggregate6.26 – 8.53 (Mid 7.22)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
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: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 14.1% | 71 (vs peers) | 33% |
| Net margin · Quality | 8.6% | 87 (vs peers) | 20% |
| 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 | 1.6x | 66 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 10.2x | 78 (vs peers) | 33% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| 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· partial66/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality77/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial78/100 · 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
WAVESTONE (WAVE.PA). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 954.3 m EUR in 2026; YoY growth 1.1%; net margin 8.6%; ROE 12.3%.
The estimated value range is 37.05–99.53 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 57.22 EUR, the price of 34.15 EUR leaves a potential of 67.5% (value / price − 1) and a margin of safety of 40.3% (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: 31.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 14.1%
- Net margin: 8.6%
- P/E (TTM): 10.2x
- 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): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, 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% |
| 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% |
| WAVE.PAWavestone | 838.4 m | 10.2 | 12.3% | 8.6% | +1.1% | −32% / −28% |
| 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 WAVE.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 | 19.50 Total return -42% · Per year -42% | 34.54 Total return 2% · Per year 2% | 52.10 Total return 54% · Per year 54% |
| 3 years | 17.67 Total return -45% · Per year -18% | 35.32 Total return 8% · Per year 2% | 58.69 Total return 77% · Per year 21% |
| 5 years | 16.01 Total return -48% · Per year -12% | 36.13 Total return 13% · Per year 2% | 66.10 Total return 103% · Per year 15% |
- Exit P/E± 8.83
- Net margin± 6.18
- Annual revenue growth± 5.24
- Annual dilution± 0.52
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
Wavestone is a French consulting firm specialised in digital transformation, cybersecurity and IT strategy, with international operations. Its relevance now lies in how quickly clients adapt their information systems and in the recent integration of Q_PERIOR.
SWOT
Strengths
- The firm has an extensive international presence and a client portfolio spanning various sectors, which reduces dependence on any single industry.
- Experience in IT governance and cybersecurity provides a differentiated position in complex projects.
- The business unit structure allows specialisation by domain, and the acquisition integration model is documented and repeatable.
Weaknesses
- The business model depends on the availability and retention of staff, which makes team stability a sensitive point.
- Fixed-price missions carry a results obligation, and cost or schedule overruns can reduce profitability.
- Contract review processes are still being harmonised across the firm after the integration of several entities.
Opportunities
- Demand for cybersecurity and for securing AI-based systems could support new missions.
- International expansion, reinforced by the Q_PERIOR merger, could open access to new clients and skills.
- Selling additional missions to existing clients can improve the return on commercial investment.
Threats
- Intense competition for talent and contracts could limit growth or pressure margins.
- Client dissatisfaction or ineffective handling of complaints could affect reputation and future revenue.
- Psychosocial and workload risks could affect productivity and generate legal costs.
Risks
- Client satisfactionhigh
If deliveries fail to meet quality, timelines or budgets, the firm could lose clients and reputation, an effect that may be amplified by rising ESG requirements.
- Recruitment and retention of talenthigh
In a competitive market, difficulty attracting and keeping high-potential profiles could limit delivery capacity and growth.
- Psychosocial risksmedium
Exposure of teams to client environments and delivery pressure can cause stress, conflict or burnout, with effects on health and costs.
- Contractual risksmedium
Disputes over contract clauses, confidentiality or liability for delivery quality could generate unexpected costs.
- Financial informationlow
Errors in accounting records or intragroup re-invoicing could affect the reliability of financial statements and expose a listed company to sanctions.
Investment thesis
What would need to be true (bull case)
- If demand for cybersecurity and digital transformation continues, the firm could benefit from a broad client base and a differentiated position in complex missions.
- Integrating Q_PERIOR and expanding internationally could bring commercial synergies and access to new skills.
- If recruitment stays on plan and retention improves, the business model could support sustainable growth.
What would break the thesis
- If pressure on talent increases, personnel costs could erode margins and slow expansion.
- Fixed-price missions can generate losses if effort estimates are exceeded, especially while new entities are being integrated.
- Competition from large international consulting firms could limit the ability to win major contracts and retain clients.
What to watch
- Trend in client satisfaction and mission outcomesnext 10-K
- Pace of recruitment and staff retention rate2027
- Q_PERIOR integration and harmonisation of contract processes2026/27
- Board composition after the July general meeting30 July 2026
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
Wavestone is a consulting firm that helps organisations transform their strategy, processes and information systems, with a focus on cybersecurity and IT governance. Activity runs through several business units, and the firm has extended its international presence through the merger with Q_PERIOR 1.
The business model relies on missions billed either on time or as fixed-price engagements, where the firm takes on a results obligation. Client retention is essential, since winning a new client can require a commercial effort spanning many months, and selling new missions to existing clients helps make that investment profitable 1.
The main resource is people: annual recruitment, carried out in a labour market that is not tight, is central to growth and delivery quality. The firm completed roughly a thousand hires in fiscal 2025/26, in line with the plan set at the start of the year 1.
Segments
Cybersecurity
The cybersecurity business unit, whose programmes include security operations and AI security, appears in the annual report as an important development direction for the firm 1.
IT and digital transformation
Missions in IT governance, infrastructure and digital transformation form the historical core of the business, with projects for clients in industry, transport, banking and media, according to the annual report 1.
Market context
The firm operates in the consulting and technology services market, where competition for talent and large contracts is intense. The annual report highlights that attracting graduates from the best schools is a structural competitive factor 1.
The European and international consulting services market is shaped by client demand for quality, transparency and ESG criteria, which the firm cites as both risk factors and points of differentiation 1.
Trends
- Demand for cybersecuritytailwind
Rising cyber threats and the integration of artificial intelligence into security support demand for specialised missions, which could lift revenue in this segment if the trend continues 1.
- Pressure on talentheadwind
Competition for young and experienced profiles could raise recruitment and retention costs, which could weigh on margins if the market becomes tighter 1.
- Client quality and ESG expectationsmixed
Clients increasingly expect transparency and ESG considerations in projects, which can create opportunities for firms able to demonstrate them, but also reputational risks if standards are not met 1.
- Integration of acquisitionsmixed
Integrating acquired subsidiaries into the Wavestone model takes on average 18 months, and consolidating operations after the Q_PERIOR merger could affect efficiency in the short term 1.
Competitive position
Wavestone competes with other strategic and technology consulting firms, both local and international, for the same corporate clients and the same talent. The annual report describes this competitive pressure as structural, especially in recruitment and team retention 1.
The risk of staff being poached by competitors or clients is explicitly noted in the report, showing that competitive positions depend heavily on the stability of consulting teams 1.
- AccentureACN
Global professional services and consulting company competing on digital transformation and cybersecurity projects.
- Capgemini
European IT services and consulting group active in the same transformation and cybersecurity markets.
- Sopra Steria
European consulting and systems integration firm offering IT governance and security services.
- Deloitte
International consulting network competing on strategy, cyber risk and IT transformation services.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202621 Jul 2026
- Annual report 202517 Jul 2025
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / Wavestone · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.