olivLaw · European equity research
ABEO ABEO.PA
France · Euronext Paris · ISIN FR0013185857 · Vertical: Listed companies from France
ABEO is a French family group and one of the world's leading makers of sports and leisure equipment, designing, manufacturing and distributing equipment for schools, gyms and sports infrastructure. In fiscal 2025/26 revenue rose to 280.0 million euros, and the group is now focused on integrating recent acquisitions and on growth in outdoor and digital sport.
At the close of 04 Nov 2026, ABEO (ABEO.PA) stock was 7.44 EUR (−5.82% on the day), with market capitalisation 62.3 m EUR, P/E 7.4 on diluted EPS of 1.00 EUR over the last 12 months, beta 0.04, 52-week range 7.44–10.25 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)
- 28.3
- oversold (≤ 30)
- Bollinger (20, 2)
- 7.55 – 8.05
- below the lower band · %B -0.21 · band width 6.5%
- SMA 50 / 200
- 8.12 / 8.70
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.11 / -0.12
- 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 | −7.0% | +0.4% | −7.4 pp | — |
| 3 months | −17.3% | −3.3% | −14.1 pp | — |
| 6 months | −13.9% | +4.0% | −17.8 pp | — |
| Year to date | −17.5% | +8.1% | −25.6 pp | — |
| 1 year | −10.4% | +10.7% | −21.1 pp | −7.0% |
| 3 years | −56.7% | +50.1% | −106.8 pp | −5.1% |
| 5 years | −48.0% | +43.6% | −91.6 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 8.1, median 10.3, max 64.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 248.4 m | 248.7 m | 280.0 m |
| Revenue YoY | unavailable | +0.1% | +12.6% |
| Net income | 1.7 m | 6.3 m | 8.4 m |
| Net income YoY | unavailable | +273.3% | +32.1% |
| Diluted EPS | 0.16 | 0.90 | 1.00 |
| Diluted EPS YoY | unavailable | +462.5% | +11.1% |
| net % | 0.7% | 2.6% | 3.0% |
| Free cash flow | 10.7 m | 22.7 m | 14.5 m |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 13.6 m EUR
- Financial debt
- 135.4 m EUR
- Net debt
- 121.8 m EUR
- Equity
- 128.7 m EUR
- Total assets
- 368.7 m EUR
- Debt / equity
- 1.05x
- Current ratio
- 0.97x
- ROE
- 6.9%
- ROA
- 2.5%
- FCF margin
- 5.2%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 248.4 m | 248.7 m | 280.0 m | esef· 25 Jun 2026verified |
| Operating income | 13.6 m | 14.8 m | 15.7 m | esef· 25 Jun 2026verified |
| Depreciation & amortisation | 12.3 m | 11.7 m | 14.6 m | esef· 25 Jun 2026verified |
| EBITDA | 25.9 m ≈ | 26.4 m ≈ | 30.3 m ≈ | esef· 25 Jun 2026derived |
| Pre-tax income | 10.7 m | 8.7 m | 11.1 m | esef· 25 Jun 2026verified |
| Income tax | 8.7 m | 2.4 m | 2.7 m | esef· 25 Jun 2026verified |
| Net income | 1.7 m | 6.3 m | 8.4 m | esef· 25 Jun 2026verified |
| Diluted EPS | 0.16 | 0.90 | 1.00 | esef· 25 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 11.0 m | 7.4 m | 13.6 m | esef· 25 Jun 2026verified |
| Inventories | 37.1 m | 34.9 m | 41.9 m | esef· 25 Jun 2026verified |
| Current assets | 102.6 m | 93.5 m | 114.6 m | esef· 25 Jun 2026verified |
| Property, plant & equipment, net | 56.0 m | 57.7 m | 64.5 m | esef· 25 Jun 2026verified |
| Goodwill | 86.9 m | 86.8 m | 117.6 m | esef· 25 Jun 2026verified |
| Total assets | 303.5 m | 298.8 m | 368.7 m | esef· 25 Jun 2026verified |
| Short-term debt | 36.7 m | 94.3 m | 33.0 m | esef· 25 Jun 2026verified |
| Long-term debt | 70.8 m | 77.8 m | 102.4 m | esef· 25 Jun 2026verified |
| Current liabilities | 108.2 m | 91.2 m | 118.2 m | esef· 25 Jun 2026verified |
| Equity | 109.2 m | 113.3 m | 128.7 m | esef· 25 Jun 2026verified |
| Shares outstanding at year end | 10.6 m | 7.0 m | 8.4 m | esef· 25 Jun 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 16.1 m | 26.5 m | 18.5 m | esef· 25 Jun 2026verified |
| Capex | 5.5 m | 3.8 m | 4.0 m | esef· 25 Jun 2026verified |
| Free cash flow | 10.7 m ≈ | 22.7 m ≈ | 14.5 m ≈ | esef· 25 Jun 2026derived |
| Investing cash flow | -13.0 m | -6.1 m | -22.0 m | esef· 25 Jun 2026verified |
| Financing cash flow | -26.4 m | -22.9 m | 7.7 m | esef· 25 Jun 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: 64 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 62.3 m EUR
Key indicators
Coverage and freshness
Score by group
- Balance sheet16
- Valuation89
- Quality64
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: 11.92 – 30.55 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/EBITDA14.20 – 30.55 (Mid 20.01)3 companies used · median multiple 9.5x · quartiles 7.9x – 12.4xAI.PA, ANTIN.PA, ATE.PA
- Peers: P/E11.92 – 29.93 (Mid 18.23)20 companies used · median multiple 18.2x · quartiles 11.9x – 29.9x74SW.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, BN.PA
- 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
Neutral profile · Score 64/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 4.5% | 38 (vs peers) | 16% |
| Net margin · Quality | 3.0% | 72 (vs peers) | 9% |
| FCF conversion · Quality | 173.7% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 4.0x | 17 (vs peers) | 16% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.0x | 14 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 7.4x | 87 (vs peers) | 16% |
| EV/EBITDA · Valuation | 6.1x | 81 (on a fixed band) | 16% |
| FCF yield · Valuation | 23.3% | 100 (on a fixed band) | 13% |
| 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 sheet16/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality64/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation89/100 · 3/3 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
ABEO (ABEO.PA). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 280.0 m EUR in 2026; YoY growth 12.6%; net margin 3.0%; ROE 6.9%; net debt/EBITDA 4.0x.
The estimated value range is 13.06–30.24 EUR per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 19.12 EUR, the price of 7.44 EUR leaves a potential of 157.0% (value / price − 1) and a margin of safety of 61.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 64/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 3.0%
- FCF conversion: 173.7%
- P/E (TTM): 7.4x
- EV/EBITDA: 6.1x
- FCF yield: 23.3%
- The price is below the estimated value range
What contradicts it
- Net debt / EBITDA: 4.0x
- Current ratio: 1.0x
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage, 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 | 107.9 bn | 32.8 | 12.9% | 12.2% | −2.0% | +25% / +30% |
| BN.PADanone | 43.5 bn | 21.6 | 11.9% | 7.4% | −0.9% | −12% / +15% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +55% |
| ADP.PAAeroports De Paris | 11.6 bn | 34.0 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.0 bn | 113.4 | 0.9% | 0.7% | −5.0% | +10% / −38% |
| ALO.PAAlstom | 5.9 bn | 18.6 | 3.1% | 1.7% | +3.7% | −51% / −2% |
| AF.PAAir France - Klm | 3.8 bn | 12.1 | — | 1.0% | +4.8% | +7% / −3% |
| ATE.PAAlten | 3.1 bn | 29.7 | 4.8% | 2.6% | −1.1% | +34% / −28% |
| BB.PASociete Bic | 2.6 bn | 30.8 | 5.0% | 4.1% | −4.8% | +30% / +4% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.1 | 21.9% | 36.6% | −8.1% | −23% / −34% |
| 74SW.PA74software | 806.8 m | 21.2 | 8.9% | 8.5% | +44.8% | −11% / +43% |
| AUB.PAAubay | 671.2 m | 17.9 | 13.6% | 6.3% | +11.3% | +4% / +46% |
| ASY.PAAssystem | 507.8 m | 70.0 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 503.9 m | — | -23,400.0% | -17.5% | −16.5% | −42% / −94% |
| ARAMI.PAAramis Group | 293.9 m | 14.8 | 10.0% | 0.8% | +6.3% | −34% / −17% |
| ARVEN.PAArverne Group | 246.9 m | — | -14.0% | -115.3% | +27.0% | +20% / −34% |
| BGO.PACompagnie Chargeurs Invest | 184.8 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 148.2 m | 29.0 | 9.3% | 1.9% | +5.8% | +42% / +111% |
| ALCGM.PACegedim | 145.3 m | — | -2.6% | -1.2% | +10.9% | −25% / −49% |
| ALHEX.PAHexaom | 143.3 m | 6.6 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ATEME.PAAteme | 133.9 m | 140.6 | 2.8% | 1.0% | +2.2% | +69% / +65% |
| ALBON.PACompagnie Lebon | 108.5 m | 16.0 | 4.2% | 8.8% | −17.9% | +3% / +5% |
| ALHYF.PALhyfe | 75.9 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ABEO.PAAbeo | 62.3 m | 7.4 | 6.9% | 3.0% | +12.6% | −11% / −53% |
| ALFER.PASergeferrari Group | 60.6 m | 11.3 | 5.1% | 1.5% | +7.4% | −34% / −28% |
1- and 3-year price returns: for ABEO.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 | 4.75 Total return -36% · Per year -36% | 8.38 Total return 13% · Per year 13% | 12.58 Total return 69% · Per year 69% |
| 3 years | 5.40 Total return -27% · Per year -10% | 10.62 Total return 43% · Per year 13% | 17.39 Total return 134% · Per year 33% |
| 5 years | 6.12 Total return -18% · Per year -4% | 13.46 Total return 81% · Per year 13% | 24.04 Total return 223% · Per year 26% |
- Exit P/E± 2.65
- Net margin± 1.86
- Annual revenue growth± 1.42
- Annual dilution± 0.16
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
ABEO is a French family group and one of the world's leading makers of sports and leisure equipment, designing, manufacturing and distributing equipment for schools, gyms and sports infrastructure. In fiscal 2025/26 revenue rose to 280.0 million euros 1, and the group is now focused on integrating recent acquisitions and on growth in outdoor and digital sport.
SWOT
Strengths
- A portfolio of brands with reputation in sports equipment, a vertical integration model and diversification across several divisions.
- Organic growth in the more dynamic divisions and a capacity to integrate acquisitions at a controlled pace.
- A historically positive operating cash flow, even in years with weaker profitability.
Weaknesses
- Net debt rising with acquisitions, a significant part of it at variable interest rates.
- A large share of goodwill and brands in assets, which could lead to impairment if results deviate from plan.
- High seasonality, requiring careful management of inventory and working capital.
Opportunities
- Growth in outdoor and digital sport, with opportunities through recent acquisitions.
- International expansion into regions such as the Middle East, Asia and Northern Europe.
- Synergies from the recent acquisition integration, which could improve margins.
Threats
- Growing competition from Asian players in certain markets.
- The risk of losing contracts with sports federations or the Olympic position.
- Economic uncertainty and higher financing costs could slow client orders.
Risks
- Renewal of federation contractshigh
Loss of contracts with sports federations or of Olympic participation could affect commercial performance and brand reputation over the long term.
- Exposure to variable interest ratesmedium
The variable-rate part of the debt exposes the group to higher financing costs, partly limited by hedging instruments.
- Impairment of goodwill and brandsmedium
If acquired companies underperform forecasts, impairment charges could be needed and affect results.
- Liquidity and covenantsmedium
A funding shortfall or breach of credit agreement ratios could limit investment and the group's flexibility.
- Working capital managementlow
Seasonality and international growth can strain inventory and collections, affecting margins.
Investment thesis
What would need to be true (bull case)
What would break the thesis
- If interest rates stay high, debt costs and pressure on clients could weigh on results.
- Acquisitions and high goodwill could lead to impairment if results fall short of forecasts.
- Asian competition and the risk of losing federation contracts could erode the commercial position.
What to watch
- Trend in current EBITDA margin after acquisition integration2027
- Level of net debt and compliance with covenantsnext 10-K
- Order intake and guidance for fiscal 2026/272027
- Renewal of contracts with sports federations2027
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
ABEO brings together about 30 companies organized in four divisions grouped into three complementary activities: Sport and SporTech, Sportainment and Climbing, and Changing Rooms. Its model combines vertical integration with subsidiary autonomy, and growth relies on both organic development and selective acquisitions 1.
In fiscal 2025/26 the group reported current EBITDA of 32.8 million euros, with a margin of 11.7% 1. Goodwill and brands of 159.0 million euros on the balance sheet reflect the weight of acquisitions in the group structure 1.
The company is a family-owned SME/mid-cap with international reach, and its strategy aims to broaden the portfolio toward outdoor activities and digital sport, notably through the recent Vogo, Eli Play and Sodex Sport acquisitions 1.
Segments
Sport and SporTech
The Sport division generated 145.7 million euros of revenue in fiscal 2025/26, with weak organic growth supported by gymnastics activities 1.
Sportainment and Climbing
The Sportainment and Climbing division reached 67.3 million euros, with 11.5% organic growth driven by climbing walls and indoor parks, making it the most dynamic segment 1.
Changing Rooms
The Changing Rooms division grew 2.6%, supported by good performance in swimming pool changing rooms, according to the annual report 1.
Market context
The group describes its addressable market as roughly 6 billion euros, within a sport and leisure sector with annual spending estimated between 700 and 1,500 billion dollars 1. Demand depends on public and private budgets of schools, municipalities and recreation operators.
Market risks relate to interest rates and project financing, which could slow orders, especially in the United States, along with growing competition from Asian players 1.
Trends
- Growth in outdoor and digital sporttailwind
The shift in sports practice toward outdoor activities and digitalization opens new segments for ABEO, particularly through recent acquisitions, which could support growth if integration follows plan 1.
- Higher interest ratesheadwind
Rising real interest rates affect customer financing and the cost of variable-rate debt, although hedging swaps limit exposure 1.
- Seasonality and working capitalmixed
Activities are seasonal and international expansion may require more working capital, making inventory and collections management a priority 1.
- Economic and geopolitical uncertaintymixed
The economic and geopolitical environment remains difficult, limiting short-term visibility, while rising order intake suggests demand is holding up 1.
Competitive position
Competitors include manufacturers that have secured prestigious contracts with sports federations and Olympic participations, giving them commercial credibility; ABEO notes its Olympic position could become more contested 1.
In some markets Asian players are increasingly present, and ABEO responds with a more aggressive commercial strategy, cost control and related services for existing clients 1.
- Asian manufacturers
Players from Asia gaining ground in certain markets, as indicated by the source without naming them.
- Manufacturers with federation contracts
Producers that have secured sponsorships with sports federations and participations in major events.
- Indoor park operators
Operators in recreation and trampoline parks, competing with the Sportainment division.
- Changing room producers
Companies offering changing room installations, competing with the Changing Rooms division.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202625 Jun 2026
- Annual report 202524 Jun 2025
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / ABEO · 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.