olivLaw · European equity research
Cegedim ALCGM.PA
France · Euronext Paris · ISIN FR0000053506 · Vertical: Listed companies from France
Cegedim is a European group providing software and services for health, insurance and business, with more than 6,000 employees at the end of 2023. For 2024 the group expects organic revenue growth between 5 % and 8 %, though this outlook could be revised if geopolitical and economic risks intensify.
At the close of 05 Nov 2026, Cegedim (ALCGM.PA) stock was 9.76 EUR (−0.51% on the day), with market capitalisation 144.6 m EUR, dividend yield 5.12%, beta 0.48, 52-week range 8.90–14.35 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)
- 33.6
- weak (30–45)
- Bollinger (20, 2)
- 9.37 – 10.96
- in the lower half of the band · %B 0.24 · band width 15.6%
- SMA 50 / 200
- 10.50 / 11.09
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.27 / -0.23
- 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 | −10.8% | +0.4% | −11.2 pp | — |
| 3 months | −8.1% | −3.3% | −4.8 pp | — |
| 6 months | −10.9% | +4.0% | −14.9 pp | — |
| Year to date | −28.0% | +8.1% | −36.1 pp | — |
| 1 year | −15.1% | +10.7% | −25.8 pp | −6.8% |
| 3 years | −47.6% | +50.1% | −97.7 pp | −4.2% |
| 5 years | −61.0% | +43.6% | −104.6 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.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 524.7 m | 555.2 m | 616.0 m |
| Revenue YoY | unavailable | +5.8% | +10.9% |
| Net income | 26.2 m | 13.6 m | -7.4 m |
| Net income YoY | unavailable | −48.0% | −154.4% |
| Diluted EPS | 1.90 | 1.00 | -0.50 |
| Diluted EPS YoY | unavailable | −47.4% | −150.0% |
| net % | 5.0% | 2.5% | -1.2% |
| Free cash flow | 82.0 m | 68.9 m | 76.0 m |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 46.6 m EUR
- Financial debt
- 188.5 m EUR
- Net debt
- 141.9 m EUR
- Equity
- 294.6 m EUR
- Total assets
- 924.1 m EUR
- Debt / equity
- 0.64x
- Current ratio
- 1.02x
- ROE
- -2.5%
- ROA
- -0.8%
- FCF margin
- 12.3%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 524.7 m | 555.2 m | 616.0 m | esef· 04 Apr 2024verified |
| Income tax | 5.8 m | 4.6 m | 14.8 m | esef· 04 Apr 2024verified |
| Net income | 26.2 m | 13.6 m | -7.4 m | esef· 04 Apr 2024verified |
| Diluted EPS | 1.90 | 1.00 | -0.50 | esef· 04 Apr 2024verified |
| Dividend per share | — | 0.50 | — | esef· 18 Apr 2023verified |
Balance sheet · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 24.2 m | 55.6 m | 46.6 m | esef· 04 Apr 2024verified |
| Current assets | 232.7 m | 300.4 m | 329.1 m | esef· 04 Apr 2024verified |
| Property, plant & equipment, net | 121.7 m | 131.0 m | — | esef· 18 Apr 2023verified |
| Goodwill | 187.1 m | 198.8 m | 199.8 m | esef· 04 Apr 2024verified |
| Intangibles (excl. goodwill) | 179.9 m | 188.1 m | 194.2 m | esef· 04 Apr 2024verified |
| Total assets | 797.6 m | 889.9 m | 924.1 m | esef· 04 Apr 2024verified |
| Long-term debt | 186.6 m | 188.9 m | 188.5 m | esef· 04 Apr 2024verified |
| Current liabilities | 263.7 m | 287.1 m | 323.1 m | esef· 04 Apr 2024verified |
| Equity | 232.4 m | 304.1 m | 294.6 m | esef· 04 Apr 2024verified |
| Shares outstanding at year end | 13.8 m | 13.6 m | 14.8 m | esef· 04 Apr 2024derived |
Cash flow · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 96.0 m | 86.5 m | 97.9 m | esef· 04 Apr 2024verified |
| Capex | 14.0 m | 17.6 m | 22.0 m | esef· 04 Apr 2024verified |
| Free cash flow | 82.0 m ≈ | 68.9 m ≈ | 76.0 m ≈ | esef· 04 Apr 2024derived |
| Investing cash flow | -70.1 m | -20.2 m | -75.3 m | esef· 04 Apr 2024verified |
| Financing cash flow | -26.7 m | -33.9 m | -31.1 m | esef· 04 Apr 2024verified |
≈ 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
- indicators available: 3 of at least 6
- score weight coverage: 18.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 144.6 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
19% · 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: 6.80 – 9.27 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 · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)6.80 – 9.27 (Mid 7.85)
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: 3 of at least 6; score weight coverage: 18.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -1.2% | 33 (vs peers) | 33% |
| 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 | 1.0x | 18 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 52.5% | 100 (on a fixed band) | 44% |
| 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· partial18/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial33/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial100/100 · 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
CEGEDIM (ALCGM.PA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 616.0 m EUR in 2023; YoY growth 10.9%; net margin -1.2%; ROE -2.6%.
The estimated value range is 6.80–9.27 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 7.85 EUR, the price of 9.76 EUR leaves a potential of -19.6% (value / price − 1) and a margin of safety of -24.4% (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 (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 52.5%
What contradicts it
- Current ratio: 1.0x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, 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% |
| BN.PADanone | 44.1 bn | 21.9 | 11.9% | 7.4% | −0.9% | −11% / +16% |
| 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% |
| 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 ALCGM.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Cegedim is a European group providing software and services for health, insurance and business, with more than 6,000 employees at the end of 2023. For 2024 the group expects organic revenue growth between 5 % and 8 %, though this outlook could be revised if geopolitical and economic risks intensify.
SWOT
Strengths
- International presence in several countries and a broad range of software and services for regulated industries.
- Governance structure with specialised committees and a high level of independence among directors on the audit committee.
- Compliance with financial covenants and controlled levels of net debt relative to EBITDA.
Weaknesses
- Dependence on talent that is hard to recruit in niche areas may slow growth and raise costs.
- Activity intensive in data centres implies a significant energy impact, which is an environmental challenge.
- The financing structure includes bonds and credit facilities with change-of-control clauses, which may limit flexibility.
Opportunities
- Demand for compliance and extra-financial reporting could create new service opportunities for clients.
- Expansion through acquisitions in new countries could complement organic growth, within the limits set by covenants.
- Artificial-intelligence and cloud-based solutions could improve the efficiency of the services offered.
Threats
- Geopolitical and economic uncertainty could affect client investment and project timing.
- Growing regulatory requirements, including CSRD, may require additional investment in systems and reporting.
- Currency fluctuations could affect results in the countries where the group operates.
Risks
- Loss of talenthigh
Losing key employees or struggling to retain them could affect service quality and the capacity for development.
- Attack on infrastructure or datahigh
Security incidents affecting data centres or client information could have financial and reputational consequences.
- Geopolitical and economic risksmedium
A worsening of macroeconomic conditions could affect the organic growth expected for 2024.
- Change-of-control clausesmedium
The bonds and credit facilities include clauses that could lead to early repayment in case of a change of control.
- Environmental impact of data centreslow
The energy consumption of the technology infrastructure is an extra-financial risk that the group monitors.
Investment thesis
What would need to be true (bull case)
- If the group achieves the expected organic growth and keeps current debt levels, its position in health and insurance solutions could strengthen results.
- Presence in several countries and the integration of software and outsourcing services may create recurring revenue if clients remain loyal.
- Investment in artificial intelligence and cloud could improve operating margins over the medium term.
What would break the thesis
- If recruitment stays difficult, personnel costs could grow faster than revenue, weighing on margins.
- If geopolitical risks intensify, clients could postpone projects, which would slow the anticipated growth.
- Growing regulatory requirements could require investment that is not immediately offset by additional revenue.
What to watch
- Delivery of organic revenue growth against the expected range2024
- Development of the net debt to EBITDA ratio against the covenant2024
- Recruitment results and employee retention rate2024
- Results of the first full carbon assessment and decarbonisation trajectory2024-2030
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 annual report for fiscal 2023, Cegedim operates through four business units: Cegedim Insurance Solutions, Cegedim Business Services, Pharmacie and Cegedim Santé, cegedim.cloud and R&D. The group is a B2B player whose products are mainly used by companies in the pharmaceutical and insurance industries. The activity is described as tertiary-sector, with technology infrastructure based on data centres.
In 2023 the group continued to grow both organically and through acquisitions, and its external growth strategy relies on integrating new activities. Cegedim is present in more than 10 countries, which allows it to extend its client base internationally.
The governance structure includes committees dedicated to audit, remuneration and nomination, strategy, and corporate social responsibility, reflecting a focus on oversight of risks and extra-financial performance.
Segments
Cegedim Insurance Solutions
One of the four business units, providing software and services for insurance companies with a focus on operations and data management in this field.
Cegedim Business Services
Business unit covering outsourcing services, including BPO activities, which contributed to the growth of the group's workforce in 2023.
Pharmacie, Cegedim Santé and cegedim.cloud
These units serve the pharmaceutical industry and healthcare providers, while the cloud activity supports the group's and its clients' technology infrastructure.
Market context
The software and services market for health and insurance is characterised by B2B clients with high requirements for quality, security and compliance. The source document does not give data on total market size, so the analysis remains limited to the group's positioning.
The organic growth expected for 2024 rests on management assumptions and depends on geopolitical, economic and monetary developments, which keeps the market environment uncertain.
Trends
- Outsourcing of business processestailwind
Demand for outsourcing services, including HR and BPO, could support growth in the group's activities if clients keep outsourcing administrative functions.
- Digital transformation and artificial intelligencetailwind
The group is exploring new recruitment tools and artificial-intelligence-related solutions, which could raise operational efficiency but require continued technology investment.
Competitive position
The documents provided do not explicitly identify the group's competitors, so no detailed statements can be made about its competitive position in the market.
Without source data on market share or direct competitors, the competitive analysis remains limited to the differentiating factors mentioned in the report, such as presence in several countries and the integration of services and software.
- No competitors named in source
The source document does not name direct competitors of the group, so no verified list can be established.
- Regional medical software providers
Not named in the source; the group's presence in several countries suggests local competitors exist, but none is identified precisely.
- HR outsourcing firms
The activity of Cegedim SRH falls in this category, but the source does not identify other players in the market.
- Insurance solutions providers
Competitors may exist in the Cegedim Insurance Solutions segment, but the source does not name them.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202304 Apr 2024
- Annual report 202218 Apr 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Cegedim · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.