olivLaw · European equity research
CIS - Catering International & Services SA ALCIS.PA
France · Euronext Paris · ISIN FR0000064446 · Vertical: Listed companies from France
CIS is a service integrator specialised in managing living camps in extreme environments, both on shore and offshore, for clients in oil, gas, mining and construction. The order backlog rose from 486 M USD to 590 M USD in 2021, pointing to growing activity that depends on contracts with clients in difficult regions.
At the close of 05 Nov 2026, CIS - Catering International & Services SA (ALCIS.PA) stock was 17.90 EUR (−2.19% on the day), with market capitalisation 145.0 m EUR, P/E 28.4 on diluted EPS of 0.63 EUR over the last 12 months, beta 0.12, 52-week range 12.25–22.70 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)
- 35.4
- weak (30–45)
- Bollinger (20, 2)
- 17.62 – 19.77
- in the lower half of the band · %B 0.13 · band width 11.5%
- SMA 50 / 200
- 19.64 / 17.50
- mixed trend
- MACD (12, 26, 9)
- -0.24 / -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 | +1.1% | +0.4% | +0.8 pp | — |
| 3 months | −21.1% | −3.3% | −17.9 pp | — |
| 6 months | +5.9% | +4.0% | +2.0 pp | — |
| Year to date | +31.1% | +8.1% | +23.0 pp | — |
| 1 year | +40.9% | +10.7% | +30.2 pp | −10.8% |
| 3 years | +95.4% | +50.1% | +45.3 pp | −15.9% |
| 5 years | +26.1% | +43.6% | −17.6 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 100 percentile of its own 2-quarter history (min 19.9, median 21.0, max 22.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 |
|---|---|---|---|
| Revenue | 265.7 m | 255.7 m | 270.7 m |
| Revenue YoY | unavailable | −3.8% | +5.8% |
| Net income | 5.4 m | -2.6 m | 5.1 m |
| Net income YoY | unavailable | −148.9% | unavailable |
| Diluted EPS | 0.67 | -0.33 | 0.63 |
| Diluted EPS YoY | unavailable | −149.3% | unavailable |
| net % | 2.0% | -1.0% | 1.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2021 · 31 Dec 2021
- Cash
- 60.7 m EUR
- Financial debt
- 20.1 m EUR
- Net debt
- -40.6 m EUR
- Equity
- 57.3 m EUR
- Total assets
- 180.5 m EUR
- Debt / equity
- 0.35x
- Current ratio
- 1.56x
- ROE
- 9.3%
- ROA
- 3.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2019 | 2020 | 2021 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 265.7 m | 255.7 m | 270.7 m | esef· 28 Apr 2022verified |
| Operating income | 10.0 m | 12.8 m | 11.0 m | esef· 28 Apr 2022verified |
| Pre-tax income | 10.2 m | 4.1 m | 11.9 m | esef· 28 Apr 2022verified |
| Income tax | 4.0 m | 4.8 m | 4.9 m | esef· 28 Apr 2022verified |
| Net income | 5.4 m | -2.6 m | 5.1 m | esef· 28 Apr 2022verified |
| Diluted EPS | 0.67 | -0.33 | 0.63 | esef· 28 Apr 2022verified |
Balance sheet · EUR
| Line | 2019 | 2020 | 2021 | Source (latest year) |
|---|---|---|---|---|
| Cash | 53.4 m | 56.3 m | 60.7 m | esef· 28 Apr 2022verified |
| Inventories | 19.3 m | 17.3 m | 22.3 m | esef· 28 Apr 2022verified |
| Current assets | 144.9 m | 138.5 m | 155.0 m | esef· 28 Apr 2022verified |
| Property, plant & equipment, net | 8.4 m | 6.5 m | 8.5 m | esef· 28 Apr 2022verified |
| Total assets | 178.0 m | 163.2 m | 180.5 m | esef· 28 Apr 2022verified |
| Long-term debt | 18.0 m | 21.4 m | 20.1 m | esef· 28 Apr 2022verified |
| Current liabilities | 92.1 m | 86.2 m | 99.3 m | esef· 28 Apr 2022verified |
| Equity | 61.5 m | 52.7 m | 57.3 m | esef· 28 Apr 2022verified |
| Shares outstanding at year end | 8.0 m | 7.9 m | 8.1 m | esef· 28 Apr 2022derived |
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: 145.0 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
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: 6.99 – 18.77 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/E6.99 – 18.77 (Mid 10.79)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, 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
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 | 37.7% | 90 (vs peers) | 33% |
| Net margin · Quality | 1.9% | 59 (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 | 63 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 28.4x | 39 (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· partial63/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality79/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial39/100 · 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
CATERING INTERNATIONAL & SERVICES (ALCIS.PA). Latest full fiscal year: 2021; data up to 2021-12-31.
Figures computed from the financial statements: revenue 270.7 m EUR in 2021; YoY growth 5.8%; net margin 1.9%; ROE 9.3%.
The estimated value range is 6.99–18.77 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 10.79 EUR, the price of 17.90 EUR leaves a potential of -39.7% (value / price − 1) and a margin of safety of -65.9% (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: 37.7%
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% |
| 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 ALCIS.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 | 10.72 Total return -40% · Per year -40% | 18.95 Total return 6% · Per year 6% | 28.52 Total return 59% · Per year 59% |
| 3 years | 10.69 Total return -40% · Per year -16% | 21.23 Total return 19% · Per year 6% | 35.04 Total return 96% · Per year 25% |
| 5 years | 10.66 Total return -40% · Per year -10% | 23.78 Total return 33% · Per year 6% | 43.06 Total return 141% · Per year 19% |
- Exit P/E± 5.31
- Net margin± 3.71
- Annual revenue growth± 3.01
- Annual dilution± 0.31
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
CIS is a service integrator specialised in managing living camps in extreme environments, both on shore and offshore, for clients in oil, gas, mining and construction. The order backlog rose from 486 M USD to 590 M USD in 2021, pointing to growing activity that depends on contracts with clients in difficult regions.
SWOT
Strengths
- Expertise in managing living camps in extreme environments, on shore and offshore.
- A full range of facilities and utilities services that enables turnkey solutions.
- An order backlog that grew compared with the prior year.
Weaknesses
- Dependence on a few clients in the extractive and construction industries.
- Activity concentrated outside France, which raises exposure to local risks.
- Margins sensitive to transport and logistics costs in remote areas.
Opportunities
- Expansion into new emerging countries where demand for living camps may grow.
- Cross-selling facilities services to existing clients.
- Long-term contracts with peacekeeping forces and large operators.
Threats
- Political instability in operating zones could interrupt contracts.
- Regulatory changes in host countries may affect operations.
- Competition from local operators with lower cost bases.
Risks
- Geopolitical riskhigh
Activity in emerging countries and difficult zones exposes the group to political instability, conflict and access restrictions. These can directly affect contract continuity.
- Client concentrationhigh
Clients are operators in a few industries, and losing a major client could significantly reduce revenue.
- Currency riskmedium
The group holds assets and liabilities in different currencies, and translating financial statements can create consolidation differences.
- Currency controlsmedium
Cash balances in countries with foreign exchange restrictions may be hard for the group to access, limiting financial flexibility.
- Goodwill impairmentlow
If cash-generating units no longer cover asset values, an impairment could be required, with no subsequent reversal allowed.
Investment thesis
What would need to be true (bull case)
- If the order backlog keeps growing, future revenue could rest on a firmer base of contracts.
- Expertise in extreme environments and an integrated service range could offer an edge over smaller rivals.
- Expansion into emerging countries could open new revenue streams, provided political risks remain manageable.
What would break the thesis
- Dependence on a few clients in extractive industries could amplify the impact of any fall in demand.
- Geopolitical risks in operating zones may interrupt contracts and raise security costs.
- Pressure on transport costs could compress margins if it cannot be passed on to clients.
What to watch
- Evolution of the order backlog and new contracts2027
- Revenue by segment and operating marginsnext 10-K
- Geopolitical situation in the main operating countries2027
- Currency conversion and balances blocked in restricted countriesnext 10-K
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
Catering International & Services SA, headquartered in Marseille, France, manages living camps for clients operating in extreme environments. It conducts all its activity abroad, mainly in emerging countries or difficult zones. Clients are local or Western operators, often well known, that work through independent local entities or joint ventures.
The group works as a service integrator and offers a full range of facilities and utilities management, so that clients receive turnkey solutions. Its financial statements follow IFRS, as set out in the annual report for the year ended 31 December 2021, approved by the board of directors on 13 April 2022.
Activity depends on contract volumes and camp occupancy, estimated with the expected value of future payments. Revenue is recognised under IFRS 15 as performance obligations are satisfied.
Segments
Living camps (bases-vie) on shore and offshore
Managing living camps in extreme environments is the core of the group's activity. Services cover accommodation, catering and maintenance for clients in oil, gas, mining and construction.
Facilities and utilities management
This range of services complements camp management and allows integrated, turnkey solutions. It is the channel through which the group could expand its offer to existing clients.
Market context
The target market includes operators in extractive industries, engineering, construction and peacekeeping forces, active mainly in emerging countries or difficult zones. Demand depends on these clients' investment and on the stability of the regions where they operate.
The annual report gives no external market data, so the size and growth of the segment cannot be assessed from this source. Conclusions on competitive position stay limited to the official document.
Trends
- Growing order backlogtailwind
The order backlog grew in 2021 compared with 2020, which could signal higher demand for services. If this trend holds, it could support future revenue.
- Exposure to difficult zonesmixed
Operating in emerging countries and unstable zones can bring opportunities but also political and operational risks. Developments in these regions can directly influence the group's activity.
- Application of IFRS 16mixed
The standard brought lease contracts onto the balance sheet, with limited impact on net income. The effect fades over time as contracts run their course.
- Pressure on transport costsheadwind
Transport and logistics costs, included in inventory values, may rise in remote environments. Higher costs could compress margins if they are not passed on to clients.
Competitive position
The official document does not explicitly name the group's competitors. Operators of living-camp services and facilities integrators in extractive zones could plausibly be the main rivals, but the source does not confirm this.
Competitive positioning rests on the ability to operate in extreme environments and on the full service range. Without data from the source, advantages over rivals cannot be measured.
- Living-camp service operators
Potential rivals not named in the source; identity and market share are not confirmed.
- Facilities management integrators
Companies offering similar integrated services; not identified in the official document.
- Service providers to the extractive sector
Possible rivals in oil, gas and mining; not named in the source.
- Construction and engineering firms with in-house services
They may integrate camp and maintenance services internally; to be verified in external sources.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202128 Apr 2022
- Annual report 202018 May 2021
Sources
- [1] Annual report, fiscal year ended 2021-12-31 (ESEF) · SEC / CIS - Catering International & Services SA · 31 Dec 2021
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.