olivLaw · European equity research
HOPSCOTCH Groupe ALHOP.PA
France · Euronext Paris · ISIN FR0000065278 · Vertical: Listed companies from France
HOPSCOTCH Groupe is a French communication group that combines public relations, events, digital marketing and marketing services under a 'Global PR' model backed by an integrated international network. Its 2021 annual report shows business volume of 154 million EUR, but an events activity heavily hit by the Covid-19 health crisis, which makes the sector's recovery the key question to watch.
At the close of 05 Nov 2026, HOPSCOTCH Groupe (ALHOP.PA) stock was 12.20 EUR (−0.41% on the day), with beta 0.28, 52-week range 10.50–19.95 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)
- 38.8
- weak (30–45)
- Bollinger (20, 2)
- 11.91 – 12.90
- in the lower half of the band · %B 0.29 · band width 8.0%
- SMA 50 / 200
- 13.07 / 14.22
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.22 / -0.24
- 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 | −0.4% | +0.4% | −0.8 pp | — |
| 3 months | −20.8% | −3.3% | −17.5 pp | — |
| 6 months | −11.6% | +4.0% | −15.6 pp | — |
| Year to date | −6.2% | +8.1% | −14.3 pp | — |
| 1 year | −9.6% | +10.7% | −20.3 pp | −10.8% |
| 3 years | −15.3% | +50.1% | −65.4 pp | −4.2% |
| 5 years | +34.1% | +43.6% | −9.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 | 2020 | 2021 |
|---|---|---|
| Revenue | 121.9 m | 153.7 m |
| Revenue YoY | unavailable | +26.0% |
| Net income | -8.7 m | 4.0 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -7.1% | 2.6% |
| Free cash flow | 7.5 m | 9.5 m |
Balance sheet & financial health
Fiscal year 2021 · 31 Dec 2021
- Cash
- 45.2 m EUR
- Financial debt
- 21.9 m EUR
- Net debt
- -23.4 m EUR
- Equity
- 22.3 m EUR
- Total assets
- 144.5 m EUR
- Debt / equity
- 0.98x
- Current ratio
- unavailable
- ROE
- 20.9%
- ROA
- 3.0%
- FCF margin
- 6.2%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Revenue | 121.9 m | 153.7 m | esef· 03 May 2022verified |
| Operating income | -7.7 m | 8.8 m | esef· 03 May 2022verified |
| Depreciation & amortisation | 4.5 m | 3.9 m | esef· 03 May 2022verified |
| EBITDA | -3.2 m ≈ | 12.7 m ≈ | esef· 03 May 2022derived |
| Pre-tax income | -9.9 m | 7.2 m | esef· 03 May 2022verified |
| Income tax | -1.5 m | 2.2 m | esef· 03 May 2022verified |
| Net income | -8.7 m | 4.0 m | esef· 03 May 2022verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Cash | 38.8 m | 45.2 m | esef· 03 May 2022verified |
| Property, plant & equipment, net | 1.8 m | 1.6 m | esef· 03 May 2022verified |
| Goodwill | 16.0 m | 15.8 m | esef· 03 May 2022verified |
| Intangibles (excl. goodwill) | 860.0 k | 103.0 k | esef· 03 May 2022verified |
| Total assets | 123.8 m | 144.5 m | esef· 03 May 2022verified |
| Long-term debt | 25.5 m | 21.9 m | esef· 03 May 2022verified |
| Total liabilities | 107.8 m | 122.2 m | esef· 03 May 2022verified |
| Equity | 16.0 m | 22.3 m | esef· 03 May 2022verified |
Cash flow · EUR
| Line | 2020 | 2021 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 7.8 m | 9.9 m | esef· 03 May 2022verified |
| Capex | 340.0 k | 415.0 k | esef· 03 May 2022verified |
| Free cash flow | 7.5 m ≈ | 9.5 m ≈ | esef· 03 May 2022derived |
| Investing cash flow | 190.0 k | -982.0 k | esef· 03 May 2022verified |
| Financing cash flow | 9.0 m | -2.7 m | esef· 03 May 2022verified |
≈ 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: 4 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
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: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 729.8% | 100 (vs peers) | 31% |
| Net margin · Quality | 2.6% | 67 (vs peers) | 19% |
| FCF conversion · Quality | 236.9% | 100 (on a fixed band) | 19% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -1.8x | 83 (vs peers) | 31% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| 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· partial83/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality91/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
HOPSCOTCH GROUPE (ALHOP.PA). Latest full fiscal year: 2021; data up to 2021-12-31.
Figures computed from the financial statements: revenue 153.7 m EUR in 2021; YoY growth 26.0%; net margin 2.6%; ROE 33.9%; net debt/EBITDA -1.8x.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 729.8%
- FCF conversion: 236.9%
- Net debt / EBITDA: -1.8x
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): Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage, Current ratio, P/E (TTM), 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 ALHOP.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
Scenarios are not available. input data missing
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
HOPSCOTCH Groupe is a French communication group that combines public relations, events, digital marketing and marketing services under a 'Global PR' model backed by an integrated international network. Its 2021 annual report shows business volume of 154 million EUR, but an events activity heavily hit by the Covid-19 health crisis, which makes the sector's recovery the key question to watch.
SWOT
Strengths
- An integrated communication model combining public relations, events, digital and marketing services under one structure.
- A proprietary international network and presence in several regions that supports multinational clients.
- Specialised brands with recognised positions in niches such as food, health and internal communication.
Weaknesses
- Reliance on event activity, which was strongly affected by recent health restrictions.
- The financial structure of some subsidiaries remains fragile, with negative equity at several companies in the group.
- The parent company depends on dividends and re-invoiced services from subsidiaries to cover its costs and debts.
Opportunities
- A return of physical events could bring significant volumes back to the event subsidiaries.
- Demand for digital communication and content can open new contracts for specialised agencies.
- The international network could be used to attract clients who need services in several countries at once.
Threats
- Client communication budgets can be cut in periods of economic uncertainty.
- Competition from global agency networks can press prices and margins.
- New health crises or travel restrictions could again affect event activity.
Risks
- Exposure to physical eventshigh
A significant part of the group's activity depends on organising events. If restrictions return, revenue at the event subsidiaries could fall quickly.
- Fragile equity at subsidiariesmedium
Several subsidiaries report equity below half of their share capital. This situation can limit their capacity for financing and expansion.
- Parent dependence on subsidiariesmedium
The holding's income comes from subsidiary dividends and re-invoicing. If subsidiary results deteriorate, the holding's ability to service its debts could be affected.
- Bank debt of the groupmedium
The parent company owes significant amounts to financial institutions, which makes the financing structure sensitive to a higher cost of credit.
- Concentration in specific sectorslow
Some subsidiaries depend on a few sectors such as pharmaceuticals or food. A drop in budgets in these industries could affect the revenue of these units.
Investment thesis
What would need to be true (bull case)
- If event organisation returns to normal, the event subsidiaries could quickly recover the volumes lost during the restrictions.
- The integrated model and international network can attract clients who prefer one partner for campaigns across several countries.
- Sopexa's growth, reported at 17% in 2021, shows that some specialised brands can grow even in a difficult context.
What would break the thesis
- Reliance on physical events makes the group's revenue vulnerable to new restrictions or to lower client budgets.
- Negative equity at several subsidiaries can limit the group's financial flexibility.
- Competition from global networks could reduce margins if clients ask for lower prices for similar services.
What to watch
- Revenue trend of event subsidiaries after the health restrictions2022
- Recovery of subsidiary equity to the level of share capitalnext 10-K
- Level of the parent company's bank debt and cost of financing2022
- Contribution of Sopexa and digital agencies to total group growthnext 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
HOPSCOTCH Groupe is an international communication group created in France and listed on Euronext Paris, which structures its expertise around its own Hopscotch brand and specialised agencies such as Sopexa, Heaven, Sagarmatha and Human to Human. According to the 2021 universal registration document, the group brings together more than 638 staff and a business volume of 154 million EUR, with a gross margin of 67 million EUR. The parent company works as a holding that receives dividends and re-invoices services to its subsidiaries, and its own revenue was 12 549 thousand EUR in 2021.
Segments
Public relations and events (Hopscotch)
The group's main agency, hosting most of its PR and events activities. Its revenue was 45 803 thousand EUR in 2021, up after a year heavily affected by health restrictions.
Internal communication and congresses
Sagarmatha handles internal communication and the transformation of clients' staff, while Hopscotch Congrès organises professional meetings, mainly in health and pharmaceuticals. The two subsidiaries reported revenue of 17 625 thousand EUR and 8 249 thousand EUR respectively in 2021.
Digital marketing and food
Heaven Conseil is a communication and digital marketing agency with revenue of 12 547 thousand EUR in 2021, while Sopexa, specialised in food, drinks and wine, reported 64.5 million EUR, up 17% on 2020.
Market context
The group operates in the market for non-advertising communication, where clients ask for concept, creation and production of campaigns as well as event organisation. The annual report notes that event subsidiaries were strongly hit by the Covid-19 crisis, which limited public meetings, while digital and marketing services kept an important share of the group's mix.
Trends
- Return of events after health restrictionstailwind
Covid-19 restrictions limited public meetings, which strongly affected the event subsidiaries. If event organisation returns in force, these businesses could benefit from an easier comparison base.
- Acceleration of communication digitalisationtailwind
Demand for digital marketing, content and social networks remains a central part of the group's offer through agencies such as Heaven. This orientation can support growth but requires continuous investment in technical skills.
- Pressure on client budgetsheadwind
Communication clients can cut discretionary budgets in periods of economic uncertainty, which could slow consulting and event contracts.
- Consolidation of the agency sectormixed
Rising competition and consolidation among agencies may change pricing and client structure. For a group with several specialised brands, this trend can be both an integration opportunity and a pressure on margins.
Competitive position
The group competes with other public relations, events and marketing agencies, both independent and part of international networks. The stated advantage of HOPSCOTCH Groupe is the combination of a 'Global PR' model and its own office network in many countries, which lets it offer integrated services to multinational clients.
- International public relations and communication agencies
Global agency networks offering similar PR and corporate communication services, often with broader geographic coverage.
- Event and congress organisers
Event and congress organisers in the pharmaceutical and corporate sectors that compete directly with Hopscotch and Hopscotch Congrès.
- Digital marketing agencies
Agencies specialised in digital marketing and social networks, competing with Heaven Conseil for clients' digital budgets.
- Food and wine promotion agencies
Promotion firms in the food and wine sector that face Sopexa on the same international promotion mandates.
News & filings
In the press
- A C++ implementation of a fast hash map and hash set using hopscotch hashingHacker News · 26 Jun 2026 · EN
Annual reports (ESEF)
- Annual report 202103 May 2022
Sources
- [1] Annual report, fiscal year ended 2021-12-31 (ESEF) · SEC / HOPSCOTCH Groupe · 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.