olivLaw · European equity research
PRODWAYS GROUP ALPWG.PA
France · Euronext Paris · ISIN FR0012613610 · Vertical: Listed companies from France
PRODWAYS GROUP is a French group active in 3D printing, offering machines, materials, finished parts and software. Its situation matters now because the sector is consolidating and the company is focusing on the most promising industrial segments, while its parent-company revenue reached 2 754 416 euros in 2024.
At the close of 05 Nov 2026, PRODWAYS GROUP (ALPWG.PA) stock was 0.58 EUR (−0.34% on the day), with market capitalisation 28.6 m EUR, P/E 52.5 on diluted EPS of 0.01 EUR over the last 12 months, beta 0.18, 52-week range 0.50–0.87 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)
- 59.7
- strong (55–70)
- Bollinger (20, 2)
- 0.47 – 0.60
- in the upper half of the band · %B 0.85 · band width 22.7%
- SMA 50 / 200
- 0.55 / 0.68
- mixed trend
- MACD (12, 26, 9)
- 0.01 / -0.00
- 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 | +9.5% | −0.6% | +10.1 pp | — |
| 3 months | −19.3% | −4.2% | −15.1 pp | — |
| 6 months | −28.3% | +4.3% | −32.6 pp | — |
| Year to date | +4.3% | +7.5% | −3.2 pp | — |
| 1 year | −7.4% | +9.9% | −17.3 pp | −10.8% |
| 3 years | −43.2% | +49.8% | −93.1 pp | −4.2% |
| 5 years | −81.8% | +42.8% | −124.6 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 2-quarter history (min 54.5, median 84.3, max 114.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 80.7 m | 74.6 m | 58.7 m |
| Revenue YoY | unavailable | −7.6% | −21.3% |
| Net income | 1.5 m | -14.0 m | 545.0 k |
| Net income YoY | unavailable | −1,040.2% | unavailable |
| Diluted EPS | 0.03 | -0.27 | 0.01 |
| Diluted EPS YoY | unavailable | −1,037.9% | unavailable |
| net % | 1.8% | -18.8% | 0.9% |
| Free cash flow | 3.7 m | 1.6 m | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 12.1 m EUR
- Financial debt
- 10.2 m EUR
- Net debt
- -1.8 m EUR
- Equity
- 53.6 m EUR
- Total assets
- 98.6 m EUR
- Debt / equity
- 0.19x
- Current ratio
- unavailable
- ROE
- 1.0%
- ROA
- 0.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 80.7 m | 74.6 m | 58.7 m | esef· 15 Apr 2025verified |
| Operating income | 4.9 m | -12.6 m | 1.3 m | esef· 15 Apr 2025verified |
| Income tax | 3.1 m | 710.0 k | 457.0 k | esef· 15 Apr 2025verified |
| Net income | 1.5 m | -14.0 m | 545.0 k | esef· 15 Apr 2025verified |
| Diluted EPS | 0.03 | -0.27 | 0.01 | esef· 15 Apr 2025verified |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 14.1 m | 16.2 m | 12.1 m | esef· 15 Apr 2025verified |
| Inventories | 9.2 m | 6.1 m | 5.3 m | esef· 15 Apr 2025verified |
| Current assets | 43.6 m | 43.8 m | — | esef· 01 May 2024verified |
| Property, plant & equipment, net | 8.8 m | 8.7 m | 7.6 m | esef· 15 Apr 2025verified |
| Goodwill | 46.0 m | 39.1 m | 39.1 m | esef· 15 Apr 2025verified |
| Intangibles (excl. goodwill) | 12.4 m | 6.1 m | 5.7 m | esef· 15 Apr 2025verified |
| Total assets | 119.1 m | 105.5 m | 98.6 m | esef· 15 Apr 2025verified |
| Long-term debt | 13.6 m | 14.7 m | 10.2 m | esef· 15 Apr 2025verified |
| Current liabilities | 31.9 m | 30.7 m | — | esef· 01 May 2024verified |
| Equity | 67.2 m | 53.5 m | 53.6 m | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 51.4 m | 51.5 m | 49.5 m | esef· 15 Apr 2025derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 4.3 m | 3.7 m | — | esef· 01 May 2024verified |
| Capex | 656.0 k | 2.1 m | 478.0 k | esef· 15 Apr 2025verified |
| Free cash flow | 3.7 m ≈ | 1.6 m ≈ | — | esef· 01 May 2024derived |
| Investing cash flow | -7.0 m | -563.0 k | — | esef· 01 May 2024verified |
| Financing cash flow | -191.0 k | -947.0 k | — | esef· 01 May 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: 5 of at least 6
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 28.6 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
42% · 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: 0.12 – 0.32 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/E0.12 – 0.32 (Mid 0.19)20 companies used · median multiple 17.1x · quartiles 11.1x – 28.7x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.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: 5 of at least 6; score weight coverage: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 2.1% | 19 (vs peers) | 25% |
| Net margin · Quality | 0.9% | 41 (vs peers) | 15% |
| FCF conversion · Quality | 590.6% | 100 (on a fixed band) | 15% |
| 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 | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 52.5x | 13 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 11.2% | 100 (on a fixed band) | 20% |
| 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· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality47/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation52/100 · 2/3 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
PRODWAYS GROUP (ALPWG.PA). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 58.7 m EUR in 2024; YoY growth -21.3%; net margin 0.9%; ROE 1.0%.
The estimated value range is 0.12–0.32 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.19 EUR, the price of 0.58 EUR leaves a potential of -67.4% (value / price − 1) and a margin of safety of -206.7% (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: 5 of at least 6; score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 590.6%
- FCF yield: 11.2%
What contradicts it
- ROIC: 2.1%
- P/E (TTM): 52.5x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, 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 ALPWG.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 | 0.31 Total return -47% · Per year -47% | 0.55 Total return -5% · Per year -5% | 0.83 Total return 44% · Per year 44% |
| 3 years | 0.25 Total return -58% · Per year -25% | 0.50 Total return -14% · Per year -5% | 0.83 Total return 44% · Per year 13% |
| 5 years | 0.19 Total return -66% · Per year -20% | 0.45 Total return -23% · Per year -5% | 0.83 Total return 44% · Per year 8% |
- Exit P/E± 0.12
- Net margin± 0.09
- Annual revenue growth± 0.08
- Annual dilution± 0.01
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
PRODWAYS GROUP is a French group active in 3D printing, offering machines, materials, finished parts and software. Its situation matters now because the sector is consolidating and the company is focusing on the most promising industrial segments, while its parent-company revenue reached 2 754 416 euros in 2024 1.
SWOT
Strengths
- Presence across the whole 3D printing value chain, from machines to materials, parts and software, which diversifies technology risk 1.
- Recurring revenue from materials and consumables, which gives visibility even when client investment falls 1.
- Demonstrated ability to cut costs and integrate acquisitions through synergies between subsidiaries 1.
Weaknesses
Opportunities
- Relocation of production to Europe could create demand for agile production lines based on 3D printing 1.
- Interest from aeronautics and automotive clients in ceramics applications could open new segments 1.
- Subsidies for the Futur 3D research programme could support development of the next generation of products 1.
Risks
- Strategic positioning and competitionhigh
Rapid market changes could make the group's strategic choices unsuitable, and competitive pressure could affect results 1.
- Technology and R&D investmenthigh
If the group fails to keep pace with innovation, its products could lose competitiveness 1.
- Raw material supplymedium
Supply risk was kept as major in the matrix even though prices eased, and stocks were adjusted 1.
- Brand image and group momentummedium
A negative event could affect the confidence of clients, employees and investors 1.
- Client payment and compliancelow
Client non-payment risk is considered limited, while non-compliance with regulations is rated as a strong risk 1.
Investment thesis
What would need to be true (bull case)
- If relocation of production to Europe continues, 3D printing could become a reference tool for agile manufacturing, and the group could benefit from that demand 1.
- Recurring material revenue provides a base that could cushion the investment cycles of clients 1.
- Refocusing on industrial segments and technology progress in ceramics could generate growth in higher-value niches 1.
What would break the thesis
- Rapid consolidation among competitors could put pressure on the group's prices and market share 1.
- If research investment does not produce commercial results, the group could fall behind new technologies 1.
- Economic and geopolitical uncertainty could prolong the period in which clients postpone their investments 1.
What to watch
- Revenue and results trend in the systems and products segments2025
- Progress of merger discussions in the 3D printing sector2025
- Sales of ceramics machines to industrial clients2025
- Use of the Futur 3D subsidy and results of the research programmenext 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
The PRODWAYS group operates in additive manufacturing, that is 3D printing, across a broad part of the value chain: printers, materials, finished parts and software solutions. According to the 2024 annual report, the company restructured its portfolio in 2024, selling CRISTAL and SOLIDSCAPE and refocusing its printer activity on the industrial segment 1. The parent company reported a positive social result of 4 295 938,04 euros in 2024 1.
The company describes a model in which recurring sales of materials and consumables for the installed base of printers provide some visibility, even when clients cut investment in new equipment 1. The group has also relied on subsidiaries and acquisitions, such as INTERSON PROTAC and AUDITECH, to create synergies and reduce costs 1.
The group has 51 623 324 shares with a nominal value of 0.50 euro, and at 31 December 2024 it had not paid dividends over the last three years 1. Its overall strategy targets large industrial clients and the ability to offer agile production in Europe 1.
Segments
Systems (3D printing machines)
The systems segment includes industrial 3D printers, covering resin, polymer and metal technologies, and in 2024 the company focused its offer on industrial markets with potential, such as ceramics, where it signalled first sales to aeronautics and automotive companies 1.
Products (materials and parts)
The products segment covers 3D printing materials and finished parts, an activity described as highly recurring and leveraging clients' installed machine base 1.
Market context
The 3D printing market is described in the report as having rapid changes and strong consolidation, with historic and new players financed substantially 1. Even after energy prices eased in 2024, economic uncertainty and geopolitical tensions kept part of the clients waiting 1.
The company notes that some clients are relocating activities to Europe and seek agile production lines, which could support demand for 3D printing if the trend is confirmed 1. The group's direct exposure to the conflicts in Ukraine and Israel is very limited 1.
Trends
- Industry consolidationheadwind
Mergers and attempted combinations among large printer makers could create stronger entities and intensify price pressure on competitors 1.
- Relocation of production to Europetailwind
If clients keep moving production to Europe, 3D printing could become a useful tool for agile manufacturing, according to the group's assessment 1.
- Lower energy and raw material pricesmixed
Lower energy prices and easing raw material supply reduced supply risk, although the risk stayed rated as major in the risk matrix 1.
- Accelerated technological innovationheadwind
The fast pace of new technologies and materials could erode the market share of current products, forcing the group to sustain its research effort 1.
Competitive position
Competition includes both historic additive manufacturing players and large industrial groups that developed 3D printing activities, as well as well-funded companies 1. Sector consolidation could create stronger rivals and lead to lower selling prices or extra investment for the group 1.
The group differentiates itself through its presence across the whole value chain, from machines and materials to parts and software, but strategic positioning risk was rated major in its risk mapping 1.
- StratasysSSYS
Historic additive manufacturing player, also cited as a party in merger discussions in 2023 and 2024 1.
- 3D SystemsDDD
Historic sector player, cited in the context of a proposed merger with Stratasys 1.
- Nano DimensionNNDM
Well-funded company identified as a competitor in the report 1.
- Desktop Metal
Company specialised in metal 3D printing, subject of merger plans that became uncertain 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202415 Apr 2025
- Annual report 202301 May 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / PRODWAYS GROUP · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.