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olivLaw · European equity research

High Co HCO.PA

France · Euronext Paris · ISIN FR0000054231 · Vertical: Listed companies from France

3.46EUR−0.14% · 1 dayClose 05 Nov 2026

At the close of 05 Nov 2026, High Co (HCO.PA) stock was 3.46 EUR (−0.14% on the day), with market capitalisation 57.5 m EUR, P/E 7.7 on diluted EPS of 0.45 EUR over the last 12 months, dividend yield 7.23%, beta 0.36, 52-week range 3.24–4.05 EUR.

Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
57.5 m EUR
shares as of 31 Dec 2024
P/E (TTM)
7.7
Diluted EPS TTM 0.45 · TTM to 31 Dec 2024
E/P (TTM)
13.01%
TTM to 31 Dec 2024
Dividend yield
7.23%
DPS 12m 0.25
Beta (2y)
0.36
Volatility (1y) 32%
52-week range
3.244.05

Price history

Loading chart…

Technical reading

RSI (14)
47.2
neutral
Bollinger (20, 2)
3.38 – 3.64
in the lower half of the band · %B 0.32 · band width 7.4%
SMA 50 / 200
3.51 / 3.62
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.02 / -0.01
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

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month+2.1%−0.6%+2.7 pp—
3 months−7.6%−4.2%−3.4 pp—
6 months−4.0%+4.3%−8.4 pp—
Year to date−12.8%+7.5%−20.4 pp—
1 year−10.4%+9.9%−20.3 pp−6.8%
3 years−24.9%+49.8%−74.8 pp−15.9%
5 years−37.8%+42.8%−80.6 pp—
Max drawdown (1y)
−20.0%
29 Dec 2025 → 19 Feb 2026
Max drawdown (5y)
−59.9%
16 Feb 2022 → 04 Dec 2024
Compound annual growth (5y)
−9.1%
EURO STOXX 50 +7.4%

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 5.6, median 5.8, max 6.0; quarters with earnings only).

Fiscal years

Fiscal year202320242025
Revenue145.4 m86.2 m98.7 m
Revenue YoYunavailable−40.7%+14.4%
Net income11.1 m7.5 m4.8 m
Net income YoYunavailable−32.8%−35.2%
Diluted EPS0.630.45unavailable
Diluted EPS YoYunavailable−28.6%unavailable
net %7.6%8.7%4.9%
Free cash flowunavailableunavailableunavailable

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
95.0 m EUR
Financial debt
18.1 m EUR
Net debt
-76.8 m EUR
Equity
73.5 m EUR
Total assets
211.0 m EUR
Debt / equity
0.25x
Current ratio
unavailable
ROE
5.8%
ROA
2.3%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2023
145.4 m
2024
86.2 m
2025
98.7 m

esef· 21 Apr 2026verified

Operating income
2023
15.9 m
2024
6.7 m
2025
6.0 m

esef· 21 Apr 2026verified

Depreciation & amortisation
2023
4.3 m
2024
6.1 m
2025
4.7 m

esef· 21 Apr 2026verified

EBITDA
2023
20.1 m ≈
2024
12.8 m ≈
2025
10.6 m ≈

esef· 21 Apr 2026derived

Income tax
2023
4.7 m
2024
2.1 m
2025
2.8 m

esef· 21 Apr 2026verified

Net income
2023
11.1 m
2024
7.5 m
2025
4.8 m

esef· 21 Apr 2026verified

Diluted EPS
2023
0.63
2024
0.45
2025
—

esef· 23 Apr 2025verified

Weighted average diluted shares
2023
20.0 m
2024
19.7 m
2025
—

esef· 23 Apr 2025verified

Dividend per share
2023
0.54
2024
0.33
2025
0.25

esef· 21 Apr 2026verified

Balance sheet · EUR

Cash
2023
66.1 m
2024
80.7 m
2025
95.0 m

esef· 21 Apr 2026verified

Inventories
2023
53.0 k
2024
37.0 k
2025
35.0 k

esef· 21 Apr 2026verified

Property, plant & equipment, net
2023
3.3 m
2024
1.2 m
2025
1.3 m

esef· 21 Apr 2026verified

Goodwill
2023
72.7 m
2024
73.5 m
2025
72.4 m

esef· 21 Apr 2026verified

Intangibles (excl. goodwill)
2023
785.0 k
2024
882.0 k
2025
922.0 k

esef· 21 Apr 2026verified

Total assets
2023
203.8 m
2024
206.8 m
2025
211.0 m

esef· 21 Apr 2026verified

Short-term debt
2023
1.0 k
2024
1.0 k
2025
2.7 m

esef· 21 Apr 2026verified

Long-term debt
2023
0
2024
0
2025
15.4 m

esef· 21 Apr 2026verified

Total liabilities
2023
111.9 m
2024
111.9 m
2025
137.5 m

esef· 21 Apr 2026verified

Equity
2023
91.9 m
2024
94.9 m
2025
73.5 m

esef· 21 Apr 2026verified

Shares outstanding at year end
2023
17.6 m
2024
16.6 m
2025
—

esef· 21 Apr 2026derived

Cash flow · EUR

Operating cash flow
2023
12.8 m
2024
24.6 m
2025
18.5 m

esef· 21 Apr 2026verified

Investing cash flow
2023
-1.9 m
2024
-712.0 k
2025
7.6 m

esef· 21 Apr 2026verified

Financing cash flow
2023
-14.8 m
2024
-9.3 m
2025
-11.8 m

esef· 21 Apr 2026verified

Dividends paid
2023
9.5 m
2024
5.5 m
2025
24.8 m

esef· 21 Apr 2026verified

Share repurchases
2023
2.2 m
2024
338.0 k
2025
1.1 m

esef· 21 Apr 2026verified

Computed indicators

Growth

Revenue growth (YoY)
14.4%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
-11.8%
computed by olivLawFY 2025
Net income growth (YoY)
-35.2%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
input data missing
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
10.8%
computed by olivLawFY 2025
EBIT margin
6.0%
computed by olivLawFY 2025
Net margin
4.9%
computed by olivLawFY 2025
FCF margin
unavailable
input data missing

Returns

ROE
5.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
2.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
91.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
unavailable
input data missing
Payout ratio (EPS)
55.6%
computed by olivLawFY 2025
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-76.8 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
-7.2x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Debt / equity
0.2x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
unavailable
input data missing
Quick ratio
unavailable
input data missing
Cash ratio
unavailable
input data missing

Cash

Operating cash flow
18.5 m EUR
computed by olivLawFY 2025
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
174.1%
computed by olivLawFY 2025

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
57.5 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
-19.4 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
11.9x
computed by olivLawFY 2025
P/E (TTM)
11.9x
computed by olivLawFY 2025
Earnings yield
8.4%
computed by olivLawFY 2025
P/B
0.8x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
0.6x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
-1.8x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBIT
-3.3x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/Sales
-0.2x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
7.2%
computed by olivLawFY 2025
Shareholder yield (distributions)
45.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 54.2% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

3.46 EUR

05 Nov 2026Source: olivLaw, closing series

Market cap: 57.5 m EUR

Key indicators

Market capitalisation
57.5 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
11.9x
computed by olivLawFY 2025
P/B
0.8x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
-1.8x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROE
5.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
4.9%
computed by olivLawFY 2025
Revenue growth (YoY)
14.4%
computed by olivLawFY 2025
Dividend yield
7.2%
computed by olivLawFY 2025

Coverage and freshness

25/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2024
Source: esefpublished 21 Apr 2026
verified 71derived 4

Score by group

54% · Insufficient data

Estimated value range

Low
3.40
EUR per share
Mid
5.00
EUR per share
High
8.69
EUR per share
Price: 3.46 EUR
The price is within the range
Potential to the central value: 44.4% (value / price − 1)
Margin of safety: 30.8% (1 − price / value)
Agreement between methods: medium · 3 methods used · 2 independent bases

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: 3.24 – 11.65 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/EBITDA8.59 – 11.65 (Mid 9.65)
    4 companies used · median multiple 7.9x · quartiles 6.2x – 11.0x
    ABEO.PA, AI.PA, ANTIN.PA, ATE.PA
  • Peers: P/E3.24 – 8.69 (Mid 5.00)
    20 companies used · median multiple 17.1x · quartiles 11.1x – 29.8x
    74SW.PA, ABEO.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
  • Dividend discount (DDM)3.40 – 4.64 (Mid 3.92)

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: score weight coverage: 54.2% of at least 60%

FactorValueScoreWeight used
ROIC · Quality91.8%90 (vs peers)19%
Net margin · Quality4.9%77 (vs peers)12%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheet-7.2x100 (vs peers)19%
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheetunavailableunavailable—
P/E (TTM) · Valuation11.9x74 (vs peers)19%
EV/EBITDA · Valuation-1.8x100 (vs peers)19%
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returns45.1%100 (on a fixed band)12%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality85/100 · 2/3 factors with a value
  • Returns· partial100/100 · 1/2 factors with a value
  • Valuation87/100 · 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

HIGH CO (HCO.PA). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 98.7 m EUR in 2025; YoY growth 14.4%; net margin 4.9%; ROE 5.8%; net debt/EBITDA -7.2x.

The estimated value range is 3.40–8.69 EUR per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 5.00 EUR, the price of 3.46 EUR leaves a potential of 44.4% (value / price − 1) and a margin of safety of 30.8% (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 (score weight coverage: 54.2% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • ROIC: 91.8%
  • Net margin: 4.9%
  • Net debt / EBITDA: -7.2x
  • P/E (TTM): 11.9x
  • EV/EBITDA: -1.8x
  • Shareholder yield (distributions): 45.1%

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, Interest coverage, Current ratio, FCF yield, Payout ratio (FCF).

Versus the vertical median

Listed companies from France · same country · compared with 39 companies

Multiples and returns vs the median

P/E
11.9x
vertical median 18.3x
below median (−35.1%)
EV/EBITDA
-1.8x
vertical median 6.3x
below median (−129.1%)
P/S
0.6x
vertical median 0.5x
above median (+13.8%)
P/B
0.8x
vertical median 1.1x
below median (−26.1%)
ROE
5.8%
vertical median 4.2%
above median (+40.0%)
Net margin
4.9%
vertical median 1.1%
above median (+335.9%)
EBIT margin
6.0%
vertical median 3.2%
above median (+90.0%)
Revenue YoY
14.4%
vertical median 0.6%
above median (+2,354.1%)
Net debt/EBITDA
-7.2x
vertical median -1.2x
below median
Dividend yield
7.2%
vertical median 1.7%
above median (+324.6%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude109.3 bn33.212.9%12.2%−2.0%+26% / +32%
AC.PAAccor13.8 bn30.79.6%8.0%+0.6%+6% / +56%
ADP.PAAeroports De Paris11.7 bn34.17.8%5.6%+12.1%−7% / +4%
AKE.PAArkema7.1 bn115.40.9%0.7%−5.0%+12% / −37%
ALO.PAAlstom5.8 bn18.33.1%1.7%+3.7%−51% / −4%
AF.PAAir France - Klm4.3 bn13.6—1.0%+4.8%+20% / +9%
ATE.PAAlten3.1 bn29.54.8%2.6%−1.1%+33% / −29%
BB.PASociete Bic2.7 bn31.35.0%4.1%−4.8%+32% / +5%
ANTIN.PAAntin Infrastructure Partners1.4 bn13.021.9%36.6%−8.1%−24% / −35%
74SW.PA74software792.7 m20.98.9%8.5%+44.8%−13% / +41%
AUB.PAAubay667.4 m17.813.6%6.3%+11.3%+3% / +45%
ASY.PAAssystem507.1 m69.92.5%1.1%+7.4%−19% / −18%
ATO.PAAtos Se483.0 m—-23,400.0%-17.5%−16.5%−45% / −94%
ARAMI.PAAramis Group298.8 m15.010.0%0.8%+6.3%−33% / −16%
ARVEN.PAArverne Group246.1 m—-14.0%-115.3%+27.0%+20% / −35%
BGO.PACompagnie Chargeurs Invest189.4 m—-8.6%-5.7%−2.9%unavailable / unavailable
ALCIS.PACatering International & Services145.0 m28.49.3%1.9%+5.8%+39% / +107%
ALCGM.PACegedim144.6 m—-2.6%-1.2%+10.9%−26% / −49%
ATEME.PAAteme144.0 m151.32.8%1.0%+2.2%+82% / +77%
ALHEX.PAHexaom144.0 m6.79.9%2.2%+13.1%−32% / +7%
ALBON.PACompagnie Lebon111.7 m16.54.2%8.8%−17.9%+6% / +8%
ALHYF.PALhyfe75.8 m—-33.4%-570.5%+287.2%unavailable / unavailable
ALFER.PASergeferrari Group61.5 m11.55.1%1.5%+7.4%−33% / −27%
ABEO.PAAbeo60.8 m7.36.9%3.0%+12.6%−13% / −54%
HCO.PAHigh Co57.5 m11.95.8%4.9%+14.4%−11% / −16%

1- and 3-year price returns: for HCO.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.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (EUR)

Estimated priceBearBaseBull
1 years
2.25
Total return -31% · Per year -31%
3.96
Total return 20% · Per year 20%
5.94
Total return 78% · Per year 78%
3 years
2.64
Total return -10% · Per year -4%
5.19
Total return 68% · Per year 19%
8.48
Total return 168% · Per year 39%
5 years
3.10
Total return 14% · Per year 3%
6.79
Total return 132% · Per year 18%
12.09
Total return 297% · Per year 32%
What moves the 3-year price the most
  • Exit P/E± 1.30
  • Net margin± 0.91
  • Annual revenue growth± 0.68
  • Annual dilution± 0.08

AI analysis

The qualitative analysis has not been written for this company yet.

Products, market & competition

The qualitative analysis has not been written for this company yet.

News & filings

In the press

Annual reports (ESEF)

Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

High Co (HCO.PA): stock, results, valuation and forecast · olivLaw