olivLaw · European equity research
Hybrid Software Group PLC HYSG.BR
Belgium · Euronext Brussels · Vertical: Listed companies from Belgium
Hybrid Software Group develops software for the printing and packaging industry, from RIP processors and digital front ends to colour management and workflow automation. In 2024 the company significantly improved its profitability, with revenue of 51.50 million EUR, up 7% from the prior year, although the market remains difficult due to high interest rates and economic uncertainty.
At the close of 05 Nov 2026, Hybrid Software Group PLC (HYSG.BR) stock was 3.86 EUR (+1.05% on the day), with market capitalisation 121.3 m EUR, beta 0.27, 52-week range 3.50–4.24 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 52.0
- neutral
- Bollinger (20, 2)
- 3.65 – 3.98
- in the upper half of the band · %B 0.64 · band width 8.5%
- SMA 50 / 200
- 3.89 / 3.92
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.03 / -0.04
- 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 | 0.0% | +0.4% | −0.4 pp | — |
| 3 months | −0.5% | −3.3% | +2.7 pp | — |
| 6 months | −2.0% | +4.0% | −6.0 pp | — |
| Year to date | −5.4% | +8.1% | −13.5 pp | — |
| 1 year | 0.0% | +10.7% | −10.7 pp | +8.1% |
| 3 years | +18.4% | +50.1% | −31.7 pp | −6.5% |
| 5 years | −22.2% | +43.6% | −65.8 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 | 2024 |
|---|---|---|---|---|
| Revenue | 48.6 m | 46.7 m | 48.0 m | 51.5 m |
| Revenue YoY | unavailable | −3.8% | +2.9% | +7.2% |
| Net income | 4.9 m | 1.3 m | 1.3 m | -2.8 m |
| Net income YoY | unavailable | −73.5% | +1.5% | −314.4% |
| Diluted EPS | 0.15 | 0.04 | 0.04 | -0.09 |
| Diluted EPS YoY | unavailable | −73.3% | 0.0% | −325.0% |
| net % | 10.1% | 2.8% | 2.7% | -5.5% |
| Free cash flow | 8.2 m | 3.2 m | 6.5 m | 8.3 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 9.5 m EUR
- Financial debt
- 6.5 m EUR
- Net debt
- -3.0 m EUR
- Equity
- 110.2 m EUR
- Total assets
- 131.0 m EUR
- Debt / equity
- 0.06x
- Current ratio
- 2.06x
- ROE
- -2.5%
- ROA
- -2.1%
- FCF margin
- 16.1%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 48.6 m | 46.7 m | 48.0 m | 51.5 m | esef· 24 Sept 2025verified |
| Cost of revenue | 8.5 m | 7.4 m | 8.7 m | 8.1 m | esef· 24 Sept 2025verified |
| Gross profit | 40.1 m | 39.3 m | 39.4 m | 43.4 m | esef· 24 Sept 2025verified |
| Research & development | 12.7 m | 13.5 m | 13.1 m | 13.3 m | esef· 24 Sept 2025verified |
| Operating income | 4.8 m | 2.3 m | -1.2 m | -3.1 m | esef· 24 Sept 2025verified |
| Interest expense | 466.0 k | 424.0 k | 414.0 k | 493.0 k | esef· 24 Sept 2025verified |
| Pre-tax income | 4.6 m | 1.8 m | -1.7 m | -3.4 m | esef· 24 Sept 2025verified |
| Income tax | -349.0 k | 535.0 k | -3.0 m | -653.0 k | esef· 24 Sept 2025verified |
| Net income | 4.9 m | 1.3 m | 1.3 m | -2.8 m | esef· 24 Sept 2025verified |
| Diluted EPS | 0.15 | 0.04 | 0.04 | -0.09 | esef· 24 Sept 2025verified |
Balance sheet · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 9.2 m | 6.3 m | 7.1 m | 9.5 m | esef· 24 Sept 2025verified |
| Receivables | 10.9 m | 10.9 m | 5.4 m | 6.0 m | esef· 24 Sept 2025verified |
| Inventories | 2.3 m | 3.9 m | 3.9 m | 3.4 m | esef· 24 Sept 2025verified |
| Current assets | 24.5 m | 23.2 m | 23.0 m | 26.0 m | esef· 24 Sept 2025verified |
| Property, plant & equipment, net | 1.7 m | 1.7 m | 1.5 m | 1.3 m | esef· 24 Sept 2025verified |
| Goodwill | 64.7 m | 65.9 m | 63.1 m | 57.4 m | esef· 24 Sept 2025verified |
| Intangibles (excl. goodwill) | 45.2 m | 44.0 m | 40.6 m | 36.8 m | esef· 24 Sept 2025verified |
| Total assets | 146.5 m | 144.4 m | 137.5 m | 131.0 m | esef· 24 Sept 2025verified |
| Accounts payable | 1.9 m | 2.9 m | 3.5 m | 3.9 m | esef· 24 Sept 2025verified |
| Short-term debt | — | — | 0 | 2.5 m | esef· 24 Sept 2025verified |
| Long-term debt | — | — | 7.8 m | 4.0 m | esef· 24 Sept 2025verified |
| Current liabilities | 14.7 m | 17.1 m | 11.7 m | 12.6 m | esef· 24 Sept 2025verified |
| Total liabilities | 36.6 m | 33.5 m | 25.5 m | 20.8 m | esef· 24 Sept 2025verified |
| Equity | 110.0 m | 110.5 m | 111.9 m | 110.2 m | esef· 24 Sept 2025verified |
| Shares outstanding at year end | 32.8 m | 32.5 m | 33.0 m | 31.4 m | esef· 24 Sept 2025derived |
Cash flow · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 9.5 m | 4.0 m | 7.1 m | 8.8 m | esef· 24 Sept 2025verified |
| Capex | 1.3 m | 805.0 k | 635.0 k | 529.0 k | esef· 24 Sept 2025verified |
| Free cash flow | 8.2 m ≈ | 3.2 m ≈ | 6.5 m ≈ | 8.3 m ≈ | esef· 24 Sept 2025derived |
| Investing cash flow | -3.5 m | -4.5 m | -4.5 m | -3.9 m | esef· 24 Sept 2025verified |
| Financing cash flow | -4.0 m | -2.3 m | -1.9 m | -2.7 m | esef· 24 Sept 2025verified |
| Share repurchases | — | — | 72.0 k | 54.0 k | esef· 24 Sept 2025verified |
≈ 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
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 121.3 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
50% · 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: 3.78 – 5.90 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)3.78 – 5.90 (Mid 4.59)WACC 8.3% · starting FCFF 8.7 m EUR · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -5.5%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- 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: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -2.4% | 11 (vs peers) | 21% |
| Net margin · Quality | -5.5% | 18 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 2.0% | 16 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -6.3x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.8% | 85 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.0% | 1 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial16/100 · 1/2 factors with a value
- Quality14/100 · 2/3 factors with a value
- Returns· partial1/100 · 1/2 factors with a value
- Valuation· partial85/100 · 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
HYBRID SOFTWARE GROUP PLC (HYSG.BR). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 51.5 m EUR in 2024; YoY growth 7.2%; net margin -5.5%; ROE -2.5%.
The estimated value range is 3.78–5.90 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 4.59 EUR, the price of 3.86 EUR leaves a potential of 18.9% (value / price − 1) and a margin of safety of 15.9% (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 (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.1x
- FCF yield: 6.8%
What contradicts it
- ROIC: -2.4%
- Net margin: -5.5%
- Revenue CAGR 3Y: 2.0%
- Interest coverage: -6.3x
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · 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 | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| MOUR.BRMoury Construct | 261.2 m | 10.7 | 21.3% | 13.1% | −4.0% | +11% / +76% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for HYSG.BR 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
Hybrid Software Group develops software for the printing and packaging industry, from RIP processors and digital front ends to colour management and workflow automation. In 2024 the company significantly improved its profitability, with revenue of 51.50 million EUR, up 7% from the prior year, although the market remains difficult due to high interest rates and economic uncertainty 1.
SWOT
Strengths
- A strong technical software portfolio, with a RIP core recognised in the industry and a broad base of OEM and end-user customers 1.
- Very high research and development investment relative to EBITDA, supporting a technology lead and continuous innovation 1.
- The ability to offer an integrated set of solutions from software to electronics, which shortens time to market for customers 1.
Weaknesses
Opportunities
Risks
- Customer concentrationhigh
A small number of large customers represent a significant part of revenue; losing one of them could have a material effect 1.
- Global economyhigh
Economic and political conditions could reduce demand for the group's products, particularly in Germany and China 1.
- Component supplymedium
Electronic components can be in short supply, which could delay or cancel orders 1.
- Customer creditmedium
Licence contracts with payments spread over up to five years increase the risk that some customers may not pay 1.
- Intellectual property protectionmedium
Protection of the technology depends on patents and contracts, and unauthorised copying could be hard to detect in some countries 1.
Investment thesis
What would need to be true (bull case)
- If growth in digital printing continues, the company could benefit from demand for its software and electronics solutions.
- Profitability improved considerably in 2024, and careful cost management could support continued progress.
- The integrated offer from software to electronics may be an advantage over competitors covering only part of the chain.
What would break the thesis
- Revenue concentration in a few large customers makes results sensitive to the decisions of individual partners.
- The goodwill impairment and currency exposure can bring volatility to reported results.
- If interest rates remain high, customers could postpone investments, which would slow growth.
What to watch
- Revenue development in Printing Software and new contracts2025
- Integration of the RIP and DFE businesses of Global Graphics Software2025
- Share of the ten largest customers in revenuenext annual report
- Outcome of the share buyback programme2025
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 group combines software capabilities with high-performance engineering to help press manufacturers meet technical challenges and reach the market quickly 1. Its activity spans three segments: printing software (the Harlequin RIP engine), printhead electronics and enterprise software. It supplies both OEM manufacturers and end-user customers in packaging and labels 1. Revenue comes mainly from licence royalties, followed by driver electronics and maintenance 1.
The business model rests on licensing through technology and reseller agreements, supported by technical services that accelerate customers' time to market 1. Development remains central: the company invests in R&D above the level of its EBITDA, with engineering teams innovating alongside customers 1.
In 2024 the company streamlined the group structure, consolidated its software businesses and launched the Hybrid Software BrandZ unit for artwork management for consumer goods brands 1. It also started a share buyback programme committing 1 million EUR 1.
Segments
Printhead Solutions
The segment sells printhead electronics, with revenue of 11.59 million EUR in 2024, broadly stable on the prior year 1. It depends heavily on a limited number of customers, and its components have been exposed to chip shortages 1.
Enterprise Software
The segment generated 23.24 million EUR in 2024, supported by higher licence royalties, maintenance and services, after a difficult 2023 in the United States and Germany 1.
Market context
Trends
- Digitalisation of printingtailwind
Growth in digital and inkjet printing opens opportunities for manufacturers launching new products, as efficiency becomes a priority 1.
- Automation and AItailwind
Automation offsets the shortage of skilled staff, and the company has expanded AI development for design ideation and artwork compliance checks 1.
- Cost of financingheadwind
High interest rates reduce customers' ability to invest in new equipment, which could slow demand 1.
- Geopolitical tensions and trademixed
The conflicts in the Middle East and Ukraine create uncertainty, and a worsening could affect demand and profitability 1.
Competitive position
High technical barriers limit the number of competitors, which tend to be larger firms with substantial resources 1. The HYBRID Software acquisition has increased competition, as firms that competed only with part of the portfolio now face the whole group 1.
The company emphasises that it can offer the full technology chain for printing, from RIP and DFE to automation software and printhead electronics, which management describes as unique in the industry 1.
- RIP and DFE software providers
Larger companies with their own resources targeting the same printing software segments, as described in the risk section 1.
- Digital printing equipment manufacturers
Integrators that can develop in-house front-end solutions, competing with the group's OEM offering 1.
- Artwork management software vendors
Companies active in the brand market where the BrandZ unit was launched in 2024 1.
- Printhead electronics suppliers
Competition in printhead electronics depends on component availability, which has been a past vulnerability 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202424 Sept 2025
- Annual report 202218 Apr 2023
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Hybrid Software Group PLC · 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.