olivLaw · European equity research
Infotel INF.PA
France · Euronext Paris · ISIN FR0000071797 · Vertical: Listed companies from France
Infotel is a French IT services and software group rooted in databases and critical systems. The company aims to double its software activity by 2026 and to reach revenue of about 500 M EUR by 2030, as demand for systems modernisation and artificial intelligence grows.
At the close of 05 Nov 2026, Infotel (INF.PA) stock was 41.60 EUR (+0.24% on the day), with market capitalisation 283.4 m EUR, P/E 17.7 on diluted EPS of 2.35 EUR over the last 12 months, dividend yield 4.81%, beta 0.22, 52-week range 34.30–43.60 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)
- 62.3
- strong (55–70)
- Bollinger (20, 2)
- 37.34 – 42.68
- in the upper half of the band · %B 0.80 · band width 13.4%
- SMA 50 / 200
- 39.51 / 38.71
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.74 / 0.51
- 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 | +0.2% | −4.2% | +4.4 pp | — |
| 6 months | +3.7% | +4.3% | −0.6 pp | — |
| Year to date | −1.7% | +7.5% | −9.2 pp | — |
| 1 year | +4.8% | +9.9% | −5.1 pp | −6.8% |
| 3 years | −6.3% | +49.8% | −56.2 pp | −15.9% |
| 5 years | −21.4% | +42.8% | −64.2 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 33 percentile of its own 3-quarter history (min 16.3, median 18.0, max 20.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 307.5 m | 294.8 m | 294.0 m |
| Revenue YoY | unavailable | −4.1% | −0.3% |
| Net income | 18.1 m | 18.5 m | 16.1 m |
| Net income YoY | unavailable | +2.3% | −12.7% |
| Diluted EPS | 2.61 | 2.65 | 2.35 |
| Diluted EPS YoY | unavailable | +1.5% | −11.3% |
| net % | 5.9% | 6.3% | 5.5% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 109.6 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 120.1 m EUR
- Total assets
- 247.2 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.85x
- ROE
- 13.2%
- ROA
- 6.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 307.5 m | 294.8 m | 294.0 m | esef· 12 May 2026verified |
| Operating income | 24.9 m | 24.6 m | 24.7 m | esef· 12 May 2026verified |
| Depreciation & amortisation | 10.2 m | 9.8 m | 11.6 m | esef· 12 May 2026verified |
| EBITDA | 35.0 m ≈ | 34.4 m ≈ | 36.2 m ≈ | esef· 12 May 2026derived |
| Interest expense | 1.1 m | 2.3 m | 6.3 m | esef· 12 May 2026verified |
| Income tax | 7.1 m | 6.8 m | 6.4 m | esef· 12 May 2026verified |
| Net income | 18.1 m | 18.5 m | 16.1 m | esef· 12 May 2026verified |
| Diluted EPS | 2.61 | 2.65 | 2.35 | esef· 12 May 2026verified |
| Dividend per share | — | — | 2.00 | esef· 12 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 96.9 m | 109.9 m | 109.6 m | esef· 12 May 2026verified |
| Current assets | 180.6 m | 184.9 m | 189.8 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 5.1 m | 3.9 m | 4.1 m | esef· 12 May 2026verified |
| Goodwill | 13.5 m | 14.2 m | 14.2 m | esef· 12 May 2026verified |
| Intangibles (excl. goodwill) | 8.0 m | 9.0 m | 11.0 m | esef· 12 May 2026verified |
| Total assets | 255.9 m | 256.2 m | 247.2 m | esef· 12 May 2026verified |
| Long-term debt | 332.0 k | 4.3 m | — | esef· 29 Apr 2025verified |
| Current liabilities | 106.4 m | 101.1 m | 102.4 m | esef· 12 May 2026verified |
| Equity | 117.9 m | 124.3 m | 120.1 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 6.9 m | 6.9 m | 6.8 m | esef· 12 May 2026derived |
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: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 283.4 m EUR
Key indicators
Coverage and freshness
Score by group
27% · 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: 26.07 – 70.03 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E26.07 – 70.03 (Mid 40.26)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, 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)27.20 – 37.09 (Mid 31.38)
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: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 5.5% | 77 (vs peers) | 23% |
| 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 | 3.9x | 37 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 1.9x | 88 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 17.7x | 57 (vs peers) | 38% |
| 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 sheet57/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial77/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial57/100 · 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
INFOTEL (INF.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 294.0 m EUR in 2025; YoY growth -0.3%; net margin 5.5%; ROE 13.2%.
The estimated value range is 26.63–53.56 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 35.82 EUR, the price of 41.60 EUR leaves a potential of -13.9% (value / price − 1) and a margin of safety of -16.1% (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: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 5.5%
- Current ratio: 1.9x
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): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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% |
| 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% |
| INF.PAInfotel | 283.4 m | 17.7 | 13.2% | 5.5% | −0.3% | −0% / −14% |
| 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 INF.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 | 23.61 Total return -40% · Per year -40% | 41.84 Total return 5% · Per year 5% | 63.16 Total return 58% · Per year 58% |
| 3 years | 20.77 Total return -40% · Per year -16% | 41.62 Total return 15% · Per year 5% | 69.28 Total return 85% · Per year 23% |
| 5 years | 18.27 Total return -40% · Per year -10% | 41.40 Total return 24% · Per year 4% | 76.00 Total return 115% · Per year 17% |
- Exit P/E± 10.40
- Net margin± 7.28
- Annual revenue growth± 6.26
- Annual dilution± 0.61
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
Infotel is a French IT services and software group rooted in databases and critical systems. The company aims to double its software activity by 2026 and to reach revenue of about 500 M EUR by 2030, as demand for systems modernisation and artificial intelligence grows 1.
SWOT
Strengths
- Long experience in databases and critical systems, with large clients and a recognised range of proprietary products.
- Multiple ISO certifications and a well-structured model of fixed-price service centres.
- A prudent financial approach focused on profitability and investments that pay back quickly.
Weaknesses
- Reliance on a few large clients and on the IBM ecosystem for part of software revenue.
- Growth depends largely on human resources that are hard to recruit and retain.
- External growth has been limited by the lack of suitable targets, which slowed progress on some objectives.
Opportunities
- Modernisation of legacy systems and AI projects could generate larger, longer-term contracts.
- Wider adoption of the Orlando software in the airline industry and of archiving platforms could accelerate licence revenue growth.
- Acquisitions and international expansion, particularly in North America and Europe, could diversify the portfolio.
Threats
- Competition in the IT services market can pressure prices and margins, especially on fixed-price contracts.
- If the talent shortage persists, staff costs and delivery delays could rise.
- Rapid technological change, including in AI, could make some products less competitive.
Risks
- Dependence on large clientshigh
A small number of important clients may represent a significant share of revenue, and losing one could affect results.
- Dependence on key personnelhigh
Technical skills and client relationships are concentrated in key staff, creating a retention risk.
- Technological risksmedium
Rapid technology change may require additional investment to keep products and services up to date.
- Pricing pressuremedium
If competitors cut rates, group margins could decline, especially on fixed-price contracts.
- Acquisitions and integrationmedium
If planned acquisitions are not well integrated, external growth could generate costs and operational difficulties.
Investment thesis
What would need to be true (bull case)
- If demand for systems modernisation and AI projects strengthens, the group could benefit from larger contracts and higher software revenue.
- If proprietary products such as Orlando and Arcsys gain penetration, margins could benefit from a higher share of licence revenue.
- If IT budgets keep rising, Infotel could benefit from an expanding market and its ability to adjust prices.
What would break the thesis
- If the tension on human resources persists, growth could stay limited and staff costs could increase.
- If a major client reduces orders, revenue could fall significantly, given the concentration of the portfolio.
- If external acquisitions do not bring synergies, the 2030 ambitions could be difficult to reach.
What to watch
- Progress of the Orlando and Arcsys software against the goal of doubling software revenue2026
- Evolution of revenue against the target of about 500 M EUR2030
- Staff retention rate and success of recruitmentnext annual report
- Status of emission reduction targets and SBTi validationnext annual report
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 was founded in 1979 in Paris and operates in two main areas: IT services (service centres, application maintenance, consulting) and software publishing, notably database tools, electronic archiving and document management 1. Its clients are mainly large companies, and the group is present regionally in France and abroad in Monaco, the United Kingdom, India and Morocco 1. Revenue rose from 190.5 M EUR in 2016 to 231.7 M EUR in 2018, a period of organic growth 1.
Segments
IT services
The services activity includes fixed-price service centres, application maintenance (TMA), project development and digital consulting, delivered from several regional agencies in France and abroad 1.
Proprietary software and solutions
Infotel develops and sells its own products, such as Orlando for the airline industry, Arcsys for archiving and Deepeo, and adapts utilities for IBM Db2, an activity that generates royalty income from IBM 1.
Market context
Trends
- Shortage of human resourcesheadwind
The company points to tension on resources and skills as a constraint on growth, which is why it has launched recruitment, training and offshore initiatives in Morocco and India 1.
- Climate policy and low-carbon transitionmixed
Decarbonisation frameworks, including the SBTi initiative, require reporting and emission reduction targets, adding compliance costs but also an advantage in markets that demand sustainability criteria 1.
Competitive position
The document does not explicitly name the group's competitors. Infotel positions itself as a tier-one partner for large clients, with a focus on database niches, critical systems and archiving solutions 1.
- Other French IT services providers
The source does not name competitors; this category includes service and integration firms competing for the same large-client contracts.
- Database and archiving software vendors
The source mentions the risk of new software competitors entering the market; no names are given in the document.
- International systems integrators
For international and offshore projects, Infotel competes with large services firms, not named explicitly in the source.
- Other IBM Db2 utility partners
The IBM ecosystem may include other providers of Db2 utilities that compete with the company's product line.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202429 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Infotel · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.