olivLaw · European equity research
SOLOCAL GROUP SE LOCAL.PA
France · Euronext Paris · ISIN FR001400SA10 · Vertical: Listed companies from France
Solocal is a French group offering digital advertising and online services mainly to very small businesses and SMEs, with the pagesjaunes platform at its centre. The company is in the middle of reshaping its business model under pressure from digital competition and artificial intelligence, which makes its own disclosed risk assessment for fiscal 2025 relevant.
At the close of 05 Nov 2026, SOLOCAL GROUP SE (LOCAL.PA) stock was 3.77 EUR (+0.27% on the day), with dividend yield 0.00%, beta 0.47, 52-week range 3.06–4.76 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)
- 44.4
- weak (30–45)
- Bollinger (20, 2)
- 3.67 – 3.87
- in the lower half of the band · %B 0.46 · band width 5.2%
- SMA 50 / 200
- 3.96 / 4.13
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.06 / -0.06
- 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 | −4.6% | −0.6% | −3.9 pp | — |
| 3 months | −8.2% | −4.2% | −4.0 pp | — |
| 6 months | −11.2% | +4.3% | −15.5 pp | — |
| Year to date | −9.1% | +7.5% | −16.6 pp | — |
| 1 year | +10.7% | +9.9% | +0.8 pp | −6.8% |
| 3 years | −52.5% | +49.8% | −102.3 pp | −15.9% |
| 5 years | −96.5% | +42.8% | −139.3 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 | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 359.7 m | 334.5 m | 324.5 m |
| Revenue YoY | unavailable | −7.0% | −3.0% |
| Net income | -45.9 m | 119.9 m | 14.2 m |
| Net income YoY | unavailable | unavailable | −88.1% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -12.7% | 35.9% | 4.4% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 79.6 m EUR
- Financial debt
- 24.7 m EUR
- Net debt
- -54.9 m EUR
- Equity
- -17.9 m EUR
- Total assets
- 318.3 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.58x
- ROE
- unavailable
- ROA
- 4.4%
- 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 | 359.7 m | 334.5 m | 324.5 m | esef· 29 Apr 2026verified |
| Operating income | 3.1 m | -15.6 m | 28.4 m | esef· 29 Apr 2026verified |
| Interest expense | 36.7 m | 8.9 m | 8.0 m | esef· 29 Apr 2026verified |
| Pre-tax income | -33.4 m | 119.8 m | 21.8 m | esef· 29 Apr 2026verified |
| Income tax | 12.4 m | -159.0 k | 7.6 m | esef· 29 Apr 2026verified |
| Net income | -45.9 m | 119.9 m | 14.2 m | esef· 29 Apr 2026verified |
| Dividend per share | — | 0.00 | 0.00 | esef· 29 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 55.7 m | 70.9 m | 79.6 m | esef· 29 Apr 2026verified |
| Current assets | 128.9 m | 140.8 m | 142.0 m | esef· 29 Apr 2026verified |
| Property, plant & equipment, net | 9.2 m | 4.8 m | 3.1 m | esef· 29 Apr 2026verified |
| Goodwill | 86.5 m | 98.8 m | 98.8 m | esef· 29 Apr 2026verified |
| Intangibles (excl. goodwill) | 46.4 m | 45.3 m | 40.7 m | esef· 29 Apr 2026verified |
| Total assets | 314.9 m | 331.0 m | 318.3 m | esef· 29 Apr 2026verified |
| Long-term debt | 3.0 m | 33.0 m | 24.7 m | esef· 29 Apr 2026verified |
| Current liabilities | 499.8 m | 252.7 m | 245.4 m | esef· 29 Apr 2026verified |
| Equity | -261.9 m | -34.5 m | -17.9 m | esef· 29 Apr 2026verified |
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: 3 of at least 6
- score weight coverage: 16.7% 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
Score by group
17% · 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 base of the ratio is not positive
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: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 4.4% | 77 (vs peers) | 38% |
| 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 | 3.6x | 32 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 25% |
| 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 sheet19/100 · 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· 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
SOLOCAL GROUP SE (LOCAL.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 324.5 m EUR in 2025; YoY growth -3.0%; net margin 4.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% 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
- Net margin: 4.4%
What contradicts it
- Current ratio: 0.6x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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% |
| 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% |
| ABNX.PAAbionyx Pharma | 53.5 m | — | -92.3% | -136.6% | −10.7% | −62% / +19% |
1- and 3-year price returns: for LOCAL.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
Solocal is a French group offering digital advertising and online services mainly to very small businesses and SMEs, with the pagesjaunes platform at its centre. The company is in the middle of reshaping its business model under pressure from digital competition and artificial intelligence, which makes its own disclosed risk assessment for fiscal 2025 relevant.
SWOT
Strengths
- Solocal holds a well-known platform, pagesjaunes, and a sales network close to local clients, an advantage in the small business segment.
- The company has built a structured compliance framework, including for data protection and anti-corruption, which can support its credibility.
- Solocal owns data on local businesses that can be leveraged through new AI-based products.
Weaknesses
- Dependence on ranking algorithms exposes the pagesjaunes audience to changes the company does not control.
- The report flags uneven service quality and an ethical culture that is still heterogeneous across the group.
- Sales absenteeism, although declining, remains high and can affect territorial coverage.
Opportunities
- Developing data and AI products could open new revenue sources from media and partnerships.
- If the renewed Booster and website offers succeed, the company could reduce client churn.
- Partnerships with regional press and B2B data platforms could extend Solocal role in the local economy.
Threats
- Search algorithms and generative AI solutions could reduce traffic to the pagesjaunes platform.
- The French economic and budget backdrop could slow digital advertising investment by small clients.
- High sanctions for data rule breaches could generate costs and reputational harm.
Risks
- Evolution of the business modelhigh
The report rates as major the risk that pagesjaunes and digital offers no longer meet demand because of competition and AI. This could seriously affect the long-term business model if adaptation is slow.
- Client dissatisfactionhigh
Uneven service quality and weak perception of return on investment could push clients toward competitors and raise acquisition costs.
- GDPR compliancehigh
The company processes personal data at scale, and CNIL sanctions, including a public one in 2025, show this is an area of vulnerability.
- IT securitymedium
Cyberattacks and careless use of AI could lead to data leaks or disruptions of production and sales systems.
- Absenteeism and psychosocial risksmedium
A return of absenteeism or a deteriorating social climate could reduce territorial coverage and raise operating costs.
Investment thesis
What would need to be true (bull case)
- If Solocal turns pagesjaunes into a fuller platform with data and AI, the company could regain relevance with small clients.
- The churn-reduction and client satisfaction programmes described in the report could stabilise recurring revenue.
- The existing compliance structure could reduce sanction risk as new regulations take effect.
What would break the thesis
- The report acknowledges that changes in the business model could seriously affect market share and the ability to generate cash.
- Dependence on Google and ranking algorithms could leave the pagesjaunes audience exposed to outside changes.
- If small clients cut digital budgets because of economic constraints, company revenue could decline.
What to watch
- Trend in pagesjaunes audience and search engine trafficQ1 2027
- Churn rate and client satisfaction score under the Client First programme2027
- CNIL decisions and progress of the GDPR compliance plan2027
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
Solocal operates mainly in France and sells digital visibility solutions such as presentation pages, online advertising and customer relationship tools, aimed mostly at small and medium businesses. According to the fiscal 2025 annual report, a central element of the offer is the pagesjaunes media, whose audience depends on SEO and SEA ranking algorithms. The company intends to leverage pagesjaunes data and inventory through new products such as solocal+, which combines data, media and local anchoring.
Segments
Pagesjaunes media
The pagesjaunes media is the main channel through which Solocal reaches its professional clients. The report warns that a decline in this audience could affect market share and profitability, and the action plans include SEO optimisation, a conversational AI assistant and the launch of pagesjaunes+ in e-commerce.
Digital solutions for clients
The client offer includes websites, digital advertising and Booster packages, which are being reworked. The company aims to show clients a clear return on investment, which could reduce churn.
Data and artificial intelligence
Solocal is building a data and AI hub to monetise B2B data and support commercial steering. The report shows that this direction requires significant technology investment and a transformation of internal skills.
Market context
The market Solocal serves is digital advertising and online services for small businesses in France, dominated by large platforms such as Google and Meta according to the report. The report also points to specialised pure players on certain verticals and the growth of Do It Yourself tools, which reduce demand for some services.
The macroeconomic backdrop in fiscal 2025 is described in the report as unstable, with trade tensions between the United States and the European Union and budget discipline in France. These factors could slow digital communication budgets of small clients, and prolonged inflation could weigh on their finances.
Trends
- AI-driven searchheadwind
The report mentions the rise of generative AI and optimisation for generative engines, which could change how users discover local businesses. If pagesjaunes traffic falls for this reason, audience revenue could be affected.
- Digitalisation and need for online visibilitytailwind
Small businesses increasingly need a digital presence, which creates demand for Solocal services, provided they are seen as effective.
- Regulation of data protection and AImixed
The report describes tighter requirements on personal data, including GDPR and the European AI regulation, as well as high CNIL sanctions. Compliance could add costs but could also strengthen client trust.
- Public budgets and French economic climateheadwind
Political instability and budget discipline in France, cited in the report, could reduce client investment in digital communication.
Competitive position
The report names Google and Meta as major competitors, along with specialised pure players in certain verticals. These players could weaken Solocal competitive position in online advertising and digital services for small businesses.
Solocal responds by leveraging the pagesjaunes media, partnerships with regional press and its own data. The effectiveness of this strategy depends on the company ability to quickly align sales teams with the new priorities.
- GoogleGOOGL
Cited in the report as a dominant player in online advertising and in the ranking algorithms on which the Solocal audience depends.
- MetaMETA
Cited in the report as a dominant player in digital advertising, competing with Solocal offers for small clients.
- Vertical pure players
Specialised companies in certain sectors, mentioned in the report as a threat to Solocal position in some segments.
- Do It Yourself website tools
Tools that let clients build their own websites, reducing demand for Solocal website creation services.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202529 Apr 2026
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / SOLOCAL GROUP SE · 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.