Stock Analysis & Valuation Maison Internationale de l'Informatique S.A.S. (ALMII.PA)

• Previous Close: €8.45
• Sector Valuation Confidence Level: Low

Valuation method	Value, €	Upside, %
Artificial intelligence (AI)	n/a	n/a
Intrinsic value (DCF)		n/a
Graham-Dodd Method	5.08	-40
Graham Formula	1.43	-83

Strategic Investment Analysis

Company Overview

Maison Internationale de l'Informatique S.A.S. (ALMII.PA) is a leading French provider of professional training services specializing in IT, office automation, management, and digital multimedia. Founded in 1985 and headquartered in Paris, the company offers a comprehensive range of training programs, including courses in cybersecurity, big data, artificial intelligence, project management, and digital marketing. As a subsidiary of O2i Société Anonyme, it serves professionals seeking to enhance their skills in rapidly evolving technological fields. The company operates in the Information Technology Services sector, catering to the growing demand for upskilling in digital transformation and IT infrastructure. With a market capitalization of approximately €48.5 million, Maison Internationale de l'Informatique plays a vital role in France's tech education landscape, offering both short-term courses and diploma programs. Its diversified curriculum positions it as a key player in bridging the skills gap in the European IT workforce.

Investment Summary

Maison Internationale de l'Informatique presents a niche investment opportunity in the IT training sector, benefiting from the increasing demand for digital upskilling. The company's stable revenue (€56.1 million in the latest period) and net income (€2.1 million) reflect its established market position. With a low beta of 0.49, the stock may appeal to investors seeking lower volatility in the tech sector. However, the absence of dividends and modest operating cash flow (€2.3 million) may limit attractiveness for income-focused investors. The company's growth potential is tied to corporate training budgets and France's digital education policies, presenting both opportunities and regulatory risks. Investors should monitor its ability to scale high-demand courses like AI and cybersecurity while maintaining profitability.

Competitive Analysis

Maison Internationale de l'Informatique competes in the specialized IT training market with several competitive advantages. Its comprehensive course catalog covering emerging technologies (blockchain, IoT, RPA) differentiates it from generalist training providers. The company benefits from its Parisian base, giving access to France's concentrated tech sector and corporate clients. However, it faces challenges from both traditional education institutions expanding into professional training and digital platforms offering cheaper, scalable online courses. Its subsidiary status under O2i provides financial stability but may limit aggressive expansion. The company's main strength lies in its industry-specific curriculum and physical training centers, though this asset-heavy model creates higher fixed costs compared to pure online competitors. To maintain its position, the company must continue updating its course offerings while potentially developing hybrid (online/in-person) delivery models to compete with more scalable rivals.

Major Competitors

• Orange (ORA.PA): Orange's Orange Campus provides corporate digital training solutions across Europe. While broader in telecom services, its training arm benefits from extensive enterprise relationships. However, its IT training focus is narrower than Maison Internationale's comprehensive catalog. Orange's scale provides resources but may lack specialization in niche IT domains.
• Capgemini (CAP.PA): Capgemini University offers internal and client training, competing for corporate IT education budgets. As a global consultancy, it integrates training with implementation services. While stronger in enterprise solutions, it lacks Maison Internationale's breadth of individual professional courses and standalone training center presence.
• Expleo Group (EXN.PA): Expleo provides technology consulting and training, with particular strength in engineering sectors. Its training offerings are more project-focused compared to Maison Internationale's curriculum-based approach. Expleo's international footprint gives it wider reach but less depth in foundational IT skills training.
• Sopra Steria Group (SOON.PA): Sopra Steria's Academy competes in digital transformation training, especially in public sector and banking. Its advantage lies in sector-specific programs, whereas Maison Internationale offers more general IT upskilling. Sopra's larger scale enables investment in training tech but may reduce course customization.