Stock Analysis & Valuation Visiativ S.A. (ALVIV.PA)

• Previous Close: €37.00
• Sector Valuation Confidence Level: Low

Valuation method	Value, €	Upside, %
Artificial intelligence (AI)	n/a	n/a
Intrinsic value (DCF)		n/a
Graham-Dodd Method		n/a
Graham Formula	32.98	-11

Strategic Investment Analysis

Company Overview

Visiativ SA (ALVIV.PA) is a French technology company specializing in digital transformation services, software publishing, cloud infrastructure, and rapid manufacturing solutions. Headquartered in Charbonnières-les-Bains, France, Visiativ operates through its Moovapps platform, offering vertical solutions like myCADservices for consultancy firms, iPorta for intelligent buildings, and Aquarelle for mobile sales. The company provides outsourced IT solutions, including maintenance, security, and hosting, alongside consulting and rapid prototyping services. Visiativ’s high-speed digital transformation tools, such as Fast Pass IT Consulting and CIR 360, help businesses optimize their digital workflows. Founded in 1987, Visiativ serves a diverse clientele across Europe, leveraging its expertise in IT consulting and software integration to drive innovation in the technology sector. With a market cap of approximately €170 million, Visiativ remains a key player in France’s digital transformation landscape.

Investment Summary

Visiativ SA presents a mixed investment profile. The company operates in the growing digital transformation and software integration space, supported by recurring revenue from consulting and IT services. However, its modest net income of €10 million and high debt-to-equity ratio (€114 million in total debt) raise concerns about financial leverage. The stock’s beta of 1.226 indicates higher volatility than the market, which may deter risk-averse investors. While Visiativ’s dividend yield (€1.1 per share) offers income potential, its limited operating cash flow (€13.3 million) and capital expenditures (€-12.9 million) suggest constrained growth flexibility. Investors should weigh its niche expertise against financial risks and competitive pressures in the European IT services market.

Competitive Analysis

Visiativ SA competes in the fragmented European IT consulting and software integration market, where differentiation is key. Its Moovapps platform provides industry-specific solutions, giving it an edge in verticals like CAD services and intelligent buildings. However, the company faces stiff competition from larger global IT service providers and niche software firms. Visiativ’s strength lies in its localized expertise and integrated offerings, combining consulting, cloud, and rapid manufacturing—a rare blend among smaller peers. Yet, its relatively small scale (€277.5 million revenue) limits its ability to compete on pricing or R&D investment against multinational rivals. The company’s focus on high-margin consulting and SaaS solutions helps mitigate margin pressures, but its debt load could hinder agility in a fast-evolving tech landscape. Visiativ’s competitive positioning is further challenged by the rise of low-code platforms and hyperscaler cloud providers encroaching on its core markets.

Major Competitors

• Capgemini SE (CAP.PA): Capgemini is a global leader in IT services and consulting, with significantly larger scale (€22 billion revenue) and broader geographic reach than Visiativ. Its strengths include deep enterprise relationships and AI-driven transformation services, though it may lack Visiativ’s niche vertical software expertise. Capgemini’s size allows for stronger R&D but can lead to less agility in serving mid-market clients.
• Atos SE (ATO.PA): Atos provides IT infrastructure and digital workplace solutions, competing with Visiativ in cloud and consulting. However, Atos has faced financial instability, giving Visiativ an edge in reliability. Atos’s larger portfolio includes cybersecurity and big data, but its recent restructuring has weakened its competitive position in some segments where Visiativ operates.
• Dassault Systèmes SE (DSY.PA): Dassault Systèmes dominates product lifecycle management (PLM) and 3D design software, overlapping with Visiativ’s myCADservices. Its scale and R&D budget are unmatched, but Visiativ’s consulting-led approach offers more customization for smaller firms. Dassault’s focus on large enterprises leaves room for Visiativ in the mid-market CAD consultancy space.
• Sopra Steria Group SA (SOP.PA): Sopra Steria combines IT services with software publishing, similar to Visiativ’s model but with greater emphasis on public sector and financial services. Its €5 billion revenue provides economies of scale, though Visiativ’s specialized rapid manufacturing services differentiate it in industrial verticals.