| Valuation method | Value, € | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 25.40 | -56 |
| Intrinsic value (DCF) | n/a | |
| Graham-Dodd Method | n/a | |
| Graham Formula | n/a |
Cheops Technology France SA (MLCHE.PA) is a Bordeaux-based IT consulting firm specializing in digital transformation, data management, and IT infrastructure solutions. Operating in the Information Technology Services sector, the company provides a comprehensive suite of services, including cloud migration, unified communications, cybersecurity, and managed hosting. With offerings like Hyper Com (business communication tools) and Hyper WiFi (wireless infrastructure), Cheops serves businesses seeking modernization and efficiency. Founded in 1998, the company has established itself as a regional leader in France, leveraging its expertise in IT consulting and R&D-driven solutions. Its €160.4M revenue (FY 2024) reflects steady demand for digital transformation services in a competitive European market. Cheops’ hybrid approach—combining consulting, implementation, and managed services—positions it as a versatile partner for SMEs and enterprises navigating cloud adoption and workspace digitization.
Cheops Technology presents a niche investment opportunity in the European IT services sector, with a modest market cap of €142.6M and low beta (0.44), suggesting lower volatility than the broader market. The company’s profitability (€7.2M net income, 4.5% margin) and dividend yield (~4.2% at €1.48/share) may appeal to income-focused investors. However, stagnant operating cash flow (€0 reported) and limited scale compared to global peers raise concerns about growth scalability. Its regional focus in France could insulate it from macroeconomic headwinds but may cap expansion potential. Investors should weigh its stable profitability against the competitive pressures from larger IT consultancies and cloud providers.
Cheops Technology competes in the fragmented IT consulting and digital transformation market, differentiating through localized expertise and integrated service offerings. Its competitive advantage lies in its hybrid model—combining consulting (IT transformation, security) with proprietary tools like Hyper Com and Hyper WiFi, which create sticky client relationships. However, the company lacks the global reach and deep R&D budgets of multinational IT service providers. Its regional focus in France allows for tailored solutions but exposes it to domestic economic cycles. Cheops’ €160M revenue is dwarfed by industry giants, limiting its ability to compete on large-scale cloud migrations or AI-driven transformations. The company’s strength in unified communications and mid-market IT infrastructure could be eroded by SaaS providers (e.g., Zoom, Microsoft Teams) and hyperscalers (AWS, Azure) expanding into managed services. To sustain margins, Cheops must deepen vertical specialization or pursue partnerships with larger cloud platforms while maintaining cost discipline.