| Valuation method | Value, € | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 4725.58 | 190448 |
| Intrinsic value (DCF) | 2.95 | 19 |
| Graham-Dodd Method | n/a | |
| Graham Formula | 5.72 | 131 |
Troc de l'Ile SA (MLTRO.PA) is a France-based specialty retailer operating in the second-hand goods market through its online platform, troc.com. The company offers a diverse range of pre-owned products, including furniture (bedroom, dining, office, and garden), decorative items, electrical goods, DIY products, leisure equipment, child welfare products, multimedia, and cultural items. As a subsidiary of Happy Cash SAS, Troc de l'Ile SA caters to budget-conscious consumers seeking sustainable and affordable shopping alternatives. The company operates in the consumer cyclical sector, capitalizing on the growing trend of circular economy practices in Europe. With its headquarters in Les Angles, France, and listed on Euronext Paris, Troc de l'Ile SA provides an eco-friendly retail model that appeals to environmentally aware shoppers while maintaining a niche in the competitive second-hand market.
Troc de l'Ile SA presents a niche investment opportunity in the second-hand retail market, benefiting from increasing consumer interest in sustainability and affordability. However, the company's attractiveness is tempered by its small market capitalization (~€2.02M) and lack of disclosed revenue or profitability metrics. The low beta (0.20) suggests minimal correlation with broader market movements, which may appeal to risk-averse investors seeking alternative retail exposure. Key risks include intense competition from larger second-hand platforms, reliance on the French market, and potential operational challenges in scaling its online marketplace. The absence of dividend payments and unclear financial performance further limit visibility into shareholder returns.
Troc de l'Ile SA competes in the fragmented second-hand retail sector, where its primary advantage lies in its specialized focus on diverse product categories and localized French market presence. Unlike global giants like eBay or Vinted, Troc de l'Ile maintains a curated, multi-category approach that may appeal to buyers seeking specific second-hand goods beyond apparel. However, the company lacks the scale, technological infrastructure, and brand recognition of larger competitors. Its subsidiary status under Happy Cash SAS provides potential synergies but may also limit independent growth initiatives. The company's competitive positioning is further challenged by the rise of peer-to-peer marketplaces and dedicated resale platforms that offer greater liquidity and user engagement. Troc de l'Ile's ability to differentiate through product authenticity assurance or localized logistics could be critical in maintaining its niche, but without visible investment in digital capabilities or marketplace features, it risks losing relevance against more dynamic competitors.