Umanis SA – Value Analysis (EURONEXT PARIS:ALUMS) : December 29, 2017

Capitalcube gives Umanis SA a score of 66.

Our analysis is based on comparing Umanis SA with the following peers – GFI Informatique SA, Atos SE, Societe Pour L’Informatique Industrielle, Neurones SA and SWORD GROUP SE (GFI-FR, ATO-FR, SII-FR, NRO-FR and SWP-FR).

Investment Outlook

Umanis SA has a fundamental score of 66 and has a relative valuation of OVERVALUED.

Fundamental Score

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Company Overview

  • Considering peers, relative outperformance over the last year and the last month suggest a leading position.
  • It currently trades at a Price/Book ratio of (6.54).
  • We classify ALUMS-FR as Harvesting because of the market’s relatively low growth expectations despite its relatively high returns.
  • ALUMS-FR has relatively high profit margins while operating with median asset turns.
  • Changes in annual earnings (relative to peers) are better than the change in its revenues (relative to peers), implying the company is focused more on earnings.
  • Over the last five years, ALUMS-FR‘s return on assets has improved from median to better than the median among its peers, suggesting the company has found relative operating advantages.
  • The company’s relatively high pre-tax margin suggests tight control on operating costs versus peers.
  • While ALUMS-FR‘s revenues growth in recent years has been around the peer median, the stock’s below peer median P/E ratio suggests that the market likely sees the company’s long-term growth prospects to be fading.
  • The company is likely overinvesting in a business with only median returns.
  • ALUMS-FR has the financial and operating capacity to borrow quickly.

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Leverage & Liquidity

ALUMS-FR has the financial and operating capacity to borrow quickly.

  • With debt at a relatively low 1.92% of its enterprise value compared to an overall benchmark of 25% (Note: The peer median is currently 9.22%), and a well-cushioned interest coverage level of 20.67x, ALUMS-FR can probably borrow quickly. We classify the company as Quick & Able in terms of its capacity to raise additional debt.
  • All 5 peers for the company have an outstanding debt balance.

ALUMS-FR has maintained its Quick & Able profile from the prior year-end.

  • ALUMS-FR‘s interest coverage has declined 2.38 points from last year’s high but remains above its four-year average interest coverage of 12.48.
  • While its interest coverage decreased to 20.67x from 23.05x (in 2015), its peer median increased during this period to 26.73x from 23.11x.
  • Interest coverage fell 6.00 points relative to peers.
  • ALUMS-FR‘s debt-EV is its lowest over the last four years and compares to a high of 12.96% in 2012.
  • The decrease in its debt-EV to 1.92% from 6.11% (in 2015) was also accompanied by a decrease in its peer median during this period to 9.22% from 11.58%.
  • Relative to peers, debt-EV fell 1.83 percentage points.

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Key Liquidity Items

Company Debt/Enterprise Value (%) Current Ratio Interest Coverage (x) Cash Flow To Total Debt (%)
GFI Informatique SA 25.65 1 18.11 34.24
Atos SE 12.74 1.25 45.14 68.36
Societe Pour L’Informatique Industrielle 14.43 1.54 27.08 73.16
Neurones SA 0.31 2.35 135.24 1822.39
SWORD GROUP SE 5.7 1.79 26.37 108.17
Umanis SA 1.92 0.84 20.67 29.65
Peer Median 9.22 1.39 26.73 70.76
Best In Class 0.31 2.35 135.24 1822.39

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Company Profile

Umanis SA engages in the provision of business support services to companies. It operates through five segments: business intelligence, consulting, clinical research organization, call centers, compute and infrastructure. The company was founded by Laurent Piepszownik in 1990 and is headquartered in Levallois-Perret, France.


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