(WAVE) Wavestone S.A. - Overview
Stock: Consulting, Transformation, Technology, Risk, Strategy
Dividends
| Dividend Yield | 0.83% |
| Yield on Cost 5y | 1.48% |
| Yield CAGR 5y | 18.92% |
| Payout Consistency | 89.3% |
| Payout Ratio | 14.3% |
| Risk 5d forecast | |
|---|---|
| Volatility | 37.5% |
| Relative Tail Risk | -8.75% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.26 |
| Alpha | -2.21 |
| Character TTM | |
|---|---|
| Beta | 0.323 |
| Beta Downside | 0.480 |
| Drawdowns 3y | |
|---|---|
| Max DD | 40.94% |
| CAGR/Max DD | 0.08 |
Description: WAVE Wavestone S.A. December 20, 2025
Wavestone S.A. (ticker WAVE) is a Paris-based IT consulting firm that originated as Solucom S.A. and rebranded in July 2016. Founded in 1990, the company operates globally, delivering a broad suite of services that includes change and project management, cybersecurity, data & AI, Industry 4.0/IoT, SAP consulting, and sustainability advisory across multiple verticals such as automotive, banking, energy, government, life sciences, luxury retail, and logistics.
According to the latest publicly disclosed FY 2023 results, Wavestone generated roughly €720 million in revenue-a year-over-year increase of about 5%-and posted an operating margin near 8%. The firm reported a backlog of approximately €900 million, indicating strong pipeline visibility. These figures are consistent with the broader European digital-transformation market, which analysts forecast to expand at a 7% CAGR through 2028, driven by accelerated cloud adoption and regulatory pressure on data resilience.
Key growth levers for Wavestone include rising demand for AI-enabled consulting (estimated 15% YoY growth in the sector) and heightened spending on sustainability services as ESG reporting becomes mandatory across its client base. Investors should monitor the company’s ability to convert its sizable backlog into profitable revenue and watch for margin pressure from talent-cost inflation in the consulting market. For a deeper, data-driven look at Wavestone’s valuation and risk profile, consider exploring the ValueRay platform.
Piotroski VR‑10 (Strict, 0-10) 8.0
| Net Income: 141.1m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.19 > 0.02 and ΔFCF/TA 4.17 > 1.0 |
| NWC/Revenue: 4.51% < 20% (prev 13.94%; Δ -9.43% < -1%) |
| CFO/TA 0.19 > 3% & CFO 180.6m > Net Income 141.1m |
| Net Debt (7.00m) to EBITDA (234.9m): 0.03 < 3 |
| Current Ratio: 1.37 > 1.5 & < 3 |
| Outstanding Shares: last quarter (24.5m) vs 12m ago 23.31% < -2% |
| Gross Margin: 17.35% > 18% (prev 0.25%; Δ 1710 % > 0.5%) |
| Asset Turnover: 251.5% > 50% (prev 139.0%; Δ 112.5% > 0%) |
| Interest Coverage Ratio: 28.83 > 6 (EBITDA TTM 234.9m / Interest Expense TTM 6.99m) |
Altman Z'' 5.08
| A: 0.09 (Total Current Assets 306.2m - Total Current Liabilities 223.8m) / Total Assets 934.5m |
| B: 0.39 (Retained Earnings 361.9m / Total Assets 934.5m) |
| C: 0.28 (EBIT TTM 201.4m / Avg Total Assets 726.0m) |
| D: 1.31 (Book Value of Equity 378.6m / Total Liabilities 289.1m) |
| Altman-Z'' Score: 5.08 = AAA |
Beneish M -1.70
| DSRI: 0.59 (Receivables 264.6m/177.7m, Revenue 1.83b/719.4m) |
| GMI: 1.46 (GM 17.35% / 25.38%) |
| AQI: 1.32 (AQ_t 0.64 / AQ_t-1 0.48) |
| SGI: 2.54 (Revenue 1.83b / 719.4m) |
| TATA: -0.04 (NI 141.1m - CFO 180.6m) / TA 934.5m) |
| Beneish M-Score: -1.70 (Cap -4..+1) = CCC |
What is the price of WAVE shares?
Over the past week, the price has changed by -12.44%, over one month by -2.94%, over three months by +7.21% and over the past year by +4.79%.
Is WAVE a buy, sell or hold?
What are the forecasts/targets for the WAVE price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 70.2 | 33% |
| Analysts Target Price | - | - |
| ValueRay Target Price | 54.4 | 3% |
WAVE Fundamental Data Overview February 07, 2026
P/E Trailing = 16.5839
P/S = 1.3891
P/B = 2.0396
Revenue TTM = 1.83b EUR
EBIT TTM = 201.4m EUR
EBITDA TTM = 234.9m EUR
Long Term Debt = 639.0k EUR (from longTermDebt, last quarter)
Short Term Debt = 23.9m EUR (from shortTermDebt, last quarter)
Debt = 40.5m EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 7.00m EUR (from netDebt column, last quarter)
Enterprise Value = 1.32b EUR (1.31b + Debt 40.5m - CCE 33.5m)
Interest Coverage Ratio = 28.83 (Ebit TTM 201.4m / Interest Expense TTM 6.99m)
EV/FCF = 7.58x (Enterprise Value 1.32b / FCF TTM 173.9m)
FCF Yield = 13.19% (FCF TTM 173.9m / Enterprise Value 1.32b)
FCF Margin = 9.52% (FCF TTM 173.9m / Revenue TTM 1.83b)
Net Margin = 7.73% (Net Income TTM 141.1m / Revenue TTM 1.83b)
Gross Margin = 17.35% ((Revenue TTM 1.83b - Cost of Revenue TTM 1.51b) / Revenue TTM)
Gross Margin QoQ = 10.17% (prev 15.06%)
Tobins Q-Ratio = 1.41 (Enterprise Value 1.32b / Total Assets 934.5m)
Interest Expense / Debt = 4.22% (Interest Expense 1.71m / Debt 40.5m)
Taxrate = 25.74% (10.5m / 41.0m)
NOPAT = 149.6m (EBIT 201.4m * (1 - 25.74%))
Current Ratio = 1.37 (Total Current Assets 306.2m / Total Current Liabilities 223.8m)
Debt / Equity = 0.06 (Debt 40.5m / totalStockholderEquity, last quarter 644.1m)
Debt / EBITDA = 0.03 (Net Debt 7.00m / EBITDA 234.9m)
Debt / FCF = 0.04 (Net Debt 7.00m / FCF TTM 173.9m)
Total Stockholder Equity = 606.0m (last 4 quarters mean from totalStockholderEquity)
RoA = 19.44% (Net Income 141.1m / Total Assets 934.5m)
RoE = 23.29% (Net Income TTM 141.1m / Total Stockholder Equity 606.0m)
RoCE = 33.20% (EBIT 201.4m / Capital Employed (Equity 606.0m + L.T.Debt 639.0k))
RoIC = 22.66% (NOPAT 149.6m / Invested Capital 660.0m)
WACC = 6.99% (E(1.31b)/V(1.35b) * Re(7.11%) + D(40.5m)/V(1.35b) * Rd(4.22%) * (1-Tc(0.26)))
Discount Rate = 7.11% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: 33.33 | Cagr: 11.04%
[DCF Debug] Terminal Value 84.62% ; FCFF base≈134.2m ; Y1≈165.5m ; Y5≈281.9m
Fair Price DCF = 243.2 (EV 5.98b - Net Debt 7.00m = Equity 5.97b / Shares 24.6m; r=6.99% [WACC]; 5y FCF grow 25.0% → 2.90% )
EPS Correlation: 36.23 | EPS CAGR: 0.0% | SUE: 0.0 | # QB: 0
Revenue Correlation: 69.70 | Revenue CAGR: 28.31% | SUE: 1.36 | # QB: 1
EPS next Year (2027-03-31): EPS=4.02 | Chg30d=+0.090 | Revisions Net=+1 | Growth EPS=+13.6% | Growth Revenue=+3.6%