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1. Company Snapshot

1.a. Company Description

Cegedim SA operates as a technology and services company in the digital data flow management for healthcare ecosystem and B2B, and business software publisher for healthcare and insurance professionals worldwide.It operates in two divisions, Health Insurance, HR and e-Services; and Healthcare Professionals.The Health Insurance, HR and e-Services division markets various products and services to insurance companies, mutual insurers, personal protection insurers, and insurance brokers, as well as engages in the interactions between these entities and healthcare professionals.


This division also provides solutions for hosting, HR and payroll management outsourcing, and electronic data exchange services.The Healthcare Professionals division offers management software, databases, and solutions to doctors, allied health professionals, pharmacists, and healthcare facilities.The company was incorporated in 1969 and is headquartered in Boulogne-Billancourt, France.


Cegedim SA is a subsidiary of FCB SA.

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1.b. Last Insights on CGM

Cegedim's recent performance was driven by a 6.3% revenue growth in 2024, with a 4.7% like-for-like increase to €654.5 million in full-year revenue. The fourth quarter saw a 5.9% like-for-like growth to €178.7 million, with all operating divisions contributing to the growth. The company's focus on strengthening its liquidity position, as seen in the termination of the previous liquidity contract with Kepler Cheuvreux and the implementation of a new contract with Rothschild Martin Maurel, is also a positive development for investors.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Cegedim: shares transferred to trading on Euronext Growth as of September 4, 2025

Sep -02

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Cegedim: Like-for-like revenues grew 2.8% in the first half

Jul -24

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Cegedim: Half-year liquidity contract statement

Jul -23

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Cegedim : Implementation of the plan to transfer the listing of the Group's shares on Euronext Growth

Jun -13

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Cegedim: plan to transfer its shares to Euronext Growth Paris.

May -09

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Cegedim: Like-for-like revenues grew 4.5% in the first quarter

Apr -24

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Cegedim: Release of its 2024 Universal Registration Document

Apr -08

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Cegedim Full year 2024 results: Operating profitability improved

Mar -27

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.42%)

6. Segments

Software and Services

Expected Growth: 4.5%

Cegedim SA's Software and Services segment growth of 4.5% is driven by increasing demand for digital healthcare solutions, expansion into new markets, and strategic partnerships. The company's innovative products, such as its electronic health record (EHR) system, are gaining traction among healthcare providers. Additionally, the growing need for data analytics and population health management is fueling demand for Cegedim's services.

Data and Marketing

Expected Growth: 4.2%

Cegedim SA's 4.2% growth in Data and Marketing is driven by increasing demand for data analytics, digital transformation in healthcare, and growing need for targeted marketing strategies. The company's strong presence in the European market, innovative solutions, and strategic partnerships also contribute to its growth.

Flow

Expected Growth: 4.8%

Cegedim SA's 4.8% growth is driven by increasing demand for healthcare technology solutions, expansion into emerging markets, and strategic acquisitions. Additionally, the company's focus on innovation, particularly in artificial intelligence and data analytics, has enhanced its product offerings, leading to increased adoption and revenue growth.

Business Process Outsourcing

Expected Growth: 3.8%

Cegedim SA's 3.8% growth in Business Process Outsourcing is driven by increasing demand for cost reduction, process efficiency, and access to specialized skills. The company's expertise in healthcare and technology enables it to capitalize on the trend of outsourcing non-core functions, while its global delivery model and scalable infrastructure support high-volume transactions.

Cloud & Support

Expected Growth: 5.2%

Cegedim SA's Cloud & Support segment growth of 5.2% is driven by increasing demand for digital healthcare solutions, expansion of existing client relationships, and strategic acquisitions. Additionally, the shift towards cloud-based services and the need for secure data management in the healthcare industry are contributing to this growth.

7. Detailed Products

Cegedim Healthcare Solutions

A suite of software solutions for healthcare professionals, including practice management, electronic health records, and medical billing.

Cegedim CRM

A customer relationship management platform for life sciences companies, providing sales force automation, marketing automation, and customer service management.

Cegedim Data Intelligence

A data analytics platform providing insights on healthcare market trends, customer behavior, and sales performance.

Cegedim Regulatory Services

A suite of services for life sciences companies, including regulatory compliance, pharmacovigilance, and medical writing.

Cegedim Market Research

A market research platform providing insights on healthcare market trends, customer behavior, and competitive intelligence.

8. Cegedim SA's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Cegedim SA is moderate due to the presence of alternative healthcare technology solutions.

Bargaining Power Of Customers

The bargaining power of customers is low due to the specialized nature of Cegedim SA's healthcare technology solutions.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate due to the presence of multiple suppliers of healthcare technology solutions.

Threat Of New Entrants

The threat of new entrants is high due to the growing demand for healthcare technology solutions and the presence of venture capital funding.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of established players in the healthcare technology industry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 42.76%
Debt Cost 3.95%
Equity Weight 57.24%
Equity Cost 9.14%
WACC 6.92%
Leverage 74.71%

11. Quality Control: Cegedim SA passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Nexus

A-Score: 5.6/10

Value: 2.0

Growth: 7.2

Quality: 7.9

Yield: 0.0

Momentum: 9.0

Volatility: 7.7

1-Year Total Return ->

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CompuGroup Medical

A-Score: 4.7/10

Value: 4.6

Growth: 4.2

Quality: 4.1

Yield: 0.6

Momentum: 9.5

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
Equasens

A-Score: 4.2/10

Value: 4.6

Growth: 4.9

Quality: 7.2

Yield: 4.4

Momentum: 1.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
Cegedim

A-Score: 4.0/10

Value: 10.0

Growth: 3.7

Quality: 2.3

Yield: 0.0

Momentum: 2.0

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
SOPHiA GENETICS

A-Score: 3.8/10

Value: 6.8

Growth: 4.6

Quality: 3.7

Yield: 0.0

Momentum: 8.0

Volatility: 0.0

1-Year Total Return ->

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Stock-Card
Surgical Science Sweden

A-Score: 2.9/10

Value: 1.9

Growth: 7.7

Quality: 6.1

Yield: 0.0

Momentum: 0.5

Volatility: 1.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

10.4$

Current Price

10.4$

Potential

-0.00%

Expected Cash-Flows