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1. Company Snapshot

1.a. Company Description

Ipsos SA, through its subsidiaries, provides survey-based research services for companies and institutions in Europe, the Middle East, Africa, the Americas, and the Asia-Pacific.The company offers services in the information production and analysis chain, including data collection, data processing and integration, data analysis, information delivery and presentation, and information activation.It also provides audience measurement, automotive and mobility development, brand health tracking, channel performance, corporate reputation, creative excellence, customer experience, healthcare, innovation, Ipsos MMA, Ipsos UU, market strategy and understanding, observer, public affairs, social intelligence analytics, and other specialist services, as well as research methodologies, such as device agnosticism, programmatic sampling, and digital face-to-face interview.


In addition, the company offers online and mobile integrated services and device agnostic solutions that include online surveys adapted to laptops, smartphones, and tablets; and qualitative research services, as well as operates Ipsos.Digital, a do-it-yourself platform.Further, it provides artificial intelligence and data science solutions that develops and provides analytical tools based on data science, machine learning, big analytics, and modelling; and behavioral science and neuroscience solutions, as well as operates Ipsos Knowledge Centre for teams and clients.Ipsos SA was incorporated in 1975 and is headquartered in Paris, France.

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1.b. Last Insights on IPS

Ipsos SA's recent performance was negatively impacted by a complex environment, despite achieving a revenue of €636 million in Q3, representing 7.6% growth. Organic growth was 2.9%, hindered by negative currency effects (-3.8%). The company's updated annual organic growth target suggests cautious optimism. Additionally, Ipsos' reliance on acquisitions, such as The BVA Family and infas, for growth (8.5% scope effect) may pose integration risks. A leadership transition, with Jean-Laurent Poitou appointed CEO, may also bring uncertainty.

1.c. Company Highlights

2. Ipsos' H1 Performance: A Mixed Bag

Ipsos reported a 1.5% total growth in the first half of the year, with a more pronounced growth pattern similar to 2023. The company's profitability stood at 8.3%, expected to strengthen during the year. Free cash flow was €54 million, slightly ahead of the three-year average. Adjusted net income was €72 million, down from €82 million last year, and EPS came out at €1.66, relative to estimates at €1.71. According to a staff analyst, "the company's profitability is expected to improve in H2, driven by accelerating growth and cost containment measures."

Publication Date: Jul -27

📋 Highlights
  • Total Growth: Ipsos reported 1.5% total growth in H1, consistent with 2023 trends.
  • Acquisition Impact: The BVA Family acquisition strengthened Ipsos' position in France, Italy, and the UK, adding expertise in pack testing and mystery shopping.
  • Regional Performance: EMEA delivered 6.3% growth, driven by the infas acquisition in Germany, with 0.8% organic growth.
  • Technology Investments: Ipsos is advancing AI and synthetic data, reducing sample size needs and speeding up data analysis tasks.
  • Profitability Outlook: Operating margin of 8.3% is expected to improve in H2, targeting around 13% by year-end with cost control measures.

Regional Performance

In terms of regional performance, EMEA saw 6.3% growth, driven by the acquisition of infas in Germany, with organic growth at 0.8%. The Americas delivered 0.6% organic growth in Q2, with the US showing signs of improvement. Asia Pacific was impacted by difficulties in China and structural issues. The acquisition of The BVA Family was completed, strengthening Ipsos' position in France, Italy, and the UK, and bringing new expertise in pack testing, mystery shopping, and government work.

Operating Margin and Cost Control

The operating margin was 8.3%, impacted by acquisition costs and a negative ForEx effect. The company expects significant improvement in profitability in H2, driven by accelerating growth and cost containment measures. Ipsos has reduced its headcount by 1.8% and is focused on driving efficiency through technology and AI. The company has taken a cautious approach to AI, combining human intelligence with artificial intelligence to avoid errors.

Valuation and Outlook

At current prices, Ipsos trades at a P/E Ratio of 8.99, a P/B Ratio of 1.17, and a P/S Ratio of 0.73. The EV/EBITDA multiple is 4.36, and the Dividend Yield is 4.44%. The Free Cash Flow Yield is 14.95%, and ROIC is 9.58%, while ROE is 13.73%. With a net debt to EBITDA ratio of 0.38, the company's valuation looks reasonable, especially considering its growth prospects. Analysts estimate next year's revenue growth at 5.1%, which could support a higher valuation multiple.

3. NewsRoom

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Ipsos: Monthly declaration of shares and voting rights - October 2025

Nov -27

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Has the Market Mispriced Ipsos After Its 30.5% Drop in 2025?

Nov -19

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Ipsos is again ranked the No. 1 Most Innovative Insights & Analytics Company in 2025 GRIT Top 50 Suppliers list

Nov -17

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80% of Global Influentials consistently influence buying decisions

Nov -13

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Ipsos: Monthly declaration of shares and voting rights - September 2025

Oct -24

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Good performance in the third quarter in a complex environment

Oct -23

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European Dividend Stocks To Consider In October 2025

Oct -22

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Graduates Report Strong ROI Through Risepoint-Supported Programs

Oct -07

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.00%)

6. Segments

Research Solutions

Expected Growth: 1.0%

Ipsos SA's Research Solutions segment growth is driven by increasing demand for data-driven insights, expansion into emerging markets, and strategic acquisitions. Additionally, the rise of digital technologies and growing need for customer experience management are fueling growth. Furthermore, the company's investments in AI and machine learning are enhancing its research capabilities, attracting new clients and driving revenue growth.

7. Detailed Products

Ipsos Observer

A syndicated study that provides insights on consumer behavior, attitudes, and opinions across various industries

Ipsos iris

A digital behavioral data platform that provides insights on online behavior and consumer journeys

Ipsos UU

A mobile ethnography app that captures in-the-moment consumer experiences and behaviors

Ipsos Connect

A suite of solutions that connects brands with their target audiences through online communities and panels

Ipsos MMA

A marketing mix modeling solution that optimizes marketing investments and ROI

Ipsos Affluent Survey

A global study that provides insights on the behaviors, attitudes, and preferences of affluent consumers

Ipsos Global Trends

A study that identifies and analyzes global trends and their impact on businesses and societies

8. Ipsos SA's Porter Forces

Forces Ranking

Threat Of Substitutes

Ipsos SA operates in a market with moderate threat of substitutes, as clients can opt for alternative research methods or in-house research teams, but the company's expertise and reputation mitigate this threat.

Bargaining Power Of Customers

Ipsos SA's clients are diverse and fragmented, reducing their bargaining power, and the company's strong brand and expertise give it an upper hand in negotiations.

Bargaining Power Of Suppliers

Ipsos SA has a diversified supplier base, and its suppliers have limited bargaining power due to the company's scale and reputation.

Threat Of New Entrants

While there are barriers to entry in the market research industry, new entrants can still disrupt the market, but Ipsos SA's established brand and expertise provide a competitive advantage.

Intensity Of Rivalry

The market research industry is highly competitive, with many established players, and Ipsos SA faces intense rivalry from competitors, which can lead to pricing pressure and innovation.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 23.37%
Debt Cost 3.95%
Equity Weight 76.63%
Equity Cost 8.60%
WACC 7.52%
Leverage 30.49%

11. Quality Control: Ipsos SA passed 4 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

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Logista

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Value: 7.0

Growth: 5.9

Quality: 5.8

Yield: 10.0

Momentum: 6.0

Volatility: 10.0

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Strabag

A-Score: 6.6/10

Value: 8.1

Growth: 4.7

Quality: 6.2

Yield: 8.1

Momentum: 10.0

Volatility: 2.7

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Ipsos

A-Score: 5.6/10

Value: 7.8

Growth: 5.3

Quality: 6.7

Yield: 6.2

Momentum: 1.0

Volatility: 6.3

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A-Score: 5.5/10

Value: 3.7

Growth: 5.0

Quality: 6.0

Yield: 5.6

Momentum: 3.0

Volatility: 9.7

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DKSH Holding

A-Score: 5.0/10

Value: 6.2

Growth: 3.3

Quality: 4.5

Yield: 6.9

Momentum: 1.0

Volatility: 8.3

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SGS

A-Score: 4.8/10

Value: 1.6

Growth: 3.2

Quality: 5.5

Yield: 6.9

Momentum: 2.0

Volatility: 9.3

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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

31.98$

Current Price

31.98$

Potential

0.00%

Expected Cash-Flows