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1. Company Snapshot

1.a. Company Description

Assystem S.A. provides engineering and infrastructure project management services worldwide.The company provides engineering services for the preparation, design, and construction of critical and complex infrastructure projects for public authorities and utility companies.It also offers engineering, procurement, and construction management; project management consulting; industrial control system; siting and permit studies; research and analysis; systems engineering; project management; digital engineering; project control solutions; digital field services; and industrial data science, as well as compliance, safety and security services for nuclear, energy, transportation, defense, and buildings and infrastructure sectors.


In addition, the company provides decommissioning and waste management services, and integration and maintenance services.Assystem S.A. was formerly known as AssystemBrime S.A. and changed its name to Assystem S.A. in June 2005.The company.


was founded in 1966 and is headquartered in Courbevoie, France.Assystem S.A. is a subsidiary of HDL Development.

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1.b. Last Insights on ASY

Here is a 90-word analysis of the positive drivers behind Assystem S.A.'s recent performance: Assystem's 2024 consolidated revenue grew 5.2% on an organic basis, driven by strong performance in its international engineering business. The company's solid financial health and innovative strategies align with current market dynamics, positioning it for growth. Additionally, the implementation of a new share buyback program worth €20 million is a positive event, reducing the number of outstanding shares and increasing value for shareholders. These factors contribute to Assystem's promising outlook, making it an attractive small-cap gem with a solid foundation.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Assystem And 2 More European Companies Estimated To Be Priced Below Their Intrinsic Value

Dec -03

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Orano’s Aval du Futur Program: Signature of Three New Engineering Partnerships

Nov -04

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3 European Stocks Estimated To Be Trading Up To 48.2% Below Intrinsic Value

Oct -30

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ASSYSTEM: Revenue for the 9 months ended September 2025:€484.2 million (up 8,7%)

Oct -28

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ASSYSTEM: First-half 2025 results

Sep -16

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Societe Generale: shares & voting rights as of 31 August 2025

Sep -09

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Assessing Acciona (BME:ANA)'s Valuation After Recent Subtle Moves

Sep -09

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Deutsche Bank (XTRA:DBK): Assessing Valuation After a Period of Quiet Share Price Momentum

Sep -09

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.00%)

6. Segments

Assystem Operations

Expected Growth: 8%

Assystem Operations' 8% growth is driven by increasing demand for digital transformation in the energy and industrial sectors, expansion into new geographies, and strategic acquisitions. The segment benefits from its strong reputation, long-term contracts, and high barriers to entry, enabling it to capitalize on the growing need for operational efficiency and sustainability.

7. Detailed Products

Nuclear Engineering Services

Assystem S.A. provides nuclear engineering services, including design, construction, and operation of nuclear facilities, as well as decommissioning and waste management.

Digital Engineering Services

Assystem S.A. offers digital engineering services, including digital twin, simulation, and data analytics, to help clients optimize their industrial assets and processes.

Energy Transition Services

Assystem S.A. provides energy transition services, including renewable energy, energy storage, and grid modernization, to help clients transition to a low-carbon economy.

Industrial Digitalization Services

Assystem S.A. offers industrial digitalization services, including IoT, AI, and cybersecurity, to help clients optimize their industrial operations and improve efficiency.

Consulting Services

Assystem S.A. provides consulting services, including strategy, operations, and technology consulting, to help clients improve their business performance.

8. Assystem S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Assystem S.A. operates in a niche market with limited substitutes, but the threat of substitutes is still present due to the evolving nature of the industry.

Bargaining Power Of Customers

Assystem S.A. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's expertise and specialized services make it difficult for customers to negotiate prices.

Bargaining Power Of Suppliers

Assystem S.A. relies on a network of suppliers for its operations, but the company's size and reputation give it some bargaining power. However, the suppliers of specialized services and equipment may still have some negotiating power.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the industry, including the need for specialized expertise and significant investment in research and development.

Intensity Of Rivalry

The industry in which Assystem S.A. operates is highly competitive, with several established players competing for market share. The company must continually innovate and improve its services to maintain its market position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 16.93%
Debt Cost 3.95%
Equity Weight 83.07%
Equity Cost 9.32%
WACC 8.41%
Leverage 20.38%

11. Quality Control: Assystem S.A. 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

Stock-Card
Veidekke

A-Score: 7.5/10

Value: 5.7

Growth: 5.1

Quality: 7.0

Yield: 9.4

Momentum: 8.0

Volatility: 9.7

1-Year Total Return ->

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Stock-Card
Per Aarsleff Holding

A-Score: 6.5/10

Value: 5.8

Growth: 8.2

Quality: 4.8

Yield: 3.8

Momentum: 10.0

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
BAM

A-Score: 5.8/10

Value: 6.7

Growth: 4.8

Quality: 4.7

Yield: 5.6

Momentum: 9.5

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Mirbud

A-Score: 5.3/10

Value: 7.4

Growth: 4.7

Quality: 4.7

Yield: 3.8

Momentum: 7.0

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
Renew

A-Score: 4.9/10

Value: 5.3

Growth: 5.9

Quality: 6.4

Yield: 4.4

Momentum: 2.0

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
Assystem

A-Score: 3.8/10

Value: 3.2

Growth: 3.7

Quality: 3.2

Yield: 6.2

Momentum: 2.0

Volatility: 4.3

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

43.4$

Current Price

43.4$

Potential

-0.00%

Expected Cash-Flows