Some numbers are unusual enough that the correct first reaction is suspicion rather than enthusiasm.
Revenue in the most recent quarter grew 57%. Operating profit grew faster still, and the operating margin expanded to 67.7% from 63.7%. Administrative and sales costs grew more slowly than revenue, which is the definition of operating leverage actually working rather than being promised.
A business with those characteristics does not normally trade at roughly ten times earnings while paying a dividend yielding above 5%.
So the analysis spent most of its time on the question that matters: what is the market seeing that the income statement does not show?
There are two answers. One is a genuine structural problem that will not resolve quickly. The other is an accounting presentation choice that deserves scrutiny. Both are in the checklist below, and both are the reason this position is interesting rather than obvious.
📈 Q1 2026 revenue: €40.3M - up 57% from €25.6M
💰 Q1 EBIT: €27.3M - up from €16.3M, growing faster than revenue
📊 EBIT margin: 67.7% - expanded from 63.7%
🏦 FY2025 net income: €42.61M - up 69.8% on revenue up 59.8%
💵 Dividend: €4.00 per share - a yield above 5% at recent prices
🌍 UK launch July 29, 2026 - Europe’s second largest R&D incentive market after France
🇫🇷 First French customers June 2026 - claiming CIR and CII credits
🔻 Roughly 45% below the 52-week high - while fundamentals improved
Mini traffic light:
Operating leverage 🟢 - EBIT margin expanded 400 basis points in a year while revenue grew 57%; costs are genuinely growing slower than revenue
Balance sheet 🟢 - Equity ratio above 53%, total debt around €12.5 million, dividend funded from earnings rather than borrowings
International runway 🟢 - France, the UK and the US all operate their own R&D incentive regimes with the same documentation problem underneath
Free float 🔴 - Roughly 11% of shares are actually tradeable; this is the single biggest reason the multiple is where it is
Revenue definition 🔴 - The company’s own reporting notes that its revenue figure includes changes in work in progress and other operating income; that is not the same as billed revenue
👉 Inside the Paid Tile: full company reveal, why this problem exists at all and why software solves it, the free float and revenue quality issues examined properly, condensed 10x checklist, valuation table, Bull/Base/Bear scenarios, weighted expected return, KPIs to watch.
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