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Exacompta Clairefontaine S.A (ALEXA) Fair Value & Analysis

Industrials · FR · Market cap €191M

EC Exacompta Clairefontaine S.A ALEXA · PA
Price€167.00
Fair Value€324.79
Upside+94.5%
Quality55/100
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Mixed Growth
Thin margins · 2.7% net margin
Low debt · generates free cash flow
4.18% dividend yield
Mixed vs. peers (8/14)
Narrow moat 34/100
Evidence: High Range €243.59 – €405.98 Share as image

Fair value as of: Jul 18, 2026

From 24 valuation models · updated 23 days ago

Share price +1.8% over the past month.

A solid business, screening 94% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (€243.59). The market is more pessimistic than our downside scenario.
  • Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

€173.00 €71.69 Fair Value €324.79 Jan 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range €71.69 – €173.00 · fair‑value band €243.59 – €405.98 · the €167.00 price screens below the €324.79 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

Exacompta Clairefontaine S.A (ALEXA) currently trades at €167.00, while our model-based Fair Value estimate is €324.79, implying the stock looks roughly 94.5% undervalued today. The Quality Score stands at 55/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Exacompta Clairefontaine S.A generated revenue of €802M at a net margin of 2.7%. Revenue declined 3.6% year over year. It earns a return on equity of 4.0%. The balance sheet holds a net cash position of €2.6M. Fundamentals as of Jul 18, 2026

Our scenario range runs from €243.59 (bear case) to €405.98 (bull case); at €167.00, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 5% below its 52-week high and 11% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -32% fair-value upside, at 94%, ALEXA screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF €319.94 €378.74 €458.74 80
Residual Income €325.33 €310.43 €243.99 76
Rev-Margin DCF €244.90 €306.74 €381.77 74
All 24 models by family
DCF Models
FCF DCF €315.45 €378.44 €469.91 38
Owner Earnings €365.48 €440.75 €550.05 31
5Y Revenue Exit €244.90 €300.73 €375.67 39
5Y EBITDA Exit €407.07 €579.10 €791.33 41
5Y P/E Exit €290.67 €379.28 €477.37 38
10Y Revenue Exit €273.36 €322.67 €376.67 36
10Y EBITDA Exit €361.71 €480.57 €617.58 37
10Y P/E Exit €300.26 €367.23 €435.61 35
Earnings-Based
Graham-Dodd €129.91 €240.60 €298.30 54
EPV €123.92 €131.74 €138.08 59
Dividend Discount
Gordon GGM €52.24 €64.90 €75.97 70
DDM Multi-Stage €52.24 €66.03 €79.56 61
Multiples
P/E Multiple €243.59 €324.79 €405.98 63
P/S Multiple €243.59 €324.79 €405.98 58
P/B Multiple €243.59 €324.79 €405.98 55
EV/EBIT €215.15 €267.27 €319.39 53
EV/EBITDA €552.64 €717.26 €881.88 54
EV/Revenue €194.30 €252.38 €310.45 43
Asset-Based
NCAV (Graham) €242.96 €325.56 €485.92 50
Growth DCF
Growth DCF €319.94 €378.74 €458.74 80
Rev-Margin DCF €244.90 €306.74 €381.77 74
Economic Profit
Residual Income €325.33 €310.43 €243.99 76
ROIC Compounder €123.92 €131.74 €138.08 72
Growth Earnings
Growth-Adj P/E €174.90 €249.86 €324.82 68

Widest divergence: DCF Models (€378.44) versus Dividend Discount (€64.90). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) €802M
Revenue growth (YoY) -3.6%
Net margin 2.7%
Return on equity 4.0%
Free cash flow €38.4M FY2025
P/E ratio 8.8
More key figures
Operating margin 6.1%
EPS (TTM) €19.11
Dividend yield 4.2%
EPS growth (YoY) +1.0%
Net cash €2.6M FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 55/100

Of which business quality 54 · Market factors (momentum, volatility) 63

Profitability 30
Margins and returns on capital today
Quality Growth 28
Are margins and returns improving?
Cashflow 51
Earnings quality: real cash, not paper profit
Fin. Strength 62
Balance sheet, leverage, solvency risk
Investment 87
Disciplined investing over empire-building
Low Volatility 79
Calm price path (market factor)
Momentum 50
Price trend over the last 3–12 months (market factor)
52W Momentum 70
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Exacompta Clairefontaine S.A. engages in producing, finishing, and formatting of papers in France, Europe, and internationally. It operates through Paper and Processing segments. The company manufactures diary and personal stationery; office desks and filing items; art and leisure products; and digital photos. It is also involved in paper shaping activities.

Full company description

Exacompta Clairefontaine S.A. engages in producing, finishing, and formatting of papers in France, Europe, and internationally. It operates through Paper and Processing segments. The company manufactures diary and personal stationery; office desks and filing items; art and leisure products; and digital photos. It is also involved in paper shaping activities. The company was founded in 1858 and is based in Etival-Clairefontaine, France. Exacompta Clairefontaine S.A. operates as a subsidiary of Etablissements Charles Nusse.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Exacompta Clairefontaine S.A reported revenue of €802M in FY2025 versus €727M in FY2021, a compound +2.5%/yr. Reported net income was €21.6M in FY2025, compounding +1.1%/yr from FY2021.

Growth Quality 53/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
€802M
Latest YoY
−3.5%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−1.3%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+3.1%
Avg. growth/yr (19Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.4%
Revenue +2.5%/yr
FY21 €727M
FY22 €836M
FY23 €843M
FY24 €831M
FY25 €802M
Net income +1.1%/yr
FY21 €20.7M
FY22 €27.1M
FY23 €43.1M
FY24 €31.5M
FY25 €21.6M
Character of growth · EPS growth decomposed (2014-2025) +11.7 % p.a.
Revenue per share +4.1 pp

of which total revenue +4.1 pp · buybacks/dilution +0.0 pp

EBIT margin +9.2 pp
Tax rate +0.1 pp
Residual (interest, one-offs) −1.8 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Exacompta Clairefontaine S.A Fair Value". https://www.fairvalue-calculator.com/stock/ALEXA

Peer Group

Business Equipment & Supplies · 72 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 55 · Above median
Fair Value upside +95% · Top 25%
Return on equity (TTM) 4% · Below median
Return on assets 2% · Below median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 6% · Above median
Revenue growth -4% · Below median
Dividend yield (TTM) 4.2% · Top 25%
Debt / equity 0.22× · Higher than 75% of peers

Valuation Multiples vs Business Equipment & Supplies median · lower = cheaper

P/E (TTM) 8.8× · Cheaper than 75% of peers
P/B 0.40× · Cheaper than 75% of peers
P/S (TTM) 0.28× · Cheaper than median
P/FCF 5.8× · Pricier than median
EV/EBITDA 2.0× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 33
FUTURE 0 · sector 18
PAST 16 · sector 21
HEALTH 89 · sector 99
DIVIDEND 84 · sector 52

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Business Equipment & Supplies stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
Ricoh Company RICO ¥15.33 ¥17.99 +17%
GRG Banking Equipment Co 002152 ¥10.08 ¥6.90 -32%
Shanghai M&G Stationery Inc 603899 ¥21.45 ¥30.05 +40%
XGD Inc 300130 ¥19.90 ¥15.67 -21%
DOMS Industries Limited DOMS ₹2,260 ₹782.96 -65%
Hengbao Co 002104 ¥9.20 ¥1.66 -82%
Shaanxi Fenghuo Electronics Co 000561 ¥6.99 ¥1.75 -75%
Shenzhen Comix Group 002301 ¥7.30 ¥3.11 -57%
Shandong New Beiyang Information Technology Co 002376 ¥6.00 ¥1.73 -71%
Qingdao Hiron Commercial Cold Chain Co 603187 ¥11.92 ¥21.12 +77%

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Frequently asked questions

Is Exacompta Clairefontaine S.A (ALEXA) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of €324.79 versus a price of €167.00, about +94% (undervalued).
What is the fair value of ALEXA?
Our model-based fair value for Exacompta Clairefontaine S.A is €324.79 (as of Jul 18, 2026), built from audited fundamentals. The current price is €167.00.
What is the quality score of ALEXA?
Exacompta Clairefontaine S.A has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Exacompta Clairefontaine S.A (ALEXA)?
Exacompta Clairefontaine S.A reported trailing-twelve-month revenue of about €802M (latest available figure, as of Jul 18, 2026).
What is the net profit margin of ALEXA?
The net profit margin of Exacompta Clairefontaine S.A is about 2.7%, meaning it keeps roughly 2.7% of revenue as net income. Based on the latest reported figures.
Does Exacompta Clairefontaine S.A pay a dividend?
Exacompta Clairefontaine S.A currently shows a dividend yield of about 4.28% relative to its recent price (as of Jul 18, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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