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Freelance.com SA (ALFRE) Fair Value & Analysis

Industrials · FR · Market cap €149M

FC Freelance.com SA ALFRE · PA
Price€2.48
Fair Value€7.04
Upside+183.9%
Quality51/100
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Expensive Growth
Thin margins · 2.2% net margin
Moderate debt · generates free cash flow
9.43% dividend yield
Mixed vs. peers (8/14)
Narrow moat 34/100
Evidence: High Range €2.82 – €8.80 Share as image

Fair value as of: Jul 15, 2026

From 25 valuation models · updated 26 days ago

Share price −8.1% over the past month.

A solid business, screening 184% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (€2.82). The market is more pessimistic than our downside scenario.
  • The model range is unusually wide (€2.82 to €8.80). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid quality (51/100) 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)

€7.28 €1.71 Fair Value €7.04 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.

How to read this chart

60‑month range €1.71 – €7.28 · fair‑value band €2.82 – €8.80 · the €2.48 price screens below the €7.04 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 15, 2026.

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Analysis

Freelance.com SA (ALFRE) currently trades at €2.48, while our model-based Fair Value estimate is €7.04, implying the stock looks roughly 183.9% undervalued today. The Quality Score stands at 51/100 (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, Freelance.com SA generated revenue of €1.1B at a net margin of 2.2%. Revenue declined 1.9% year over year. It earns a return on equity of 13.3%. Net debt stands at €18.3M. Fundamentals as of Jul 15, 2026

Our scenario range runs from €2.82 (bear case) to €8.80 (bull case); at €2.48, 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 4% below its 52-week high and 34% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at 23% fair-value upside, at 184%, ALFRE 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 €0.6500 €1.19 €2.16 80
Residual Income €2.77 €3.09 €4.57 76
ROIC Compounder €2.39 €2.72 €2.98 72
All 25 models by family
DCF Models
FCF DCF €0.7100 €1.13 €2.33 38
Owner Earnings €4.75 €9.63 €18.14 31
5Y Revenue Exit €2.68 €5.51 €11.39 39
5Y EBITDA Exit €3.29 €6.77 €13.51 41
5Y P/E Exit €4.19 €10.57 €19.30 38
10Y Revenue Exit €1.79 €5.21 €8.13 36
10Y EBITDA Exit €2.29 €6.30 €14.00 37
10Y P/E Exit €2.85 €7.89 €17.02 35
Earnings-Based
Graham-Dodd €2.82 €19.64 €27.56 54
Lynch FV €6.88 €9.82 €12.77 50
PEG = 1.0 €6.88 €9.82 €12.77 46
EPV €2.39 €2.72 €2.98 59
Dividend Discount
Gordon GGM €0.5800 €0.9700 €1.26 70
DDM Multi-Stage €0.5800 €0.9200 €1.04 61
Multiples
P/E Multiple €6.52 €8.70 €10.87 63
P/S Multiple €5.28 €7.04 €8.80 58
P/B Multiple €5.28 €7.04 €8.80 55
EV/EBIT €5.10 €6.91 €8.71 53
EV/EBITDA €4.79 €6.50 €8.20 54
EV/Revenue €3.55 €5.21 €6.86 43
Asset-Based
NCAV (Graham) €1.64 €2.20 €3.28 50
Growth DCF
Growth DCF €0.6500 €1.19 €2.16 80
Economic Profit
Residual Income €2.77 €3.09 €4.57 76
ROIC Compounder €2.39 €2.72 €2.98 72
Growth Earnings
Growth-Adj P/E €8.95 €12.79 €16.63 68

Widest divergence: Growth Earnings (€12.79) versus Dividend Discount (€0.9200). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) €1.1B
Revenue growth (YoY) -1.9%
Net margin 2.2%
Return on equity 13.3%
Free cash flow €4.9M FY2025
P/E ratio 6.4
More key figures
Operating margin 1.9%
EPS (TTM) €0.4100
Dividend yield 9.4%
EPS growth (YoY) -4.9%
Net debt €18.3M FY2025

Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 51/100

Of which business quality 50 · Market factors (momentum, volatility) 65

Profitability 44
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 19
Earnings quality: real cash, not paper profit
Fin. Strength 55
Balance sheet, leverage, solvency risk
Investment 73
Disciplined investing over empire-building
Low Volatility 60
Calm price path (market factor)
Momentum 70
Price trend over the last 3–12 months (market factor)
52W Momentum 61
Distance to the 52-week high (market factor)
Net Issuance 77
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

Freelance.com SA provides intermediation between companies and intellectual service providers in France, Germany, Morocco, Luxembourg, Switzerland, and Singapore. The company offers talent as a service, expertise sourcing, project management, commercial portage, salary portage and training platform.

Full company description

Freelance.com SA provides intermediation between companies and intellectual service providers in France, Germany, Morocco, Luxembourg, Switzerland, and Singapore. The company offers talent as a service, expertise sourcing, project management, commercial portage, salary portage and training platform. Freelance.com SA was incorporated in 1992 and is based in Paris, France. Freelance.com SA is a subsidiary of Groupe CBV Ingénierie.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Freelance.com SA reported revenue of €1.1B in FY2025 versus €503M in FY2021, a compound +20.3%/yr. Reported net income was €23.4M in FY2025, compounding +24.1%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
€1.1B
Latest YoY
+0.3%
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.
+9.6%
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.
+26.5%
Avg. growth/yr (23Y) 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.
+17.1%
Revenue +20.3%/yr
FY21 €503M
FY22 €800M
FY23 €858M
FY24 €1.0B
FY25 €1.1B
Net income +24.1%/yr
FY21 €9.9M
FY22 €18.1M
FY23 €14.5M
FY24 €18.0M
FY25 €23.4M

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Cite: Fair Value Calculator (2026). "Freelance.com SA Fair Value". https://www.fairvalue-calculator.com/stock/ALFRE

Peer Group

Staffing & Employment Services · 85 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 51 · Below median
Fair Value upside +184% · Top 25%
Return on equity (TTM) 13% · Above median
Return on assets 2% · Below median
Net margin (TTM) 2% · Above median
Operating margin (TTM) 2% · Below median
Revenue growth -2% · Below median
Dividend yield (TTM) 9.4% · Top 25%
Debt / equity 0.61× · Higher than 75% of peers

Valuation Multiples vs Staffing & Employment Services median · lower = cheaper

P/E (TTM) 6.4× · Cheaper than 75% of peers
P/B 0.93× · Cheaper than median
P/S (TTM) 0.16× · Cheaper than 75% of peers
P/FCF 35.2× · Pricier than 75% of peers
EV/EBITDA 6.9× · Cheaper than median

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 41
FUTURE 0 · sector 1
PAST 53 · sector 36
HEALTH 70 · sector 95
DIVIDEND 100 · sector 60

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 Staffing & Employment Services stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).

Stock Price Fair Value vs Fair Value
Adecco Group ADEN CHF 20.46 CHF 23.73 +16%
Korn Ferry, KFY $78.61 $114.56 +46%
Robert Half Inc RHI $36.70 $22.10 -40%
TriNet Group TNET $57.56 $70.85 +23%
ManpowerGroup Inc MAN $39.02 $29.67 -24%
Insperity, Inc NSP $49.48 $17.34 -65%
FESCO Group 600861 ¥13.24 ¥45.46 +243%
Grupa Pracuj S.A GPP 47.40 PLN 65.45 PLN +38%
Barrett Business Services, Inc BBSI $37.43 $38.42 +3%
Maharah for Human Resources Company 1831 5.36 SAR 6.92 SAR +29%

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Frequently asked questions

Is Freelance.com SA (ALFRE) overvalued or undervalued?
As of Jul 15, 2026, our model estimates a fair value of €7.04 versus a price of €2.48, about +184% (undervalued).
What is the fair value of ALFRE?
Our model-based fair value for Freelance.com SA is €7.04 (as of Jul 15, 2026), built from audited fundamentals. The current price is €2.48.
What is the quality score of ALFRE?
Freelance.com SA has a Quality Score of 51/100. 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 Freelance.com SA (ALFRE)?
Freelance.com SA reported trailing-twelve-month revenue of about €1.1B (latest available figure, as of Jul 15, 2026).
What is the net profit margin of ALFRE?
The net profit margin of Freelance.com SA is about 2.2%, meaning it keeps roughly 2.2% of revenue as net income. Based on the latest reported figures.
Does Freelance.com SA pay a dividend?
Freelance.com SA currently shows a dividend yield of about 10.29% relative to its recent price (as of Jul 15, 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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