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Keyrus SA (ALKEY) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Keyrus SA €3.93, price €8.08, upside -51.4%, quality 40 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Technology · FR · ISIN FR0004029411

KS Some data Sep 23, 2026

Keyrus SA

ALKEY · PA

Weakest SetupStrongly overvalued and low quality.

!Fair value €3.93 · Strongly overvalued (−51%)
!Quality 40/100
!Expensive Growth (revenue 5y +4.9 %/yr)
!Thin margins · 1.0% net margin (TTM)
!Moderate debt · negative free cash flow
!Trails peers (1/13)
!Narrow moat 21/100
!Evidence only medium, so the estimate is less certain
!Weak on past: 22 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

€12.00 €2.89 Fair Value €3.93 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

60‑month range €2.89 – €12.00 · fair‑value band €2.78 – €5.31 · the €8.08 price screens above the €3.93 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

Keyrus S.A., a consultancy company, engages in the development of data and digital solutions for performance management worldwide.

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Keyrus S.A., a consultancy company, engages in the development of data and digital solutions for performance management worldwide. It provides data advisory and consulting services, such as data and AI strategies, roadmap and scoping study, architecture and technology consulting, decision intelligence, and data governance; and data and analytic solutions, including data platforms, visualization and storytelling, quality and governance, and mesh and fabric, as well as cloud data management. The company also offers artificial intelligence (AI) literacy and understanding, strategy and prioritization, testing and development, production and scale-up, modeling and evaluation, and governance services; enterprise performance management services, such as performance analytics, consolidation and regulatory reporting, and profitability and cost management as well as planning, budgeting, and forecasting; and digital and multi-experience services, including digital strategy consulting, customer data platform, marketing automation, and omnichannel commerce. It provides its offerings under the Keyrus Life Science, Absys Cyborg, Younicorns, Vision.bi, and CMG Consulting Group brands. The company was founded in 1996 and is headquartered in Levallois-Perret, France.

Stock analysis

Keyrus SA (ALKEY) currently trades at €8.08, while our model-based Fair Value estimate is €3.93, implying the stock looks roughly 105.6% overvalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of €7.70 per share, and 1 of the 13 models we run sit above the €8.08 price.

Bear case: the Earnings-Based group reads lowest at €1.20, and 12 of the 13 models stay below the price. Evidence for this calculation is medium.

Scenario range: €2.78 (bear) to €5.31 (bull), the price of €8.08 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 40/100 (below-average quality), in the Technology sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Keyrus SA reported revenue of €332M in FY2025 versus €289M in FY2021, a compound +3.5%/yr. Reported net income was €3.3M in FY2025, compounding −4.6%/yr from FY2021.

Key figures

Market cap €128M · P/E ratio 38.5 · P/S ratio 0.38 · EPS (TTM) €0.2100 · Net margin 1.0% · Return on equity 5.5% · Return on assets (EBIT) 2.5% · Operating margin 1.3%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (medium confidence).

What moves the price

The share trades about 12% below its 52-week high and 19% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Technology peers we cover trades at 53% fair-value upside, at −51%, ALKEY screens richer than that median.

Fair Value models

Bear €2.78 Fair Value €3.93 Bull €5.31
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (€0.1542 per share) are deliberately not added. 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 ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Owner Earnings €5.50 €7.70 €10.38 77
Residual Income €2.44 €2.41 €2.15 71
EV/EBITDA €7.87 €10.69 €13.50 67
All 13 models by family
DCF Models
Owner Earnings €5.50 €7.70 €10.38 77
Earnings-Based
Graham-Dodd €1.41 €4.07 €5.36 65
Lynch FV €0.8400 €1.20 €1.56 61
PEG = 1.0 €0.8400 €1.20 €1.56 57
Multiples
P/E Multiple €4.36 €5.82 €7.27 63
P/S Multiple €2.65 €3.53 €4.41 58
P/B Multiple €2.65 €3.53 €4.41 55
EV/EBIT €1.36 €2.01 €2.66 65
EV/EBITDA €7.87 €10.69 €13.50 67
EV/Revenue €0.4100 €0.8300 €1.25 51
Asset-Based
NCAV (Graham) €1.72 €2.30 €3.44 54
Economic Profit
Residual Income €2.44 €2.41 €2.15 71
Growth Earnings
Growth-Adj P/E €3.43 €4.90 €6.37 67

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Quality Score breakdown

Overall quality 40/100

Of which business quality 38 · Market factors (momentum, volatility) 54

Profitability 31
Margins and returns on capital today
Quality Growth 44
Are margins and returns improving?
Cashflow 14
Earnings quality: real cash, not paper profit
Fin. Strength 19
Balance sheet, leverage, solvency risk
Investment 82
Disciplined investing over empire-building
Low Volatility 67
Calm price path (market factor)
Momentum 49
Price trend over the last 3–12 months (market factor)
52W Momentum 49
Distance to the 52-week high (market factor)
Net Issuance 70
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 31/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−6.5%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−1.9%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+4.9%
Start year 2020 (pandemic). Over 10 years: +5.1% a year
Revenue growth 18 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+6.1%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−3.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−3.7%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−4% vs −1%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.2% → 1%
Start year 2020 (pandemic)

ALKEY screens 106% overvalued. Compare with International Business Machines Corporation →

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Peer Groupⓘ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.Information Technology Services · 498 stocks

Beats the industry median on 1/12 measures
Overall it trails its industry peers.
Valuation
Quality Score 40 · Bottom 25%
Fair Value upside −51% · Bottom 25%
Profitability
Return on equity (TTM) 6% · Below median
Return on assets 0% · Below median
Net margin (TTM) 1% · Below median
Operating margin (TTM) 1% · Below median
Growth and dividend
Revenue growth −9% · Bottom 25%
Balance sheet
Debt / equity 1.02× · Highest 25%

Valuation Multiplesvs Information Technology Services median · lower = cheaper

P/E (TTM) 38.5× · Priciest 25%
P/B 2.67× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (TTM) 0.44× · Cheaper than median
EV/EBITDA 32.7× · Priciest 25%
PEG 2.74× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 45
FUTURE (revenue growth)0 · sector 31
PAST (return on equity)22 · sector 36
HEALTH (low debt)49 · sector 97
DIVIDEND (yield)0 · sector 43

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

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

Similar stocks

10 more Information Technology Services stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
International Business Machines Corporation IBM $232.76 $188.22 −19%
Accenture plc ACN $183.52 $305.06 +66%
Tata Consultancy Services Limited TCS ₹2,090 ₹2,993 +43%
Infosys Limited INFY ₹1,021 ₹1,690 +66%
HCL Technologies Limited HCLTECH ₹1,257 ₹1,926 +53%
Fidelity National Information Services, Inc FIS $34.67 $32.47 −6%
Cognizant Technology Solutions Corporation CTSH $59.14 $132.01 +123%
Wipro Limited WIPRO ₹164.90 ₹287.90 +75%
CDW Corporation CDW $146.16 $162.00 +11%
Broadridge Financial Solutions, Inc BR $163.45 $145.34 −11%

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Keyrus SA · Fair Value
€3.93 −106%Fair Value
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Cite: Fair Value Calculator (2026). "Keyrus SA Fair Value". https://www.fairvalue-calculator.com/stock/ALKEY

Frequently asked questions

Is Keyrus SA (ALKEY) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of €3.93 versus a price of €8.08, about −51% upside (overvalued).
What is the fair value of ALKEY?
Our model-based fair value for Keyrus SA is €3.93 (as of Sep 23, 2026), built from audited fundamentals. The current price: €8.08.
What is the quality score of ALKEY?
Keyrus SA has a Quality Score of 40/100. 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 price target for Keyrus SA (ALKEY)?
Our model-based price target is the fair value of €3.93 (as of Sep 23, 2026) from 13 valuation models. Cautious scenario €2.78, optimistic scenario €5.31. It is a calculation from audited fundamentals, not an analyst target.
What is the Keyrus SA stock forecast for 2026?
Our models put fair value at €3.93, about −51% upside versus a price of €8.08 (overvalued). Cautious scenario €2.78, optimistic scenario €5.31. The calculation is refreshed regularly with new filings.
What is the revenue of Keyrus SA (ALKEY)?
Keyrus SA reported trailing-twelve-month revenue of about €332M (latest available figure, as of Sep 23, 2026).
What is the intrinsic value of Keyrus SA (ALKEY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Keyrus SA it is €3.93 per share (as of Sep 23, 2026), against a price of €8.08. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Keyrus SA stock overvalued or undervalued in 2026?
As of Sep 23, 2026, ALKEY trades above its calculated fair value: price €8.08, fair value €3.93, a gap of about −51% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ALKEY?
No. The price is what the market pays today (€8.08); the fair value is what the company's own numbers justify (€3.93). For Keyrus SA the two are €4.15 per share apart. That gap is exactly why we show both numbers side by side.
How much is Keyrus SA worth?
The market values Keyrus SA at about €128M (market capitalisation, as of Sep 23, 2026). Per share that is €8.08; our models calculate a fair value of €3.93 per share.
What do the bullish and bearish scenarios say about ALKEY?
Our models span a range for Keyrus SA: cautious scenario €2.78, base €3.93, optimistic €5.31 per share (as of Sep 23, 2026, price €8.08). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ALKEY?
Keyrus SA trades at a price-to-earnings ratio of 38.5 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €3.93 is built from several models across several years. Other multiples: PEG 2.7, P/B 2.7, P/S 0.4, EV/EBITDA 32.7.
What is the PEG ratio of ALKEY?
The PEG ratio of Keyrus SA is 2.74 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Keyrus SA (ALKEY)?
Balance-sheet figures for Keyrus SA (as of Sep 23, 2026): return on equity 5.5%, debt of 1.02 per unit of equity. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is ALKEY from its 52-week high?
Keyrus SA trades at €8.08, about 12% below its 52-week high of €9.14 and 19% above the low of €6.80 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of €3.93 is for.
Which stocks are comparable to Keyrus SA?
From the same area (Technology) we also value International Business Machines Corporation, Accenture plc, Tata Consultancy Services Limited, Infosys Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Keyrus SA stock attractive at the current price?
The data as of Sep 23, 2026: price €8.08, calculated fair value €3.93 (−51%), Quality Score 40/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ALKEY calculated?
We run Keyrus SA through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €3.93, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0 % above its aggregate fair value. Keyrus SA itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Keyrus SA (ALKEY)?
The closing price on Sep 24, 2026 was €8.08. Our model-based fair value is €3.93, about −51% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Keyrus SA right now?
The price sits above even our optimistic bull case (€5.31). The favourable scenario is already priced in. Weak quality (40/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range (€2.78 to €5.31) leaves room in how you read the outcome.
Where does the earnings growth of Keyrus SA (ALKEY) come from?
Earnings per share at Keyrus SA grew −4.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +6.4 %, EBIT margin −3.4 %, tax rate −4.3 %, residual (interest, one-offs) −3.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Keyrus SA

How large is the market capitalisation of Keyrus SA (ALKEY)?
The market capitalisation of Keyrus SA is €128M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Keyrus SA (ALKEY)?
The price-to-sales ratio of Keyrus SA is 0.38 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Keyrus SA (ALKEY)?
Earnings per share at Keyrus SA are €0.2100 (price ÷ EPS = P/E 38.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Keyrus SA (ALKEY)?
The net margin of Keyrus SA is 1.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Keyrus SA (ALKEY)?
The return on equity (ROE) of Keyrus SA is 5.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Keyrus SA (ALKEY)?
On an EBIT basis the return on assets of Keyrus SA is 2.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Keyrus SA (ALKEY)?
The operating margin of Keyrus SA is 1.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Keyrus SA (ALKEY)?
Revenue at Keyrus SA is growing −8.5% versus a year earlier (3y avg −1.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Keyrus SA (ALKEY)?
Earnings per share at Keyrus SA are growing +428% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Keyrus SA (ALKEY) generate?
The free cash flow of Keyrus SA is −€3.0M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Keyrus SA (ALKEY) carry?
The net debt of Keyrus SA is €54.9M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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