Netgem SA (ALNTG) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Netgem SA €0.94, price €0.97, upside -3.1%, quality 60 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
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 €0.6045 – €1.32 · fair‑value band €0.7000 – €1.22 · the €0.9700 price screens above the €0.9400 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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Netgem SA develops, operates, and distributes the NetgemTV digital video entertainment platform in France and Europe. It offers Netgem TV, which delivers content in various forms comprising live TV, VOD, SVOD, AVOD, FAST channels, and cloud gaming.
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Netgem SA develops, operates, and distributes the NetgemTV digital video entertainment platform in France and Europe. It offers Netgem TV, which delivers content in various forms comprising live TV, VOD, SVOD, AVOD, FAST channels, and cloud gaming. The company operates SuperApp, a tailored streaming and gaming service; cloud gaming, a fibre broadband propositions, with AAA games embedded in TV service; Fast Lane, a one stop shop service. It also offers TV-as-a-Service; and media services. Netgem SA was incorporated in 1996 and is based in Paris, France.
Stock analysis
Netgem SA (ALNTG) currently trades at €0.9700, while our model-based Fair Value estimate is €0.9400, implying the stock looks roughly 3.2% fairly valued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of €1.66 per share, and 14 of the 24 models we run sit above the €0.9700 price.
Bear case: the Earnings-Based group reads lowest at €0.3700, and 10 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: €0.7000 (bear) to €1.22 (bull), the price of €0.9700 sits inside 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 60/100 (solid quality), in the Technology sector.
Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Netgem SA reported revenue of €31.7M in FY2025 versus €28.3M in FY2021, a compound +2.9%/yr. Reported net income was €1.5M in FY2025.
Key figures
Market cap €33.8M · P/E ratio 19.4 · P/S ratio 0.92 · EPS (TTM) €0.0500 · Dividend yield 5.2% · Net margin 4.7% · Return on equity 6.2% · Return on assets (EBIT) 3.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (low confidence).
What moves the price
The share trades about 8% below its 52-week high and 60% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −62% fair-value upside, at −3%, ALNTG screens cheaper than that median.
Fair Value models
Bear €0.7000Fair Value €0.9400Bull €1.22
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.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.
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.40/100
Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Revenue growth 1 year
−6.2%
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.
−4.4%
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.
+0.9%
Start year 2020 (pandemic). Over 10 years: −8.7% a year
Revenue growth 21 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.
+5.5%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+16.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.0%
Dividend (yield on the price)5.2%
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.−30% vs −8%, slowing
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.14% → 23%
2025 sits 170% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 7.1%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+5.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +2.9% a year for the price.
Price, fair value, quality and upside side by side.
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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.Communication Equipment · 316 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside−4% · Above median
Profitability
Return on equity (TTM)6% · Above median
Return on assets3% · Above median
Net margin (TTM)5% · Above median
Operating margin (TTM)9% · Above median
Growth and dividend
Revenue growth−4% · Below median
Dividend yield (TTM)5.2% · Top 25%
Valuation Multiplesvs Communication Equipment median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Netgem SA Fair Value". https://www.fairvalue-calculator.com/stock/ALNTG
Frequently asked questions
Is Netgem SA (ALNTG) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of €0.9400 versus a price of €0.9700, about −3% upside (fairly valued).
What is the fair value of ALNTG?
Our model-based fair value for Netgem SA is €0.9400 (as of Sep 23, 2026), built from audited fundamentals. The current price: €0.9700.
What is the quality score of ALNTG?
Netgem SA has a Quality Score of 60/100. 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 Netgem SA (ALNTG)?
Our model-based price target is the fair value of €0.9400 (as of Sep 23, 2026) from 24 valuation models. Cautious scenario €0.7000, optimistic scenario €1.22. It is a calculation from audited fundamentals, not an analyst target.
What is the Netgem SA stock forecast for 2026?
Our models put fair value at €0.9400, about −3% upside versus a price of €0.9700 (fairly valued). Cautious scenario €0.7000, optimistic scenario €1.22. The calculation is refreshed regularly with new filings.
What is the revenue of Netgem SA (ALNTG)?
Netgem SA reported trailing-twelve-month revenue of about €31.7M (latest available figure, as of Sep 23, 2026).
Does Netgem SA pay a dividend?
Netgem SA currently shows a dividend yield of about 5.15% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Netgem SA (ALNTG)?
For today's price to be fair in a discounted-cash-flow model, Netgem SA would have to grow free cash flow by +5.1 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +0.9 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of ALNTG use?
Our models discount Netgem SA at 9.0 %: a base by market capitalisation (nano), damped by beta 0.41, country premium for France. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Netgem SA that is +5.1 % per year a year over ten years, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has Netgem SA (ALNTG) delivered so far?
Over the past 5 years revenue at Netgem SA grew +0.9 % a year. The price currently implies +5.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Netgem SA (ALNTG) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into Netgem SA (+5.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Netgem SA (ALNTG)?
The free-cash-flow yield on the price is 4.80 %: that much free cash flow Netgem SA produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Netgem SA (ALNTG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Netgem SA it is €0.9400 per share (as of Sep 23, 2026), against a price of €0.9700. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Netgem SA stock overvalued or undervalued in 2026?
As of Sep 23, 2026, ALNTG trades above its calculated fair value: price €0.9700, fair value €0.9400, a gap of about −3% (fairly valued). 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 ALNTG?
No. The price is what the market pays today (€0.9700); the fair value is what the company's own numbers justify (€0.9400). For Netgem SA the two are €0.0300 per share apart. That gap is exactly why we show both numbers side by side.
How much is Netgem SA worth?
The market values Netgem SA at about €33.8M (market capitalisation, as of Sep 23, 2026). Per share that is €0.9700; our models calculate a fair value of €0.9400 per share.
What do the bullish and bearish scenarios say about ALNTG?
Our models span a range for Netgem SA: cautious scenario €0.7000, base €0.9400, optimistic €1.22 per share (as of Sep 23, 2026, price €0.9700). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ALNTG?
Netgem SA trades at a price-to-earnings ratio of 19.4 (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 €0.9400 is built from several models across several years. Other multiples: PEG 5.3, P/B 1.6, P/S 1.2, EV/EBITDA 6.7.
What is the PEG ratio of ALNTG?
The PEG ratio of Netgem SA is 5.26 (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 Netgem SA (ALNTG)?
Balance-sheet figures for Netgem SA (as of Sep 23, 2026): return on equity 6.2%. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is ALNTG from its 52-week high?
Netgem SA trades at €0.9700, about 8% below its 52-week high of €1.06 and 60% above the low of €0.6045 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of €0.9400 is for.
Which stocks are comparable to Netgem SA?
From the same area (Technology) we also value Cisco Systems, Inc, Zhongji Innolight Co, Foxconn Industrial Internet Co, Eoptolink Technology Inc, 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 Netgem SA stock attractive at the current price?
The data as of Sep 23, 2026: price €0.9700, calculated fair value €0.9400 (−3%), Quality Score 60/100, from 24 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 ALNTG calculated?
We run Netgem SA through 24 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 €0.9400, 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. Netgem 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 Netgem SA (ALNTG)?
The closing price on Sep 24, 2026 was €0.9700. Our model-based fair value is €0.9400, about −3% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Netgem SA right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the upper half of our model range, so the margin of safety is thin. The data supports the verdict: every model runs on fully documented inputs.
Key figures of Netgem SA
How large is the market capitalisation of Netgem SA (ALNTG)?
The market capitalisation of Netgem SA is €33.8M. 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 Netgem SA (ALNTG)?
The price-to-sales ratio of Netgem SA is 0.92 (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 Netgem SA (ALNTG)?
Earnings per share at Netgem SA are €0.0500 (price ÷ EPS = P/E 19.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Netgem SA (ALNTG)?
The dividend yield of Netgem SA is 5.2% (payout 100%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Netgem SA (ALNTG)?
The net margin of Netgem SA is 4.7% (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 Netgem SA (ALNTG)?
The return on equity (ROE) of Netgem SA is 6.2% (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 Netgem SA (ALNTG)?
On an EBIT basis the return on assets of Netgem SA is 3.4% (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 Netgem SA (ALNTG)?
The operating margin of Netgem SA is 8.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Netgem SA (ALNTG)?
Revenue at Netgem SA is growing −4.1% versus a year earlier (3y avg −4.4%). 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 Netgem SA (ALNTG)?
Earnings per share at Netgem SA are growing +1.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Netgem SA (ALNTG) hold?
Netgem SA holds more cash than debt, €4.1M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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