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ADLPartner SA (DKUPL) Fair Value & Analysis

Communication Services · FR · Market cap €106M

AS ADLPartner SA DKUPL · PA
Price€25.20
Fair Value€53.08
Upside+110.6%
Quality59/100
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Healthy Growth
Thin margins · 4.0% net margin
Moderate debt · generates free cash flow
2.85% dividend yield
Ranks above peers (8/12)
Moderate moat 46/100
Evidence: Medium Range €38.42 – €66.35 Share as image

Fair value as of: Jul 12, 2026

From 26 valuation models · updated 29 days ago

Share price −5.6% over the past month.

A solid business, screening 111% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (€38.42). The market is more pessimistic than our downside scenario.
  • Solid quality (59/100) 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)

€39.21 €13.25 Fair Value €53.08 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 12, 2026.

How to read this chart

60‑month range €13.25 – €39.21 · fair‑value band €38.42 – €66.35 · the €25.20 price screens below the €53.08 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 12, 2026.

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Analysis

ADLPartner SA (DKUPL) currently trades at €25.20, while our model-based Fair Value estimate is €53.08, implying the stock looks roughly 110.6% undervalued today. The Quality Score stands at 59/100 (solid quality), in the Communication Services 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: medium), always confirm before acting.

Over the trailing twelve months, ADLPartner SA generated revenue of €243M at a net margin of 4.0%. Revenue grew 10.6% year over year. It earns a return on equity of 17.5%. Net debt stands at €29.7M. Fundamentals as of Jul 12, 2026

Our scenario range runs from €38.42 (bear case) to €66.35 (bull case); at €25.20, 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 22% below its 52-week high and 31% above its 52-week low, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at -1% fair-value upside, at 111%, DKUPL 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 €36.04 €46.97 €59.91 80
Residual Income €12.66 €17.61 €92.87 76
Rev-Margin DCF €36.91 €55.17 €76.43 74
All 26 models by family
DCF Models
FCF DCF €36.05 €48.82 €64.98 38
Owner Earnings €35.85 €48.54 €64.60 31
5Y Revenue Exit €36.91 €55.04 €78.07 39
5Y EBITDA Exit €44.98 €70.25 €99.76 41
5Y P/E Exit €38.17 €57.41 €77.56 38
10Y Revenue Exit €35.31 €50.20 €70.00 36
10Y EBITDA Exit €40.52 €59.26 €84.24 37
10Y P/E Exit €36.79 €51.60 €69.67 35
Earnings-Based
Graham-Dodd €16.41 €53.36 €71.28 54
Lynch FV €11.92 €17.03 €22.14 50
PEG = 1.0 €11.92 €17.03 €22.14 46
EPV €25.66 €28.19 €30.23 59
Dividend Discount
Gordon GGM €5.31 €8.89 €11.54 70
DDM Multi-Stage €5.31 €8.13 €9.56 61
Multiples
P/E Multiple €39.81 €53.08 €66.35 63
P/S Multiple €30.76 €41.02 €51.27 58
P/B Multiple €19.73 €26.31 €32.88 55
EV/EBIT €50.57 €65.87 €81.17 53
EV/EBITDA €58.11 €75.92 €93.74 54
EV/Revenue €39.47 €54.39 €69.31 43
Asset-Based
NCAV (Graham) €3.76 €5.04 €7.52 50
Growth DCF
Growth DCF €36.04 €46.97 €59.91 80
Rev-Margin DCF €36.91 €55.17 €76.43 74
Economic Profit
Residual Income €12.66 €17.61 €92.87 76
ROIC Compounder €26.20 €29.34 €32.22 72
Growth Earnings
Growth-Adj P/E €33.26 €47.51 €61.77 68

Widest divergence: Multiples (€53.08) versus Asset-Based (€5.04). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) €243M
Revenue growth (YoY) +10.6%
Net margin 4.0%
Return on equity 17.5%
Free cash flow €14.9M FY2025
P/E ratio 1.1
More key figures
Operating margin 7.9%
EPS (TTM) €24.17
Dividend yield 2.9%
EPS growth (YoY) +26.9%
Net debt €29.7M FY2025

Figures from reported company fundamentals · as of Jul 12, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 59/100

Of which business quality 57 · Market factors (momentum, volatility) 53

Profitability 51
Margins and returns on capital today
Quality Growth 45
Are margins and returns improving?
Cashflow 61
Earnings quality: real cash, not paper profit
Fin. Strength 45
Balance sheet, leverage, solvency risk
Investment 72
Disciplined investing over empire-building
Low Volatility 83
Calm price path (market factor)
Momentum 40
Price trend over the last 3–12 months (market factor)
52W Momentum 42
Distance to the 52-week high (market factor)
Net Issuance 83
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

ADLPartner SA provides marketing solutions in France and internationally. It engages in the design, market, and implementation of customer loyalty and relationship management services, as well as the market and sale of magazine press subscriptions.

Full company description

ADLPartner SA provides marketing solutions in France and internationally. It engages in the design, market, and implementation of customer loyalty and relationship management services, as well as the market and sale of magazine press subscriptions. It also provides consulting and technology, marketing engineering agency, and customer relation services, as well as insurance brokerage services. The company was founded in 1972 and is based in Montreuil, France. ADLPartner SA is a subsidiary of Sogespa SAS.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

ADLPartner SA reported revenue of €243M in FY2025 versus €164M in FY2021, a compound +10.2%/yr. Reported net income was €9.6M in FY2025, compounding +3.1%/yr from FY2021.

Growth Quality 85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
€243M
Latest YoY
+11.4%
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.
+10.2%
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.
+11.7%
Avg. growth/yr (20Y) 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.
+4.1%
Revenue +10.2%/yr
FY21 €164M
FY22 €181M
FY23 €200M
FY24 €218M
FY25 €243M
Net income +3.1%/yr
FY21 €8.5M
FY22 €10.9M
FY23 €12.4M
FY24 €10.1M
FY25 €9.6M
Character of growth · EPS growth decomposed (2014-2025) +6.1 % p.a.
Revenue per share +7.0 pp

of which total revenue +7.0 pp · buybacks/dilution +0.0 pp

EBIT margin −0.2 pp
Tax rate +0.0 pp
Residual (interest, one-offs) −0.7 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). "ADLPartner SA Fair Value". https://www.fairvalue-calculator.com/stock/DKUPL

Peer Group

Advertising Agencies · 199 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 59 · Above median
Fair Value upside +111% · Top 25%
Return on equity (TTM) 18% · Top 25%
Return on assets 4% · Top 25%
Net margin (TTM) 4% · Above median
Operating margin (TTM) 8% · Above median
Revenue growth 11% · Above median
Dividend yield (TTM) 2.9% · Below median
Debt / equity 1.22× · Higher than 75% of peers

Valuation Multiples vs Advertising Agencies median · lower = cheaper

P/E (TTM) 1.1× · Cheaper than 75% of peers
P/FCF 8.2× · Pricier than median
PEG 4.62× · Pricier 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 19
FUTURE 53 · sector 8
PAST 70 · sector 7
HEALTH 39 · sector 98
DIVIDEND 57 · sector 66

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 Advertising Agencies stocks, each showing price versus our Fair Value estimate (as of Jul 12, 2026).

Stock Price Fair Value vs Fair Value
AppLovin Corporation APP $506.98 $181.37 -64%
Publicis Groupe S.A PUB €87.16 €146.36 +68%
Omnicom Group OMC $80.75 $99.84 +24%
Focus Media Information Technology Co 002027 ¥5.00 ¥4.08 -18%
The Trade Desk, Inc TTD $19.37 $20.76 +7%
BlueFocus Intelligent Communications Group 300058 ¥13.81 ¥1.50 -89%
JCDecaux SE DEC €21.28 €20.99 -1%
WPP plc WPP $18.13 $18.56 +2%
Easy Click Worldwide Network Technology Co 301171 ¥28.85 ¥5.62 -81%
Mobvista Inc 1860 HK$11.15 HK$6.43 -42%

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Frequently asked questions

Is ADLPartner SA (DKUPL) overvalued or undervalued?
As of Jul 12, 2026, our model estimates a fair value of €53.08 versus a price of €25.20, about +111% (undervalued).
What is the fair value of DKUPL?
Our model-based fair value for ADLPartner SA is €53.08 (as of Jul 12, 2026), built from audited fundamentals. The current price is €25.20.
What is the quality score of DKUPL?
ADLPartner SA has a Quality Score of 59/100. 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 ADLPartner SA (DKUPL)?
ADLPartner SA reported trailing-twelve-month revenue of about €243M (latest available figure, as of Jul 12, 2026).
What is the net profit margin of DKUPL?
The net profit margin of ADLPartner SA is about 4.0%, meaning it keeps roughly 4.0% of revenue as net income. Based on the latest reported figures.
Does ADLPartner SA pay a dividend?
ADLPartner SA currently shows a dividend yield of about 2.85% relative to its recent price (as of Jul 12, 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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