Cegedim (ALCGM) AI Stock Analysis

Cegedim

(Paris:ALCGM)

Select Model

Rating:60Neutral

Price Target:EUR 14.50▲(49.48% Upside)

Action:reiterated

Date:10/25/25

Cegedim's overall stock score is primarily influenced by its solid revenue growth and strong technical momentum. However, challenges with profitability, financial stability, and valuation concerns due to a negative P/E ratio and lack of dividend yield weigh down the score. The absence of earnings call data and corporate events means these factors did not influence the score.

Positive Factors

Business model diversificationMultiple, complementary revenue streams (subscriptions, transaction fees, consulting and data services) create durable cash inflows and reduce reliance on any single customer or product. This mix supports predictable recurring revenue and resilience through sector cycles in healthcare IT.

Negative Factors

Negative profitabilityRecurring negative net income and shrinking EBIT margins threaten long-term sustainability; without margin recovery, the firm may struggle to self-fund R&D and growth initiatives, risking dilution or debt-funded expansion to maintain competitiveness.

Cegedim (ALCGM) vs. iShares MSCI France ETF (EWQ)

Market Cap: EUR 144.23M
Dividend Yield: ―
Average Volume (3M): 8,359
Price to Earnings (P/E): -9.1
Beta (1Y): 0.67
Revenue Growth: -0.98%
EPS Growth: ―
Country: France
Employees: 6,487
Sector: General
Sector Strength: 55
Industry: Medical - Healthcare Information Services

Cegedim Business Overview & Revenue Model

Company Description

Cegedim SA operates as a technology and services firm dedicated to digital data flow management within the healthcare ecosystem and business-to-business (B2B) sectors. Its operations extend across France, other European countries, and internationally...

How the Company Makes Money

Cegedim generates revenue through multiple streams, primarily by providing software solutions and data services to healthcare organizations and pharmaceutical companies. Key revenue models include subscription fees for software licenses, transaction...

Cegedim Earnings Call Summary

Earnings Call Date:Sep 23, 2026(Q2-2026)|% Change Since:-17.66%|Next Earnings Date:Mar 24, 2027

Earnings Call SentimentPositive

The call was predominantly positive. The group delivered higher adjusted operating income, adjusted EBITDA, operating income, net income and operating cash flow, while reducing net debt and maintaining its full-year outlook. These improvements were partly offset by modest overall revenue growth, declines in Healthcare Professional and Cloud & Support revenue, lower Data & Marketing profitability, continued losses in certain businesses, higher tax payments and substantial investment-related cash outflows.

Positive Updates

Improved H1 Revenue

H1 revenue reached EUR 324.8 million, increasing by EUR 2.3 million, or 0.7% reported and 0.8% like-for-like. Q2 revenue was EUR 4 million higher, supported by growth in the Business Services business unit, the French e-invoicing reform and continued momentum from international subsidiaries.

Negative Updates

Limited Overall Revenue Growth

H1 revenue growth was modest at 0.7% reported and 0.8% like-for-like. Q1 revenue declined by EUR 1.7 million, mainly due to the end of an important outsourcing contract and a demanding comparison basis in the Cloud & Support trading business.

Company Guidance

The company said it would stick to its outlook given since the beginning of the year, with a like-for-like growth above 2% and an increase in the recurring operating income and operating income; in H2, it should receive some Ségur subsidies around EUR 4 million.

Cegedim Financial Statement Overview

Summary

Cegedim exhibits solid revenue growth but faces challenges with profitability and financial stability, as reflected in negative net incomes and fluctuating cash flows. The company needs to focus on cost management and improving operational efficiencies to enhance profitability and strengthen its balance sheet.

Income Statement

60Neutral

Balance Sheet

55Neutral

Cash Flow

65Positive

Financial statement breakdown
Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	654.50M	654.50M	616.00M	555.21M	524.71M	496.94M
Gross Profit	624.93M	624.93M	255.63M	528.65M	498.01M	471.45M
EBITDA	101.56M	101.56M	95.25M	94.96M	103.64M	60.71M
Net Income	-14.71M	-14.71M	-7.41M	13.62M	26.22M	10.84M
Balance Sheet
Total Assets	986.89M	986.89M	924.07M	889.91M	797.59M	905.36M
Cash, Cash Equivalents and Short-Term Investments	49.58M	49.58M	46.61M	55.55M	24.16M	24.73M
Total Debt	325.85M	325.85M	285.10M	284.59M	275.50M	266.46M
Total Liabilities	704.39M	704.39M	629.51M	585.78M	565.20M	697.45M
Stockholders Equity	264.35M	264.35M	276.18M	285.16M	232.06M	207.66M
Cash Flow
Free Cash Flow	11.93M	11.93M	22.43M	10.34M	45.23M	35.85M
Operating Cash Flow	101.85M	101.85M	97.92M	86.48M	95.98M	110.38M
Investing Cash Flow	-111.32M	-111.32M	-75.30M	-20.17M	-70.11M	-69.26M
Financing Cash Flow	13.12M	13.12M	-31.07M	-33.89M	-26.74M	-45.20M

Cegedim Technical Analysis

Technical Analysis SentimentNegative

Last Price9.70

Price Trends

50DMA10.54Negative

100DMA10.56Negative

200DMA11.12Negative

Market Momentum

MACD-0.26Positive

RSI27.23Positive

STOCH0.42Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:ALCGM, the sentiment is Negative. The current price of 9.70 is below the 20-day moving average (MA) of 10.39, below the 50-day MA of 10.54, and below the 200-day MA of 11.12, indicating a bearish trend. The MACD of -0.26 indicates Positive momentum. The RSI at 27.23 is Positive, neither overbought nor oversold. The STOCH value of 0.42 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:ALCGM.

Cegedim Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

FR:ALCGM against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FR:AUB	73Outperform	EUR 655.42M	15.80	14.17%	2.72%	27.45%	19.70%
FR:COH	73Outperform	EUR 46.51M	15.43	12.54%	0.98%	8.58%	-18.77%
FR:ALCGM	60Neutral	EUR 133.03M	-9.06	-5.44%	―	-0.98%	―
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
FR:BLC	52Neutral	EUR 135.29M	2.34	49.70%	―	-1.79%	10979.07%
FR:ATO	42Neutral	EUR 547.03M	-0.45	117.34%	―	-14.39%	-173.10%
FR:ALINS	21Underperform	EUR 10.82M	-0.76	148.60%	―	-24.18%	-120.44%

* General Sector Average

Performance Comparison

FR:ALCGM and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
FR:ALCGM	Cegedim SA	9.70	-2.05	-17.45%
FR:ATO	Atos SE	27.46	-22.24	-44.75%
FR:AUB	Aubay Société Anonyme	51.50	2.67	5.46%
FR:BLC	Bastide le Confort Medical	18.50	-6.20	-25.10%
FR:COH	Coheris	8.18	-5.83	-41.61%
FR:ALINS	Intrasense SA	0.20	-0.07	-24.63%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Oct 25, 2025

Cegedim AI Stock Analysis