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Netgem SA (ALNTG) AI Stock Analysis

FR:ALNTG

Netgem SA

(Paris:ALNTG)

Select Model
Rating:64Neutral
Price Target:EUR 0.98â–²(7.02% Upside)
Action:reiterated
Date:09/10/26

The score is driven primarily by improved profitability and a conservatively financed balance sheet, partially offset by multi-year revenue contraction and weak/volatile free-cash-flow conversion. Technically, the uptrend is positive but appears overextended, while valuation is supported by a reasonable P/E and a solid dividend yield.

Positive Factors
Margin recoveryThe sharp recovery in EBIT and gross margins indicates stronger operating economics and improved monetization of Netgem’s solutions. If these levels persist, the company should retain more revenue as profit, supporting reinvestment and resilience despite its smaller top line.
Negative Factors
Revenue contractionSeveral years of declining revenue signal weakening scale and an uncertain demand trajectory, even though margins improved. Continued contraction could reduce the installed base and limit Netgem’s ability to spread platform costs, fund innovation, or build sustainable earnings growth.

Netgem SA (ALNTG) vs. iShares MSCI France ETF (EWQ)

-30%-20%-10%0%10%20%30%FR:ALNTG+7.29%EWQ-1.36%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
Market Cap
EUR 30.18M
Dividend Yield
5.48%
Average Volume (3M)
37.56K
Price to Earnings (P/E)
15.3
Beta (1Y)
0.26
Revenue Growth
1.84%
EPS Growth
36.95%
Country
France
Employees
113
Sector
General
Sector Strength
55
Industry
Software - Application

Netgem SA Business Overview & Revenue Model

Company Description

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. T...

How the Company Makes Money

Netgem makes money primarily by selling and operating TV/streaming solutions for business customers (typically telecom operators and service providers). Key revenue streams generally include: (1) Platform and software revenues: fees associated with p...

Netgem SA Financial Statement Overview

Summary

Operating profitability has rebounded strongly (EBIT margin ~23% in 2025 and gross margin ~77%), and leverage is low (debt-to-equity ~0.04–0.12). However, revenue has contracted for multiple years with a sharp decline in 2025, and free cash flow is inconsistent (dropping to ~0 in 2024–2025), limiting financial flexibility.

Income Statement

60Neutral

Balance Sheet

78Positive

Cash Flow

45Neutral
Financial statement breakdown
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue33.02M31.70M33.80M35.58M36.29M28.32M
Gross Profit24.43M22.83M23.60M21.99M20.07M17.58M
EBITDA6.51M6.06M9.02M8.29M6.53M5.18M
Net Income2.09M1.53M2.00M541.00K108.00K-1.31M
Balance Sheet
Total Assets37.54M35.87M38.21M43.20M47.10M43.84M
Cash, Cash Equivalents and Short-Term Investments5.99M5.85M7.01M6.60M6.16M6.45M
Total Debt1.36M1.80M994.00K1.98M2.86M2.43M
Total Liabilities13.36M11.15M13.25M18.15M23.30M17.96M
Stockholders Equity24.18M24.71M24.96M25.05M23.46M24.04M
Cash Flow
Free Cash Flow1.28M1.63M2.90M1.17M573.00K-147.00K
Operating Cash Flow3.70M3.27M7.00M5.80M7.06M6.44M
Investing Cash Flow-2.17M-1.74M-4.67M-7.90M-6.03M-6.83M
Financing Cash Flow-99.00K-2.61M-2.66M2.53M-1.30M-3.40M

Netgem SA Technical Analysis

Technical Analysis SentimentNegative
Last Price0.91

Price Trends

50DMA0.95Negative
100DMA0.89Positive
200DMA0.80Positive

Market Momentum

MACD-0.01Positive
RSI37.35Neutral
STOCH35.71Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:ALNTG, the sentiment is Negative. The current price of 0.91 is below the 20-day moving average (MA) of 0.98, below the 50-day MA of 0.95, and above the 200-day MA of 0.80, indicating a neutral trend. The MACD of -0.01 indicates Positive momentum. The RSI at 37.35 is Neutral, neither overbought nor oversold. The STOCH value of 35.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:ALNTG.

Netgem SA Peers Comparison

Overall Rating

UnderperformOutperform
Sector (55)

Financial Indicators

FR:ALNTG against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
FR:ALNTGFR:ALNTG64NeutralEUR 30.18M15.258.54%5.48%1.84%36.95%
FR:ALHFFR:ALHF56NeutralEUR 11.28M13.835.31%13.82%-97.07%―
Sector *55Neutral$6.65B3.83-15.92%6.20%10.91%7.18%
FR:ATEMEFR:ATEME55NeutralEUR 134.87M18.5519.18%―9.84%―
FR:ETLFR:ETL42NeutralEUR 2.12B-2.95-12.30%―-0.63%65.99%
FR:ALBPKFR:ALBPK41NeutralEUR 21.57M-7.13――-9.14%-190.06%

* General Sector Average

Performance Comparison

-50%0%50%100%150%FR:ALNTGFR:ETLFR:ATEMEFR:ALHFFR:ALNN6FR:ALBPKDec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
FR:ALNTG and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
FR:ALNTGNetgem SA0.910.066.92%
FR:ETLEutelsat Communications1.80-0.83-31.64%
FR:ATEMEAteme SA11.506.00109.09%
FR:ALHFHF Company3.980.051.30%
FR:ALNN6ENENSYS Technologies SA1.140.1616.33%
FR:ALBPKBroadpeak SA1.72-0.73-29.80%

Netgem SA Corporate Events

Netgem banks on PLEIO growth as Vodafone TV launch offsets TalkTalk hit

Oct 15, 2026

Netgem has strengthened its position in the U.K. and European telecom TV market with the commercial launch of Vodafone TV on 1 October 2026, supplying and operating the service under a multi-year deal for Vodafone’s fixed and mobile broadband c...

Netgem to Brief Shareholders After Securing Vodafone TV UK Deal

Sep 14, 2026

Netgem, a European specialist in digital content distribution platforms and streaming technology for telecom operators and media companies, is expanding its footprint with products such as its PLEIO streaming platform and ECLAIR services suite. The g...

Netgem to Brief Shareholders After Securing Vodafone TV Deal in UK

Sep 8, 2026

Netgem SA will host a videoconference for individual shareholders on 15 September 2026 to discuss its improved half‑year profitability and recent strategic developments. The session will feature Chief Executive Officer Mathias Hautefort, Chief...

Netgem’s PLEIO Platform Chosen to Power VodafoneThree’s New UK TV Service

Sep 3, 2026

Netgem’s PLEIO platform has been selected by VodafoneThree to power the new Vodafone TV and entertainment service in the U.K., under a multi‑year agreement covering technology, content supply and service operations. The unified offer comb...

Netgem publishes half-year 2026 financial report and sets Q3 update date

Aug 7, 2026

Netgem, a European specialist in digital content distribution platforms and streaming solutions for telecom operators and media rights holders, operates the PLEIO streaming platform and the ECLAIR services suite, serving a broad base of operators, st...

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: Sep 10, 2026