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Nacon SASU
(NACON)
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Rating:39Underperform
Price Target:
€0.05
▼(-10.00% Downside)
Action:Downgraded
Date:09/25/26
The score is primarily held down by weak financial performance, driven by the 2026 large net loss and negative equity (heightened balance-sheet and refinancing risk) despite positive cash generation. Technical signals are also bearish with price below key moving averages and a negative MACD. Valuation provides limited support because the company is loss-making (negative P/E) and offers no dividend yield.
Positive Factors
Diversified Business Model
Operating across publishing and gaming hardware gives Nacon two revenue engines serving console and PC markets. This diversification can reduce reliance on any single product category and provides opportunities to monetize both game content and accessories over the medium term.
Negative Factors
Negative Equity and Leverage
Negative equity combined with meaningful debt signals substantial balance-sheet strain and reduces financial flexibility. The weakened capital structure can make refinancing more difficult, constrain investment choices, and leave the company less resilient if losses or cash demands persist over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified Business Model
Operating across publishing and gaming hardware gives Nacon two revenue engines serving console and PC markets. This diversification can reduce reliance on any single product category and provides opportunities to monetize both game content and accessories over the medium term.
Read all positive factors
Nacon SASU (NACON) vs. iShares MSCI France ETF (EWQ)
Market Cap
€7.21M
Dividend YieldN/A
Average Volume (3M)190.54K
Price to Earnings (P/E)―
Beta (1Y)1.14
Revenue Growth-4.25%
EPS Growth-35574.47%
CountryFR
Employees1,000
SectorCommunication Services
Sector Strength97
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)-3.33
Shares Outstanding111,156,080
10 Day Avg. Volume228,141
30 Day Avg. Volume190,541
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)-0.15
Price to Sales (P/S)0.08
P/FCF Ratio0.16
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)>-0.01
Revenue Forecast (FY)€172.50M
Nacon SASU Business Overview & Revenue Model
Company Description
Nacon S.A., together with its subsidiaries, designs, develops, and markets video game accessories in France and internationally. The company offers console controllers under the NACON brand; video game accessories for racing under the Revosim bran...
How the Company Makes Money
Nacon makes money primarily through two business lines: (1) video game publishing and related services, and (2) gaming accessories/peripherals. In publishing, revenue is generated from sales of video games in both digital and physical formats. Dig...
Nacon SASU Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
24
Negative
Cash Flow
62
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 160.80M | 167.94M | 167.71M | 155.98M | 155.91M |
| Gross Profit | 43.10M | 21.59M | 28.14M | 35.88M | 37.61M |
| EBITDA | 103.70M | -1.28M | 70.54M | 48.56M | 39.84M |
| Net Income | -366.10M | -1.34M | 17.53M | 12.77M | 9.96M |
Balance Sheet | |||||
| Total Assets | 163.80M | 512.93M | 478.96M | 483.31M | 412.25M |
| Cash, Cash Equivalents and Short-Term Investments | 20.70M | 29.27M | 26.24M | 47.60M | 82.15M |
| Total Debt | 134.90M | 143.48M | 142.80M | 168.85M | 145.00M |
| Total Liabilities | 245.10M | 228.57M | 215.41M | 240.76M | 183.84M |
| Stockholders Equity | -81.30M | 284.36M | 263.55M | 242.55M | 228.41M |
Cash Flow | |||||
| Free Cash Flow | 81.20M | 59.34M | 71.88M | 45.04M | 31.04M |
| Operating Cash Flow | 81.40M | 60.46M | 73.09M | 47.35M | 32.38M |
| Investing Cash Flow | -72.30M | -79.99M | -87.30M | -115.94M | -81.35M |
| Financing Cash Flow | -23.10M | 19.14M | -8.55M | 33.89M | 35.28M |
Nacon SASU Technical Analysis
Negative
0.06
Price Trends
0.08
Negative
0.13
Negative
0.21
Negative
Market Momentum
>-0.01
Negative
40.65
Neutral
75.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:NACON, the sentiment is Negative. The current price of 0.06 is below the 20-day moving average (MA) of 0.07, below the 50-day MA of 0.08, and below the 200-day MA of 0.21, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 40.65 is Neutral, neither overbought nor oversold. The STOCH value of 75.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:NACON.
Nacon SASU Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
51 Neutral | €76.96M | -8.83 | -101.20% | ― | 66.67% | 74.66% | |
48 Neutral | €64.38M | -4.83 | -8.99% | 12.77% | -27.85% | -163.53% | |
46 Neutral | €691.92M | -0.45 | -97.34% | ― | -26.51% | -763.39% | |
45 Neutral | €4.71M | -0.13 | -138.40% | ― | 313.15% | 44.51% | |
39 Underperform | €7.21M | -0.02 | -360.12% | ― | -4.25% | -35574.47% | |
39 Underperform | €1.65M | 7.13 | 0.11% | 2.07% | ― | ― |
* Communication Services Sector Average
FR:NACON
Nacon SASU
0.06
-0.68
-91.37%
FR:ALATA
Atari SA
18.10
-11.50
-38.85%
FR:BIG
Bigben Interactive
0.09
-1.13
-92.70%
FR:UBI
UBISOFT Entertainment
4.98
-4.75
-48.83%
FR:ALPUL
Focus Home Interactive SA
7.83
-14.22
-64.49%
FR:ALDNE
Don't Nod Entertainment SA
0.36
-0.48
-57.14%
Nacon SASU Corporate Events
Nacon outlines court‑supervised restructuring that will heavily dilute shareholders
Sep 22, 2026
Nacon, the French video game publisher and gaming accessories maker controlled by Bigben Interactive, is undergoing court‑supervised restructuring in Lille as it works to stabilise its balance sheet. The process follows an extended observati...
Nacon Reports August 2026 Share Capital and Voting Rights Structure
Sep 15, 2026
Nacon SASU reported that as of 31 August 2026, its share capital consisted of 109,172,490 shares, corresponding to 174,986,674 gross voting rights and 174,715,161 net voting rights. The discrepancy between share count and voting rights is driven b...
Nacon Flags Heavy Shareholder Dilution Risk in Bigben-Led Debt Restructuring
Aug 5, 2026
Nacon has acknowledged the financial restructuring plans of its majority shareholder Bigben Interactive, which has secured an agreement in principle from its main creditors and sought accelerated safeguard proceedings in Lille. A portion of new mo...
Nacon Flags Heavy Shareholder Dilution Risk as Bigben-Led Debt Rescue Advances
Aug 4, 2026
Nacon, a mid-cap French video game publisher and gaming accessories maker within the Bigben group, is navigating a court-supervised judicial restructuring process opened in March 2026. The company, which runs 16 studios and sells AA titles and pre...
Nacon Reports July 2026 Voting Rights and Share Capital
Aug 4, 2026
Nacon SASU has reported its monthly shareholder structure, confirming a share capital composed of 109,172,490 shares as of July 31, 2026. The company disclosed 172,986,062 gross voting rights and 172,764,042 net voting rights, providing transparen...
Nacon Delays Annual Results Amid Court-Supervised Debt Restructuring
Jul 28, 2026
Nacon has postponed the publication of its annual financial statements for the year ended 31 March 2026 and its 2025/2026 annual financial report, citing delays in audit and certification work linked to additional procedures arising from ongoing j...
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.