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Havas NV
(HAVAS)
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Rating:70Outperform
Price Target:
€19.00
▲(1.60% Upside)
Action:Upgraded
Date:08/06/26
The score is supported primarily by solid financial performance (steady operating profitability, improved leverage, and strong cash flow conversion) and constructive technical trend/momentum (price above key moving averages with positive MACD). The main offset is valuation risk from the very high P/E, only partly mitigated by the 4.31% dividend yield.
Positive Factors
Revenue Reacceleration
The sharp return to revenue growth demonstrates renewed commercial momentum after a flat prior year. If sustained, stronger top-line expansion can improve operating leverage, support investment in client capabilities, and reinforce Havas’s competitive position over the next several quarters.
Negative Factors
Uneven Revenue Growth
The contrast between flat revenue in 2024 and strong growth in 2025 shows that Havas’s expansion has not been consistently steady. Uneven growth can make planning and resource allocation more difficult and raises uncertainty about how reliably recent momentum will persist.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Reacceleration
The sharp return to revenue growth demonstrates renewed commercial momentum after a flat prior year. If sustained, stronger top-line expansion can improve operating leverage, support investment in client capabilities, and reinforce Havas’s competitive position over the next several quarters.
Read all positive factors
Havas NV (HAVAS) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€1.74B
Dividend Yield4.57%
Average Volume (3M)78.08K
Price to Earnings (P/E)8.7
Beta (1Y)1.15
Revenue Growth0.55%
EPS Growth14.52%
CountryNL
Employees22,960
SectorGeneral
Sector StrengthN/A
IndustryAdvertising Agencies
Share Statistics
EPS (TTM)2.02
Shares Outstanding99,181,150
10 Day Avg. Volume83,531
30 Day Avg. Volume78,080
Financial Highlights & Ratios
PEG Ratio0.68
Price to Book (P/B)0.93
Price to Sales (P/S)0.58
P/FCF Ratio5.13
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€20.00Price Target Upside6.95% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)2.18
Revenue Forecast (FY)€2.88B
Havas NV Business Overview & Revenue Model
Company Description
Havas SA, operating through its global network of subsidiaries, delivers extensive communication services across France and worldwide. The company's diverse portfolio includes a broad range of creative solutions, such as crafting advertising campa...
Havas NV Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
81
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.92B | 2.91B | 2.86B | 2.87B | 2.77B | 2.34B |
| Gross Profit | 2.75B | 2.78B | 2.74B | 2.69B | 2.59B | 2.24B |
| EBITDA | 653.00M | 416.00M | 404.00M | 435.00M | 425.00M | 335.00M |
| Net Income | 199.00M | 189.00M | 173.00M | 167.00M | 171.00M | 113.00M |
Balance Sheet | ||||||
| Total Assets | 6.84B | 6.56B | 6.68B | 6.90B | 6.80B | 6.81B |
| Cash, Cash Equivalents and Short-Term Investments | 314.00M | 300.00M | 241.00M | 327.00M | 353.00M | 778.00M |
| Total Debt | 663.00M | 371.00M | 323.00M | 374.00M | 434.00M | 855.00M |
| Total Liabilities | 4.98B | 4.72B | 4.77B | 4.94B | 4.91B | 5.07B |
| Stockholders Equity | 1.83B | 1.81B | 1.88B | 1.93B | 1.86B | 1.70B |
Cash Flow | ||||||
| Free Cash Flow | 330.00M | 327.00M | 208.00M | 306.00M | 333.00M | 306.00M |
| Operating Cash Flow | 380.00M | 363.00M | 242.00M | 341.00M | 370.00M | 332.00M |
| Investing Cash Flow | -145.00M | -53.00M | 82.00M | -94.00M | -184.00M | -16.00M |
| Financing Cash Flow | -283.00M | -168.00M | -447.00M | -242.00M | -638.00M | 76.00M |
Havas NV Technical Analysis
Positive
18.70
Price Trends
17.86
Negative
18.04
Negative
16.81
Positive
Market Momentum
-0.20
Negative
49.71
Neutral
66.38
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:HAVAS, the sentiment is Positive. The current price of 18.7 is above the 20-day moving average (MA) of 17.47, above the 50-day MA of 17.86, and above the 200-day MA of 16.81, indicating a neutral trend. The MACD of -0.20 indicates Negative momentum. The RSI at 49.71 is Neutral, neither overbought nor oversold. The STOCH value of 66.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NL:HAVAS.
Havas NV Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | €1.74B | 8.66 | ― | 4.57% | 0.55% | 14.52% | |
59 Neutral | €3.37B | 16.12 | ― | 16.34% | 6.76% | -1.76% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
46 Neutral | €105.15M | -8.27 | ― | ― | 0.08% | -2.81% | |
41 Neutral | €72.17M | -2.21 | ― | ― | -3.97% | -20.20% |
* General Sector Average
NL:HAVAS
Havas NV
17.50
3.08
21.36%
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-53.13%
NL:BNJ
Banijay Group N.V. Class A
7.86
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-10.96%
NL:MTRK
MotorK PLC
2.15
-2.60
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NL:HWK
IEX Group NV
2.24
-0.06
-2.61%
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.