Added to YB: 2026-04-22
Pitch date: 2026-04-19
ALPAS.PA [bullish]
Passat Société Anonyme
+9.38%
current return
Author Info
Deep Value Insights is a 24-year-old finance & accounting master’s student searching for undervalued stocks. Sign up for the newsletter.
Company Info
Passat Société Anonyme engages in the image-assisted sale of consumer products in France. The company sells household, kitchen, DIY, garden, beauty, and leisure and fitness products.
Market Cap
EUR 17.3M
Pitch Price
EUR 4.48
Price Target
N/A
Dividend
N/A
EV/EBITDA
0.92
P/E
10.69
EV/Sales
0.05
Sector
Broadline Retail
Category
value
A Net-Net With Insider Buying - Passat SA
ALPAS.PA: French micro-cap image-assisted selling (video displays in retail chains like Carrefour). 0.53x NCAV, 1.42x EV/EBIT, 0.42x P/B, 10x P/E, zero bank debt, €22.2M cash vs €17.3M mkt cap. Best of TV acq (65% stake) now 40% rev & main profit driver but lower margins (4.4% op margin 2024 vs historic 7-9%). Broszio family (69% ownership, 76% votes) buying shares at ~€5. Risks: no catalyst, France core swung to op loss 2024, €5.1M BOTV put liability, customer concentration (top 5 = 52% rev), cash pile undistributed for decade. Classic net-net with insider buying but family control limits activist potential.
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