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Allgeier SE

AEIN.DE
44
Information Technology Services · Technology
Also trades as: 0RUM.L
Price
€16.00
+0.30 (+1.91%)
Market Cap
€180.7M
Exchange
Frankfurt Stock Exchange
Winston Score
44
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Weak
Growth
Mixed
Cash Flow
Strong
Stability
Good
Valuation
Good
Dividends
Exceptional

Winston Score History

The full picture

Allgeier SE is a German technology services company that helps other businesses use software and IT systems. It provides IT staffing, software development, and digital consulting services to corporate clients across industries like finance, manufacturing, and the public sector. The company operates mainly in German-speaking Europe and is a mid-sized player in the fragmented European IT services market.

Allgeier makes money by billing clients for the hours or projects its IT professionals and consultants complete, which is a people-heavy, low-margin business model. It operates primarily in Germany, Austria, and Switzerland, with a market cap of roughly €200 million, making it a small-cap firm with limited pricing power compared to larger global rivals like Accenture or Capgemini. The main risk the company faces is margin pressure, since IT staffing businesses must constantly recruit skilled workers in a competitive labor market while keeping costs low enough to stay profitable.

Share count broadly stable

0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 11.5M (2021) → 11.5M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
13.4%
Thin — 13.4% gross margin
Profit after running costs
Operating Margin
2.1%
Thin — 2.1% operating margin
Return on the money invested
ROCE
7.9%
Weak — 7.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
-9.3%
Shrinking sales (-9.3% YoY)
Profit growth
EPS YoY
+271.8%
Earnings growing fast (+271.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
168%
Turns 168% of profit into real cash
Spare cash per sale
FCF Margin
6.0%
Thin free cash flow (6.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.82
Moderate — manageable debt (0.82)
Covers its interest
Interest Cover
2.68x
Tight — interest eats into profit (2.7x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
10.3x
Attractive valuation — P/E 10.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
-16.4
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
6.04%
Healthy income — 6.04% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+25.0%
Dividend growing fast (25.0% YoY)

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