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Aubay S.A.

AUB.PA
60
Information Technology Services · Technology
Also trades as: 0IPY.L GBP 0.50 (+0.30%)
Price
€49.90
+0.20 (+0.40%)
Market Cap
€635.6M
Exchange
Euronext Paris
Winston Score
60
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 12, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
12/30
Growth
Good
12/20
Cash Flow
Good
6/10
Stability
Exceptional
10/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Strong
4/5

60 of 100 counted points = Winston Score 60.

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Share count falling — buybacks

−2.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 13.3M (2021) → 12.9M (2025)

§Winston Score History

The full picture

Aubay is a French technology services company that helps businesses update and manage their computer systems. It provides IT consulting, software development, and digital transformation services to large companies — mainly banks, insurance firms, telecom providers, and government agencies. The company operates primarily in Europe, with France being its largest market alongside Belgium, Italy, Spain, Portugal, and Luxembourg.

Aubay makes money by billing clients for the hours its consultants and engineers work on projects, which is a standard professional services model. With a market cap of around €650 million, it is a mid-sized player in the European IT services market, competing against much larger firms like Capgemini and Sopra Steria. Its main competitive advantage is its deep relationships with repeat clients in regulated industries like banking and insurance, but its relatively thin margins — around 8-9% operating margin — mean that rising labor costs or difficulty attracting skilled IT talent could quickly pressure profitability.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+30.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+24.8% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

€0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

44.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€73M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Aubay S.A. grew revenue 31% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
8.6%
Thin — 8.6% gross margin
Profit after running costs
Operating Margin
7.1%
Modest — 7.1% operating margin
Return on the money invested
ROCE
16.8%
Strong — 16.8% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+27.4%
Fast-growing sales (+27.4% YoY)
Profit growth
EPS YoY
+19.4%
Earnings growing fast (+19.4% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
102%
Turns 102% of profit into real cash
Spare cash per sale
FCF Margin
5.8%
Thin free cash flow (5.8%)

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
0.19
Conservative — low debt load (0.19)
Covers its interest
Interest Cover
25.63x
Comfortably covers interest (25.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
15.3x
Fair value — P/E 15.3

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
+1.4
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
3.04%
Moderate income — 3.04% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+12.5%
Dividend growing fast (12.5% YoY)
Payout Ratio
43%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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