IVU Traffic Technologies AG

IVU.DE

Software - Application · Technology

Also trades as: 0NCA.L

Price

€24.20

-0.10 (-0.41%)

Market Cap

€420.1M

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Exceptional

Stability

Good

Valuation

Strong

Dividends

Strong

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Share count falling — buybacks

−2.0% over 4y

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

Diluted shares outstanding: 17.7M (2021) → 17.4M (2025)

Winston Score History

The full picture

IVU Traffic Technologies AG is a German software company that builds planning and operations software for public transport. Its tools help bus and train operators figure out schedules, assign drivers, and track vehicles in real time. The company sells mainly to large public transit authorities and transport operators across Europe.

IVU makes money by selling software licenses and long-term service contracts, which create recurring revenue once a customer is signed up. It operates primarily in Germany and other European markets, with some projects in Latin America and the Middle East. Switching costs are high because transit operators deeply integrate IVU's software into their daily operations, making it hard to change providers. The main growth driver is the ongoing push by European governments to expand and modernize public transport networks, though the company's small size means it competes against larger enterprise software vendors and faces risk if public transit budgets are cut.

Growth Profile

For growth stock investors

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

Revenue Growth

+13.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+603.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€9M/ year

↑ Rising (+14% vs prior year)

5.8% of revenue

Below sector average (15%)

R&D investment increasing — building for the future

Insider Activity

7.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€47M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

IVU Traffic Technologies AG is a rare growth stock that's already generating positive cash flow while growing at 13%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

16.2%

Thin — 16.2% gross margin

Profit after running costs

Operating Margin

4.4%

Thin — 4.4% operating margin

Return on the money invested

ROCE

21.1%

Exceptional — 21.1% 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

+11.3%

Steady sales growth (+11.3% YoY)

Profit growth

EPS YoY

+17.6%

Earnings growing fast (+17.6% YoY)

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

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

238%

Turns 238% of profit into real cash

Spare cash per sale

FCF Margin

21.1%

Converts sales into free cash efficiently (21.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

24.10x

Comfortably covers interest (24.1x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

29.3x

Growth-priced — P/E 29.3

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+9.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (29.3 → 19.6)

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Dividends

Dividend

Dividend Yield

2.29%

Moderate income — 2.29% yield

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

Dividend record

Dividend Growth

+90.0%

Dividend growing fast (90.0% YoY)

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