Reply S.p.A.

0RV0.L

Information Technology Services · Technology

Exchange

London Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Strong

Cash Flow

Strong

Stability

Exceptional

Valuation

Strong

Dividends

Good

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Winston Score History

The full picture

Reply S.p.A. is an Italian technology consulting and services company. It helps large businesses use technology better — things like cloud computing, artificial intelligence, cybersecurity, and software development. Its main customers are big companies in industries like banking, manufacturing, telecoms, and retail across Europe.

Reply makes money by charging clients fees for consulting projects and managed services, rather than selling software products. It operates mainly in Europe, with Italy and Germany as its largest markets, and has a network of smaller specialist companies working together under the Reply brand. The business relies on attracting and keeping skilled technology consultants, which is both its core strength and its main risk — if it cannot hire enough talented people or if wage costs rise, profit margins can shrink. Growth depends on continued demand from European corporations upgrading their technology systems, particularly around AI and cloud adoption.

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

+113.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+41.9% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

38.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£598M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Reply S.p.A. grew revenue 114% 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

37.7%

Modest — 37.7% gross margin

Profit after running costs

Operating Margin

13.8%

Healthy — 13.8% operating margin

Return on the money invested

ROCE

7.5%

Weak — 7.5% 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

+41.0%

Fast-growing sales (+41.0% YoY)

Profit growth

EPS YoY

+63.7%

Earnings growing fast (+63.7% YoY)

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

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

123%

Turns 123% of profit into real cash

Spare cash per sale

FCF Margin

10.3%

Modest free cash flow (10.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.05

Conservative — low debt load (0.05)

Covers its interest

Interest Cover

12.91x

Comfortably covers interest (12.9x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

17.6x

no trend

Fair value — P/E 17.6

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

+3.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (17.6 → 14.4)

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Dividends

Dividend

Dividend Yield

1.16%

no trend

Small dividend — 1.16% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+93.1%

no trend

Dividend growing fast (93.1% YoY)

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