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SEMCO Technologies Société anonyme logo

SEMCO Technologies Société anonyme

ALSEM.PA
60
Semiconductors · Technology
Price
€41.80
+0.75 (+1.83%)
Market Cap
€428.9M
Exchange
Euronext Paris
Winston Score
60
Winston is curious
A decent business — some strong pillars, some weaker.
Based on the IPO prospectus (annual filing). This score will refine automatically once the company reports its first quarters.
Data as of Aug 23, 2026
How the score breaks down
Quality
Exceptional
Growth
Weak
Cash Flow
Good
Stability
Exceptional
Valuation
Weak
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Share count rising — dilution

+940.3% over 1y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 1.0M (2024) → 10.4M (2025)

Winston Score History

The full picture

SEMCO Technologies S.A. is a French semiconductor company that designs and makes specialized electronic components used in industrial, defense, and aerospace applications. Its core products include thick-film hybrid circuits and custom microelectronic assemblies, sold mainly to defense contractors, aerospace manufacturers, and industrial equipment makers. The company operates in a niche corner of the semiconductor industry where reliability and precision matter more than volume.

SEMCO earns revenue by selling custom-engineered components, often under long-term supply agreements with demanding customers who require certified, high-reliability parts. It operates primarily in Europe, with France as its home base, and its roughly €500 million market cap reflects a focused, profitable business rather than a large-scale manufacturer. The company's moat comes from deep technical expertise and the high cost of switching suppliers in regulated industries like defense and aerospace, but its main risk is customer concentration — losing a major defense or aerospace contract could meaningfully hurt revenue.

Growth Profile

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

R&D Spend

€0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

0.0%ownership

→ Flat

Insider ownership roughly steady over the past year

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
62.5%
no trend
Premium pricing power — 62.5% gross margin
Profit after running costs
Operating Margin
40.8%
no trend
Excellent — 40.8% operating margin
Return on the money invested
ROCE
52.6%
no trend
Exceptional — 52.6% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+6.7%
no trend
Slow sales growth (+6.7% YoY)
Profit growth
EPS YoY
-85.3%
no trend
Earnings shrinking (-85.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
N/A
no trend
Data not available

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Cash Flow

Profit that turns into cash
Cash Conversion
64%
no trend
Modest — 64% of profit becomes cash
Spare cash per sale
FCF Margin
14.4%
no trend
Converts sales into free cash efficiently (14.4%)

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
0.13
no trend
Conservative — low debt load (0.13)
Covers its interest
Interest Cover
20.77x
no trend
Comfortably covers interest (20.8x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
42.7x
no trend
Pricey — P/E 42.7

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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