HAVAS SA (HAVAS) Fair Value & Analysis
Communication Services · NL · Market cap €1.9B · ISIN NL0015002K83
What is HAVAS SA really worth?
A solid business, trading 57% below our fair value of €43.23.
Strengths
Risks
For context
Fair value as of: Aug 27, 2026
From 24 valuation models · updated 9 days ago
Share price −2.6% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price is below even our cautious bear case (€31.31). The market is more pessimistic than our downside scenario.
- Solid quality (67/100) at a price below fair value, the discount is the argument here, not the business quality.
Price vs Fair Value (21 months)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.
How to read this chart
21‑month range €10.51 – €19.30 · fair‑value band €31.31 – €56.11 · the €18.60 price screens below the €43.23 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 27, 2026.
Analysis
HAVAS SA (HAVAS) currently trades at €18.60, while our model-based Fair Value estimate is €43.23, implying the stock looks roughly 57.0% undervalued today. The Quality Score stands at 67/100 (solid quality), in the Communication Services sector. Bull case: the Multiples group reads highest at a median of €42.54 per share, and 20 of the 24 models we run sit above the €18.60 price. Bear case: the Dividend Discount group reads lowest at €8.34, and 4 of the 24 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, HAVAS SA generated revenue of €2.9B at a net margin of 6.5%. Revenue grew 0.5% year over year. It earns a return on equity of 11.2%. Net debt stands at €122M. Fundamentals as of Aug 27, 2026
Our scenario range runs from €31.31 (bear case) to €56.11 (bull case); at €18.60, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 52% above its 52-week low, currently above its 200-day average. For context, the median of 10 Communication Services peers we cover trades at −13% fair-value upside, at 132%, HAVAS screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly €0.7444 per share, which is 1.7 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 24 models by family
Widest divergence: Multiples (€42.54) versus Dividend Discount (€8.34). Highest evidence: FCF DCF (79).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 64 · Market factors (momentum, volatility) 69
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Havas N.V. provides communications and marketing services in France, the United Kingdom, rest of Europe, North America, Latin America, the Asia-Pacific, and Africa. The company offers a range of creative services, such as advertising, brand strategy, business transformation, and digital and social media solutions, as well as public relations and events.
Full company description
Havas N.V. provides communications and marketing services in France, the United Kingdom, rest of Europe, North America, Latin America, the Asia-Pacific, and Africa. The company offers a range of creative services, such as advertising, brand strategy, business transformation, and digital and social media solutions, as well as public relations and events. It also provides media experiences through media planning and buying, fan engagement, and retail media and e-commerce, as well as data analytics services to optimize client advertising investments. In addition, the company focuses on healthcare and wellness communications, which include providing specialized marketing services to pharmaceutical companies, healthcare providers, and wellness brands. Further, it offers advertising creation and solutions; brand and design expertise; content production; marketing services; customer experience; public relations and affairs; corporate communications, partnership, sponsorship and event solutions; and business consultancy and transformation services. It serves healthcare and wellness, finance, consumer goods, food and beverages, technology, media and telecom, industry and services, automotive, retail, travel, entertainment, and other industries. The company was founded in 1835 and is headquartered in Puteaux, France.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
HAVAS SA reported revenue of €2.9B in FY2025 versus €2.3B in FY2021, a compound +5.6%/yr. Reported net income was €189M in FY2025, compounding +13.7%/yr from FY2021.
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Peer Group
Advertising Agencies · 195 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Advertising Agencies median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Advertising Agencies stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| AppLovin Corporation APP | $317.76 | $252.45 | −21% |
| Publicis Groupe S.A PUB | €101.65 | €146.36 | +44% |
| Omnicom Group OMC | $86.09 | $99.84 | +16% |
| Focus Media Information Technology Co 002027 | ¥4.97 | ¥5.71 | +15% |
| The Trade Desk, Inc TTD | $13.57 | $29.07 | +114% |
| BlueFocus Intelligent Communications Group 300058 | ¥13.37 | ¥1.44 | −89% |
| JCDecaux SE DEC | €24.00 | €20.99 | −13% |
| WPP plc WPP | $26.87 | $19.05 | −29% |
| Easy Click Worldwide Network Technology Co 301171 | ¥37.40 | ¥5.62 | −85% |
| Magnite, Inc MGNI | $24.53 | $12.18 | −50% |
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