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Ipsos SA (IPS) Fair Value & Analysis

Industrials · FR · Market cap €1.5B · ISIN FR0000073298

What is Ipsos SA really worth?

IS Ipsos SA IPS · PA
Price€36.82
Fair Value€83.21
Upside+126.0%
Quality64/100

A solid business, trading 56% below our fair value of €83.21.

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Strengths

Healthy Growth (revenue 5y +6.6 %/yr)
Low debt · generates free cash flow
Ranks above peers (13/15)

Risks

!Thin margins · 7.4% net margin
!Moderate moat 52/100
!Weak on future: 26 out of 100

For context

·5.43% dividend yield
Evidence: High Range €51.55 – €115.27

Fair value as of: Aug 22, 2026

From 25 valuation models · updated 14 days ago

Share price −5.5% 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 (€51.55). The market is more pessimistic than our downside scenario.
  • Solid quality (64/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (€51.55 to €115.27) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

€59.77 €28.00 Fair Value €83.21 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 22, 2026.

How to read this chart

60‑month range €28.00 – €59.77 · fair‑value band €51.55 – €115.27 · the €36.82 price screens below the €83.21 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 22, 2026.

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Analysis

Ipsos SA (IPS) currently trades at €36.82, while our model-based Fair Value estimate is €83.21, implying the stock looks roughly 55.8% undervalued today. The Quality Score stands at 64/100 (solid quality), in the Industrials sector. Bull case: the Multiples group reads highest at a median of €89.31 per share, and 20 of the 25 models we run sit above the €36.82 price. Bear case: the Dividend Discount group reads lowest at €21.51, and 5 of the 25 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Ipsos SA generated revenue of €2.5B at a net margin of 7.4%. Revenue grew 5.2% year over year. It earns a return on equity of 12.0%. Net debt stands at €464M. Fundamentals as of Aug 22, 2026

Our scenario range runs from €51.55 (bear case) to €115.27 (bull case); at €36.82, 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 about 17% below its 52-week high and 27% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at −21% fair-value upside, at 126%, IPS 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 €1.54 per share, which is 1.8 % 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.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF best evidence €42.27 €60.21 €83.04 81
Growth DCF €42.88 €58.91 €78.26 79
Owner Earnings €39.62 €56.55 €78.10 77
All 25 models by family
DCF Models
FCF DCF best evidence €42.27 €60.21 €83.04 81
Owner Earnings €39.62 €56.55 €78.10 77
5Y Revenue Exit €51.06 €82.42 €121.57 72
5Y EBITDA Exit €63.24 €104.47 €151.30 74
5Y P/E Exit €50.89 €82.12 €113.73 70
10Y Revenue Exit €45.22 €70.98 €103.82 66
10Y EBITDA Exit €53.84 €84.72 €123.92 68
10Y P/E Exit €46.74 €70.79 €98.51 64
Earnings-Based
Graham-Dodd €30.25 €79.60 €103.93 65
PEG = 1.0 €15.26 €21.80 €28.34 57
EPV €40.57 €46.73 €51.85 74
Dividend Discount
Gordon GGM €14.79 €26.28 €36.69 68
DDM Multi-Stage €14.79 €21.51 €27.74 67
Multiples
P/E Multiple €70.06 €93.41 €116.77 63
P/S Multiple €56.72 €75.62 €94.53 58
P/B Multiple €56.72 €75.62 €94.53 55
EV/EBIT €87.50 €118.18 €148.86 66
EV/EBITDA €89.39 €120.70 €152.01 67
EV/Revenue €61.15 €89.31 €117.46 53
Asset-Based
NCAV (Graham) €18.69 €25.04 €37.38 54
Growth DCF
Growth DCF €42.88 €58.91 €78.26 79
Rev-Margin DCF €51.06 €82.69 €117.44 72
Economic Profit
Residual Income €32.55 €36.46 €54.07 75
ROIC Compounder €41.08 €49.59 €58.88 72
Growth Earnings
Growth-Adj P/E €54.84 €78.34 €101.84 67

Widest divergence: Multiples (€89.31) versus Dividend Discount (€21.51). Highest evidence: FCF DCF (81).

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Key figures & financial health

P/E ratio 8.6
P/S ratio 0.64 P/E × margin
EPS (TTM) €4.27 price ÷ EPS = P/E 8.6
Dividend yield 5.4% payout 46.8%
Net margin 7.4% FY2025
Return on equity 12.0% TTM
More key figures
Profitability
Return on assets (EBIT) 10.0% avg 5y
Operating margin 14.8% TTM
Growth
Revenue (TTM) €2.5B TTM
Revenue growth (YoY) +5.2% 3y avg +1.6%
EPS growth (YoY) +6.2%
Balance sheet & cash flow
Free cash flow €217M FY2025
Net debt €464M FY2025 · ≈ 2.1 yrs of FCF

Figures from reported company fundamentals · as of Aug 22, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 64/100

Of which business quality 61 · Market factors (momentum, volatility) 58

Profitability 45
Margins and returns on capital today
Quality Growth 31
Are margins and returns improving?
Cashflow 57
Earnings quality: real cash, not paper profit
Fin. Strength 68
Balance sheet, leverage, solvency risk
Investment 90
Disciplined investing over empire-building
Low Volatility 68
Calm price path (market factor)
Momentum 52
Price trend over the last 3–12 months (market factor)
52W Momentum 57
Distance to the 52-week high (market factor)
Net Issuance 90
Buybacks instead of dilution

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

Ipsos SA, through its subsidiaries, provides survey-based research services for companies and institutions in Europe, the Middle East, Africa, the Americas, and the Asia-Pacific.

Full company description

Ipsos SA, through its subsidiaries, provides survey-based research services for companies and institutions in Europe, the Middle East, Africa, the Americas, and the Asia-Pacific. The company offers services in the information production and analysis chain, including data collection, data processing and integration, data analysis, information delivery and presentation, and information activation. It also provides audience measurement, automotive and mobility development, brand health tracking, channel performance, corporate reputation, creative excellence, customer experience, healthcare, innovation, Ipsos MMA, Ipsos UU, market strategy and understanding, observer, public affairs, social intelligence analytics, and other specialist services, as well as research methodologies, such as device agnosticism, programmatic sampling, and digital face-to-face interview. In addition, the company offers online and mobile integrated services and device agnostic solutions that include online surveys adapted to laptops, smartphones, and tablets; and qualitative research services, as well as operates Ipsos.Digital, a do-it-yourself platform. Further, it provides artificial intelligence and data science solutions that develops and provides analytical tools based on data science, machine learning, big analytics, and modelling; and behavioral science and neuroscience solutions, as well as operates Ipsos Knowledge Centre for teams and clients. Ipsos SA was incorporated in 1975 and is headquartered in Paris, France.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Ipsos SA reported revenue of €2.5B in FY2025 versus €2.1B in FY2021, a compound +4.1%/yr. Reported net income was €187M in FY2025, compounding +0.4%/yr from FY2021.

Growth Quality 73/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
€2.5B
Latest YoY
+3.4%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+1.6%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+6.6%
Avg. revenue growth/yr (23Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+6.9%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+17.3% (11.9 + 5.4)
Revenue +4.1%/yr
FY21 €2.1B
FY22 €2.4B
FY23 €2.4B
FY24 €2.4B
FY25 €2.5B
Net income +0.4%/yr
FY21 €184M
FY22 €215M
FY23 €160M
FY24 €205M
FY25 €187M
Character of growth · EPS growth decomposed (2014-2025) +7.8 % p.a.
Revenue per share +4.3 %

of which total revenue +3.8 % · buybacks/dilution +0.4 %

EBIT margin +2.6 %
Tax rate +0.0 %
Residual (interest, one-offs) +0.8 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Ipsos SA Fair Value". https://www.fairvalue-calculator.com/stock/IPS

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Consulting Services · 80 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.

Quality Score 64 · Above median
Fair Value upside +126% · Top 25%
Return on equity (TTM) 12% · Above median
Return on assets 6% · Above median
Net margin (TTM) 7% · Above median
Operating margin (TTM) 15% · Above median
Revenue growth 5% · Above median
Dividend yield (TTM) 5.4% · Top 25%
Debt / equity 0.32× · Higher than median

Valuation Multiples vs Consulting Services median · lower = cheaper

P/E (TTM) 8.6× · Cheaper than 75% of peers
P/B 1.08× · Cheaper than median
P/S (TTM) 0.67× · Cheaper than median
P/FCF 7.8× · Cheaper than median
EV/EBITDA 5.6× · Cheaper than 75% of peers
PEG 1.44× · Pricier than median

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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 25
FUTURE26 · sector 17
PAST48 · sector 35
HEALTH84 · sector 89
DIVIDEND100 · sector 61

Insider activity: 48/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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Frequently asked questions

Is Ipsos SA (IPS) overvalued or undervalued?
As of Aug 22, 2026, our model estimates a fair value of €83.21 versus a price of €36.82, about +126% upside (undervalued).
What is the fair value of IPS?
Our model-based fair value for Ipsos SA is €83.21 (as of Aug 22, 2026), built from audited fundamentals. The current price: €36.82.
What is the quality score of IPS?
Ipsos SA has a Quality Score of 64/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Ipsos SA (IPS)?
Ipsos SA reported trailing-twelve-month revenue of about €2.5B (latest available figure, as of Aug 22, 2026).
What is the net profit margin of IPS?
The net profit margin of Ipsos SA is about 7.4%, meaning it keeps roughly 7.4% of revenue as net income. Based on the latest reported figures.
Does Ipsos SA pay a dividend?
Ipsos SA currently shows a dividend yield of about 5.43% relative to its recent price (as of Aug 22, 2026).
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