Neurones S.A.

NRO.PA · Technology · Information Technology Services · Valued as of 2026-11-03 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

1.39B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

810.35M USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

848.92M USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

1.01B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

976.04M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

1.04×

the ratio the screener ranks by

Margin of Safety

+3.8%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 1.39B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)1.01B USD
+②Net Cash Today297.93M USD
+③Growth Value73.41M USD
=Value1.39B USD

EPV of the Operations (NOPAT over WACC)

1.01B USD

Net cash today

+297.93M USD

Growth Value

+73.41M USD

Value

1.39B USD

①EPV (earnings power value)

1.01B USD

②Net Cash Today

297.93M USD

③Growth Value

73.41M USD

Market value

Market Cap976.04M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+29.6%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 810.35M USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE485.63M USD
+②Equity at Year 15, Today324.72M USD
=Value810.35M USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

485.63M USD

②Equity at Year 15, Today

324.72M USD

Market value

Market Cap976.04M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-20.4%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 848.92M USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).
①Present Value of the 15 Years of FCFF459.28M USD
+②Invested Capital at Year 15, Today91.71M USD
+③Net Cash Today297.93M USD
=Value848.92M USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROIC on new investment falling to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

459.28M USD

②Invested Capital at Year 15, Today

91.71M USD

③Net Cash Today

297.93M USD

Market value

Market Cap976.04M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-15.0%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 7.05%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.46×Market Risk Premium 6.00%= 7.24%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 27.30M USDPretax Income 100.04M USD= 27.29%

The tax the interest saves.

Interest Expense =EBIT 102.11M USD−Pretax Income 100.04M USD= 2.07M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 2.07M USDTotal Debt 47.22M USD×(1 − Tax Rate for WACC 27.29%)= 3.19%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 47.22M USDMarket Cap + Total Debt 976.04M USD + 47.22M USD= 4.61%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 95.39%×Cost of Equity 7.24%+Debt Weight 4.61%×Cost of Debt 3.19%= 7.05%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 834.66M USD − Total Liabilities 339.21M USD = Book Value Today 495.45M USD

Total Debt 47.22M USD − Cash and Short-Term Investments 345.15M USD = Net Debt Today -297.93M USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 1-1.8%at most 5%passes23,842,455 / 24,274,340
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets2.7%at least -10.0%passes(83.82M USD − 61.23M USD) ÷ 834.66M USD
Price to bookMarket Cap ÷ Book Value Today1.97×at most 3×passes976.04M USD ÷ 495.45M USD
Operating marginOperating Income ÷ Revenue8.8%above 10.0%does not pass89.11M USD ÷ 1.01B USD
Revenue growthRevenue ÷ Revenue a Year Before − 119.4%above 10.0%passes1.01B USD / 844.11M USD
Net cash(Cash − Total Debt) ÷ Market Cap30.5%above -30%passes(345.15M USD − 47.22M USD) ÷ 976.04M USD
Operating efficiencyOperating Income ÷ Gross Profit14.0%above 25.0%does not pass89.11M USD ÷ 637.17M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

36.54 EUR

Enterprise value

667.93M EUR

the provider's own figure

EV / EBITDA

7.14×

Price / book

2.31×

the provider's book

Price / earnings

16.01×

Return on equity

15.3%

the provider's figure, not this page's

Profit margin

6.2%

Revenue growth

7.2%

Analyst target, mean

45.04 EUR

Analysts

1

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2022202320242025
Income statement

Revenue

710.05M821.17M844.11M1.01B

Gross profit

436.69M506.00M527.26M637.17M

Operating income

76.77M83.12M81.26M89.11M

EBITDA

operating income before depreciation and amortisation

97.26M109.64M112.07M125.10M

Pretax income

77.75M89.48M91.78M100.04M

Net income

47.21M54.74M54.75M61.23M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

46.68M53.47M54.56M60.90M

R&D

————
Balance sheet, year end

Total assets

657.59M749.07M755.92M880.79M

Total liabilities

256.79M295.09M301.58M334.15M

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

352.78M394.15M393.85M470.34M

Total debt

37.96M48.73M43.77M43.46M

Cash and equivalents

290.32M329.89M340.09M400.73M

Net PP&E

fixed assets after depreciation

52.05M65.06M63.05M69.82M

Working capital

current assets less current liabilities

319.58M351.09M349.43M421.53M
Cash flow

Operating cash flow

58.66M79.85M87.90M83.82M

Capital expenditure

paid out, so below zero

-11.32M-19.92M-12.54M-12.27M

Depreciation and amortisation

17.69M18.57M18.39M22.99M

Free cash flow

operating cash flow plus capital expenditure

47.34M59.93M75.36M71.55M