Passat is a small Paris-listed specialty retailer with a market cap of about €18M, earning a 32.5% gross margin and a 6.2% operating margin on sales that shrank 4.8%. The thesis rests on whether that margin can hold while revenue stabilises, since a 5.4x P/E and an 8.3% ROE imply the market is pricing in continued decline. The forward P/E is not available, so any earnings recovery has to be built from the historical numbers rather than consensus. Revenue contraction is the central question, and the company's own store and sales trends are the first thing to pull before going further. Liquidity and index exclusion will also limit how much position size is practical.
Plain-English pros, cons, and what to watch. Pro feature.
See what each model says, the assumptions behind it, the bad, normal and good cases, and why the fair value changed.
The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.
The full analyst picture: the price-target distribution against the current price, forward consensus estimates, and how ACCE's own models compare.
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Follow the informed money: 13F position changes, insider and Congress trades, and 13D activist filings.
| Date | Type | New | Previous | Price |
|---|---|---|---|---|
| 23 Oct 2026, 01:53 CEST | ACCE price target | €6.00 | first publication | €4.66 |
| 22 Oct 2026, 14:04 CEST | Rating | Undervalued | first publication | €4.58 |
| 22 Oct 2026, 14:04 CEST | Fair value | €12.22 | first publication | €4.58 |
Answered from Passat Société Anonyme fundamentals + recent valuations. Every number shows its source and date.
| Company | Price | Fair value | vs fair value | P/E | ROE | Quality | Score |
|---|---|---|---|---|---|---|---|
| ALPAS.PA Passat Société Anonyme | €4.58 | €12 | 63% below | 5.3x | 8.3% | 56 | 62 |
| PET.TO Pet Valu Holdings Ltd. | C$19.82 | C$30 | 33% below | 13.8x | 133.3% | 64 | 60 |
| NEWA-B.ST New Wave Group AB (publ) | kr 99.40 | kr 81 | 23% above | 16.5x | 11.8% | 63 | 62 |
| SVV Savers Value Village Inc. Common Stock | $9.85 | $5 | 93% above | 62.5x | 5.7% | 42 | 51 |
| FAST.AS Fastned B.V. | €32.85 | - | - | - | -27.0% | 34 | 49 |
| EYE National Vision Holdings Inc. Common Stock | $18.87 | $9 | 103% above | 30.1x | 5.8% | 56 | 50 |
| SBH Sally Beauty Holdings Inc. (Name to be changed from Sally Holdings Inc.) Common Stock | $17.62 | $25 | 29% below | 9.1x | 23.5% | 60 | 74 |
Where ALPAS.PA ranks against its sector peers on each metric.