Trilogiq S.A. (ALTRI.PA) fair value

ACCE thesis

I don't have a reliable description of Trilogiq's specific products from the data provided, so I can't tie the thesis to what the company actually sells, and I won't guess at its product lineup. What the numbers show is a sub-20 million euro business equipment and supplies company with a 61.8% gross margin but only a 2.2% operating margin, which points to heavy operating costs absorbing most of the gross profit. Revenue fell 8.3%, and a 1.9% ROE on a 25.5x trailing P/E against a 13.8x forward P/E implies earnings are expected to recover sharply, a claim worth testing against the company's filings before anything else. Nothing in the data indicates an index membership or a near-term catalyst, so the case for a deeper look rests entirely on whether that margin recovery is credible. Given the size and the thin profitability, the first question is whether the gross margin is structural or a sign of a high-cost model that could be fixed.