5 models fit Elis SA and they disagree: 0 of 5 land within 15% of the average.
Two or more of our models back this value.
Large discount(i)Bronze48
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
ACCE opinionElis SA (ELIS.PA)
Fair value (5 models)
€33.22
ACCE price target
€25.10
Rating
Undervalued
Horizon
12 months
Fair value published on 22 Oct 2026, 12:04 CEST.
ACCE price target published on 22 Oct 2026, 16:00 CEST.
Rating published on 22 Oct 2026, 12:04 CEST.
Price used: €22.22 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
33.1% below
+49.5% to fair value
ACCE score
52
out of 100
P/E
14.5x
forward 10.3x
1-year return
-11.9%
Dividend yield
1.19%
Elis SA in four questions
Plain answers, details below
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Overview
ACCE thesis
Elis rents and launders workwear, linen, hygiene products and pest control to industrial and hospitality customers across Europe and Latin America, with a large recurring-revenue base built on multi-year service contracts. Its moat is operational rather than technological: dense route networks and central laundries are costly to replicate, and the switching cost for a customer outsourcing uniforms and linen is high. Revenue growth of 4.9% and an operating margin of 12.6% reflect a business that compounds steadily rather than sprints, with outsourcing penetration in its European markets still well below mature levels. At a trailing P/E of 14.3 and a forward P/E of 10.1, the market is pricing in a meaningful earnings step-up or a skeptical view of margin durability, which is the question a deeper look should answer. The 10.7% ROE and 33.6% gross margin are solid but not exceptional for the sector, so the case rests on whether returns on the group's ongoing capital investment hold up.