Key insights
- Bilendi, a French market research company, reported strong FY2025 results driven by the Netquest acquisition, including a record 22% EBITDA margin and a 47% increase in net income. Management's ambitious 2030 revenue and margin targets suggest significant upside potential. While the news is positive, its direct impact on the US equity market is limited, primarily influencing sentiment in the European market research sector.
Bilendi, a french company who is a global provider of technology, data, and AI solutions for the market research industry, just published its FY2025 results and there are quite good !
The big question mark for the market was just how successful the acquisition of Netquest would be (Netquest was acquired in February 2025). And spoiler alert: it’s going very well.
They reported a record EBITDA margin of 22% and net income of €7.5 million, up 47% year-over-year. With Bilendi having a market cap of €80 million, this gives a P/E ratio of just 11.
And last but not least, the management has unveiled an ambitious plan to achieve revenue of €175–200 million and an EBITDA margin of at least 25% by 2030.
If the company sticks to its plan and the net margin remains roughly the same as it is now (12–15%), then at a P/E multiple of 15, the target price would be €78, which is nearly four times higher than today’s price.
In any case, given the rise yesterday in the share price immediately following the earnings report, the market seems convinced by the company’s prospects.
Do you think the market will reassess the value of this company today ?