Equasens shares are undergoing a slight consolidation (-1.03% to 38.55 euros) following a 13.89% surge on Monday and a cumulative gain of 14.90% over the last four sessions.
In a research note, Oddo BHF highlights that the earnings report and outlook from the specialist in software publishing and integration for pharmacies, hospitals, and healthcare professionals were well received, "particularly in light of the positive guidance provided for 2026 growth."
Across business units, momentum is expected to remain dynamic for Pharmagest in its historical French market and in Europe, with market share gains in Italy projected to at least match 2025 levels. For Axigate, the installed base is set to expand significantly again in 2026, while development in the UK is only just beginning. Meanwhile, the Medical Solutions division is expected to benefit from the second wave of the Segur program (a crucial milestone in France's digital healthcare transformation), which appears more "de-risked" for Equasens this time around. Finally, E-connect will benefit from the rollout of digital health card readers, sustaining strong growth.
Analysts also welcomed management's commentary during the earnings presentation, where they forecast margin expansion for 2026. Furthermore, leadership confirmed it will pursue a proactive acquisition strategy in 2026, supported by a robust balance sheet (with net cash of 83.6 million euros at the end of 2025).
The recommendation remains Outperform, with a price target of 56 euros.
Equasens is No. 1 in France for publishing and integrating software programs for pharmacies, hospitals, healthcare facilities, laboratories, retirement homes and healthcare professionals. Net sales break down by activity as follows:
- pharmacy software publishing and integration (72.8%): software programs for managing data bases, information, inventories, orders, electronic care records, etc.;
- publishing of IT solutions for health and medical/social establishments (15.9%): publishing and integration of software packages for retirement homes, hospitals and care homes (software for managing admissions, billing, receipt and accounting management, care management, supply management, etc.);
- development of solutions and infrastructures for e-Health (6.2%): digital communication, telemedicine and telehealth solutions;
- software publishing for private practitioners and medical assistants (4.2%);
- development of financing solutions for leased goods (0.9%; Nanceo).
Net sales are distributed geographically as follows: France (87.5%), Italy (6.1%), Belgium (3%), Germany (2.5%), the United Kingdom (0.8%), and Ireland (0.1%).
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