Mare Nostrum SA (FR) (ALMAR) AI Stock Analysis

• Market Cap: €4.82M
• Dividend Yield: N/A
• Average Volume (3M): 2.29K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.38
• Revenue Growth: -26.73%
• EPS Growth: 42.29%
• Country: FR
• Employees: 345
• Sector: Industrials
• Sector Strength: 72
• Industry: Staffing & Employment Services
• EPS (TTM): -0.70
• Shares Outstanding: 7,574,968
• 10 Day Avg. Volume: 4,820
• 30 Day Avg. Volume: 2,292
• PEG Ratio: 0.04
• Price to Book (P/B): -0.37
• Price to Sales (P/S): 0.04
• P/FCF Ratio: 0.78
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: €0.64 ▲(114.67% Upside)

The score is held down primarily by poor financial performance, especially negative equity and ongoing losses alongside declining revenue. Technicals are comparatively stronger (price above major moving averages with moderately positive momentum), but valuation remains pressured due to loss-making results and no dividend yield data.

Positive Factors

Recurring staffing services business model

The core business supplies outsourced workforce solutions and flexible staffing arrangements, which creates repeat client engagements and contract-based revenue. This service-oriented model supports steady demand and client stickiness over months, helping revenue durability despite short cycles.

Operating cash flow improvement

Recent improvement in operating cash flow indicates the business can convert some activity into cash even while accounting losses persist. Better cash conversion versus net income provides a more resilient liquidity buffer and short-term funding capacity for operations and working capital over the next several months.

Compact employee base enabling agility

A relatively small headcount for a staffing group suggests lower structural fixed overhead and potential operational agility. That lean footprint can help the company adjust labor costs, scale client relationships, and reallocate resources quickly to protect margins over a multi-month horizon.

Negative Factors

Negative shareholders' equity

Negative equity signals solvency stress and that liabilities exceed assets, limiting capacity to absorb losses or raise new capital. This structural balance-sheet weakness raises default, covenant and refinancing risks and constrains strategic options over the medium term.

Material revenue decline

A steep year-over-year revenue decline reduces scale economies and client diversification, pressuring margins and fixed-cost coverage. Persistent top-line erosion is a structural concern that undermines recovery prospects and can necessitate painful cost cuts or strategic pivots over the coming months.

Profitability deterioration and margin pressure

Negative EBIT, recurring net losses, and declining gross margins point to structural profitability issues—either pricing, cost control, or mix problems. Sustained margin deterioration erodes free cash flow, constrains reinvestment, and increases dependence on external financing over a multi-month horizon.

Mare Nostrum SA (FR) Business Overview & Revenue Model

Company Description

Mare Nostrum Société anonyme provides human resources management services to SMEs in France and internationally. It offers temporary employment, recruitment consultancy, training, and wage portage and professional mobility services. The company was founded in 1994 and is headquartered in Grenoble, France.

How the Company Makes Money

Mare Nostrum SA generates revenue through multiple streams including shipping services, where it charges fees for transporting goods across various routes. The company also earns money from port operations, collecting fees for the use of its facilities and services by shipping companies. Additionally, Mare Nostrum SA provides logistics and supply chain management services, which contribute to its income through service fees and contracts with businesses requiring efficient transport solutions. Strategic partnerships with other shipping lines and logistics firms further enhance its capabilities and revenue potential, allowing for shared resources and expanded service offerings.

Mare Nostrum SA (FR) Financial Statement Overview

Summary

Weak fundamentals: declining revenue, negative EBIT and net income, and a deteriorating gross margin. The balance sheet is highly distressed with negative equity (liabilities exceeding assets), while cash flow shows only limited improvement and remains unstable.

Income Statement

Mare Nostrum SA has experienced a decline in total revenue over the recent periods, with a negative revenue growth rate. The company also faces significant challenges with negative EBIT and net income, indicating struggles with profitability and operational efficiency. The gross profit margin has been declining, reflecting potential issues in cost management or pricing strategy.

Balance Sheet

The company has a negative stockholders' equity, which is a significant red flag, suggesting that liabilities exceed assets, a highly risky financial position. The debt-to-equity ratio cannot be calculated due to negative equity, but the high level of debt relative to assets indicates potential solvency issues. The equity ratio is negative, underlining financial distress.

Cash Flow

Operating cash flow has shown some improvement recently, but free cash flow remains a concern with inconsistent results over the years. The operating cash flow to net income ratio indicates cash flow generation is better than net income suggests, yet the overall cash flow position reflects instability and potential liquidity challenges.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	109.67M	120.52M	169.58M	172.22M	155.59M	123.34M
Gross Profit	21.93M	44.46M	35.49M	66.74M	36.69M	45.82M
EBITDA	-6.93M	-7.35M	-6.24M	893.00K	2.39M	-3.06M
Net Income	-9.11M	-9.95M	-11.72M	-2.12M	-536.00K	-5.58M
Balance Sheet
Total Assets	61.97M	64.27M	74.89M	85.12M	80.53M	76.86M
Cash, Cash Equivalents and Short-Term Investments	9.87M	8.00M	7.29M	12.04M	14.43M	15.19M
Total Debt	20.89M	21.16M	21.05M	30.03M	28.25M	28.17M
Total Liabilities	80.01M	77.07M	77.34M	75.30M	68.40M	64.40M
Stockholders Equity	-18.48M	-13.40M	-3.48M	8.10M	10.48M	11.12M
Cash Flow
Free Cash Flow	-3.34M	6.35M	5.04M	-1.78M	191.00K	-9.28M
Operating Cash Flow	-3.17M	6.52M	5.88M	-14.00K	1.98M	-8.57M
Investing Cash Flow	-4.87M	-6.52M	-1.98M	-2.83M	-2.43M	-296.00K
Financing Cash Flow	1.00M	422.00K	-1.10M	-4.53M	-289.00K	11.95M

Mare Nostrum SA (FR) Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.30
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:ALMAR, the sentiment is Positive. The current price of 0.3 is below the 20-day moving average (MA) of 0.55, below the 50-day MA of 0.42, and below the 200-day MA of 0.54, indicating a bullish trend. The MACD of 0.08 indicates Positive momentum. The RSI at 54.63 is Neutral, neither overbought nor oversold. The STOCH value of 20.66 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FR:ALMAR.

Mare Nostrum SA (FR) Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CEN	75 Outperform	€706.01M	10.27	9.42%	10.34%	25.10%	-1.46%
SDG	74 Outperform	€736.30M	11.60	8.63%	1.61%	1.91%	-4.82%
ALFRE	72 Outperform	€139.58M	5.88	14.15%	3.64%	11.26%	53.45%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
ALMAR	47 Neutral	€4.82M	-0.51	―	―	-26.73%	42.29%