Focus Home Interactive SA (ALPUL) AI Stock Analysis

• Market Cap: €105.73M
• Dividend Yield: 6.54%
• Average Volume (3M): 33.16K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.52
• Revenue Growth: -14.35%
• EPS Growth: N/A
• Country: FR
• Employees: 627
• Sector: Communication Services
• Sector Strength: 97
• Industry: Electronic Gaming & Multimedia
• EPS (TTM): 0.27
• Shares Outstanding: 8,551,194
• 10 Day Avg. Volume: 23,666
• 30 Day Avg. Volume: 33,157
• PEG Ratio: -0.04
• Price to Book (P/B): 0.90
• Price to Sales (P/S): 0.37
• P/FCF Ratio: 2.77
• 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): 1.7
• Revenue Forecast (FY): €271.84M

• Rating: 62 Neutral
• Price Target: €13.50 ▼(-3.57% Downside)
• Action: Reiterated Date: 01/17/26
• Date: Action: Reiterated 01/17/26

The score is driven primarily by solid financial performance (strong revenue growth and operating margins) but is held back by weak free cash flow conversion. Technicals are mixed with longer-term downtrend signals (below 50/100/200-day averages and negative MACD), while valuation is supported by a high dividend yield but offset by a negative P/E.

Positive Factors

Improved margins & operating efficiency

Improved gross margin and healthy EBIT/EBITDA show durable operational efficiency across publishing and development. Strong underlying margins support reinvestment in IP, marketing and sequels, enabling sustained profitability and competitive content funding over the next several quarters.

Lower leverage and solid capital structure

A reduced debt-to-equity ratio and a near 40% equity ratio improve financial flexibility and reduce refinancing risk. This stronger balance sheet gives management capacity to endure development cycles, pursue partnerships or M&A, and support long-term content investment without excessive leverage.

Operating cash flow strength

Significantly higher operating cash flow with a 1.33 coverage ratio indicates core game sales generate cash to fund operations and working capital. Reliable OCF supports multi-quarter development and marketing spend, reducing dependency on external funding for near-term product rollouts.

Negative Factors

Weak free cash flow conversion

Negative FCF growth and a low FCF-to-net-income ratio show earnings are not fully converting into discretionary cash. That limits internal financing for new titles, expansions or shareholder returns and increases vulnerability to higher capex or prolonged development timelines over the medium term.

Low net profit margin

A sub-5% net margin, despite healthier gross and operating margins, signals material non-operating costs, taxes or other drains. Low net profitability reduces retained earnings and the firm’s buffer against cyclical revenue swings, constraining long-term cash accumulation and strategic flexibility.

Top-line volatility / conflicting growth signals

Divergent revenue metrics and a recent negative revenue-growth figure suggest uneven sales cycles or reporting-period effects. Such top-line volatility complicates forecasting for multi-year development roadmaps, elevates execution risk for sequels/launches, and weakens predictability of cash flows.

Focus Home Interactive SA Business Overview & Revenue Model

Company Description

Pullup Entertainment Société anonyme develops, publishes, and distributes games worldwide. The company offers games for various platforms, consoles, and PC or mobile, such as Android, iOS, MAC OS, PS3, PS4, PS5, X360, switch, Xbox game pass, XONE, and XS. It distributes its titles through physical or digital stores, as well as through the downloading platforms. The company was founded in 1995 and is based in Paris, France.

How the Company Makes Money

Focus Home Interactive generates revenue primarily through the sale of video games and downloadable content (DLC). The company's revenue model includes direct sales of physical and digital copies of games, as well as revenue from in-game purchases and subscriptions. Key revenue streams come from successful game franchises, which often include sequels and expansion packs that enhance user engagement and drive additional sales. Furthermore, Focus Home Interactive benefits from strategic partnerships with game developers, allowing them to leverage expertise and share development costs, which can enhance profitability. The company also engages in marketing collaborations and distribution agreements that further contribute to its revenue generation.

Focus Home Interactive SA Financial Statement Overview

Summary

Good operating trend with 16.56% revenue growth, improved gross margin (24.62%), and healthy EBIT/EBITDA margins (8.10%/33.13%). This is tempered by low net margin (4.93%) and weaker cash conversion, with negative free cash flow growth and a low FCF-to-net-income ratio (0.36).

Income Statement

Focus Home Interactive SA has shown strong revenue growth of 16.56% in the latest year, indicating a positive trajectory. The gross profit margin improved to 24.62%, reflecting better cost management. However, the net profit margin is relatively low at 4.93%, suggesting room for improvement in profitability. The EBIT and EBITDA margins are healthy at 8.10% and 33.13%, respectively, showcasing operational efficiency.

Balance Sheet

The company's debt-to-equity ratio has decreased to 0.89, indicating a reduction in leverage and improved financial stability. Return on equity is at 12.13%, which is a positive sign of profitability. The equity ratio stands at 39.58%, reflecting a solid capital structure. However, the company should continue to monitor its debt levels to maintain financial health.

Cash Flow

Operating cash flow has increased significantly, providing a strong coverage ratio of 1.33. However, free cash flow growth is negative, indicating challenges in generating cash after capital expenditures. The free cash flow to net income ratio is 0.36, suggesting that not all earnings are translating into free cash flow, which could impact future investments.

Breakdown	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020
Income Statement
Total Revenue	392.35M	188.20M	194.15M	143.45M	171.75M
Gross Profit	96.58M	28.32M	58.99M	42.24M	51.10M
EBITDA	129.98M	60.44M	58.89M	40.92M	46.04M
Net Income	19.36M	-19.91M	7.31M	2.98M	13.28M
Balance Sheet
Total Assets	403.08M	350.55M	307.12M	251.03M	119.16M
Cash, Cash Equivalents and Short-Term Investments	61.68M	17.87M	72.15M	62.59M	19.50M
Total Debt	142.47M	155.97M	83.09M	66.10M	12.52M
Total Liabilities	236.60M	222.14M	161.12M	115.75M	50.62M
Stockholders Equity	159.61M	121.62M	140.35M	133.65M	68.54M
Cash Flow
Free Cash Flow	52.09M	-36.18M	1.70M	-9.01M	-3.57M
Operating Cash Flow	146.54M	46.12M	67.21M	27.79M	36.95M
Investing Cash Flow	-99.21M	-152.00M	-71.06M	-95.63M	-47.83M
Financing Cash Flow	-3.61M	50.64M	13.37M	110.91M	10.94M

Focus Home Interactive SA Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 14.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:ALPUL, the sentiment is Negative. The current price of 14 is above the 20-day moving average (MA) of 12.62, above the 50-day MA of 13.64, and below the 200-day MA of 18.33, indicating a bearish trend. The MACD of -0.43 indicates Negative momentum. The RSI at 45.71 is Neutral, neither overbought nor oversold. The STOCH value of 43.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:ALPUL.

Focus Home Interactive SA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ALPUL	62 Neutral	€105.73M	―	-0.44%	6.54%	-14.35%	―
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
GAM	51 Neutral	€311.53M	-12.60	-6.82%	―	-31.54%	-53.98%
NACON	47 Neutral	€17.79M	7.83	-0.36%	―	-4.48%	-105.25%
UBI	45 Neutral	€565.89M	-1.98	-4.52%	―	-11.78%	-28.61%
ALDNE	38 Underperform	€6.40M	-0.16	-97.87%	―	90.92%	24.05%
ALATA	38 Underperform	€64.20M	-2.54	-514.29%	―	63.11%	10.97%