Focus Home Interactive SA (ALPUL) AI Stock Analysis

• Market Cap: €112.97M
• 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: €14.50 ▲(3.57% Upside)
• 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

Revenue Growth

A 16.56% year-over-year revenue increase indicates durable top-line momentum from successful title releases and distribution. Sustained revenue expansion supports reinvestment in new publishing deals and longer-term portfolio development, reinforcing competitive positioning over the next several quarters.

Operational Margin Strength

High EBITDA (33.13%) and positive EBIT (8.10%) reflect operating leverage in the publishing model and effective cost control. These margins provide persistent cash generation potential from core operations, enabling funding for marketing, content support, and selective studio partnerships over the medium term.

Improved Balance Sheet

Lower leverage (debt-to-equity 0.89) and an equity ratio near 39.6% strengthen financial flexibility and resilience. A healthier capital structure reduces refinancing risk and supports sustained investment in publishing rights or DLC, improving stability across business cycles over the coming months.

Negative Factors

Weak Free Cash Flow Conversion

Negative FCF growth and an FCF-to-net-income ratio of 0.36 show that reported earnings are not fully converting into spendable cash after capex. This constrains the company's ability to self-fund new publishing deals, DLC pipelines, or sustain dividends without external financing in the medium term.

Low Net Profit Margin

A net margin under 5% leaves limited room to absorb adverse swings in sales, platform fees, or development cost overruns. Persistently thin net profitability reduces retained earnings available for growth initiatives and heightens sensitivity to single-title underperformance over the next several quarters.

Hit-Driven, Third-Party Dependent Model

Relying on external studios and a hit-driven portfolio creates structural revenue volatility and concentration risk. Success depends on a few titles and contract terms with partners, making multi-quarter predictability and steady cash generation harder compared with more diversified or owned-IP models.

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 SA makes money mainly by publishing and distributing video games. Its revenue model typically includes (1) sales of full games (physical and digital) where the company earns the publisher’s share after platform fees (e.g., console storefront commissions) and any revenue-sharing arrangements with development partners; (2) ongoing monetization of released titles through additional paid content such as downloadable content (DLC), expansions, and special editions, which extend a game’s lifecycle and generate incremental digital sales; and (3) licensing and distribution arrangements, where the company may obtain rights to publish specific games in certain territories or on certain platforms and earn revenue from those publishing rights. A key factor in earnings is the portfolio performance of released games (unit sales and long-tail digital demand) and the commercial terms agreed with external developers (including milestone payments, recoupment structures, and profit-sharing). Specific named partnerships or title-level contractual terms are not publicly available here; null.

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: Positive
• Last Price: 14.00
• 50DMA: Positive
• 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 Positive. The current price of 14 is above the 20-day moving average (MA) of 12.61, above the 50-day MA of 13.57, and below the 200-day MA of 18.27, indicating a neutral trend. The MACD of -0.24 indicates Negative momentum. The RSI at 57.60 is Neutral, neither overbought nor oversold. The STOCH value of 79.13 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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	€112.97M	―	-0.44%	6.54%	-14.35%	―
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
GAM	51 Neutral	€308.41M	-12.60	-6.82%	―	-31.54%	-53.98%
NACON	47 Neutral	€17.92M	7.83	-0.36%	―	-4.48%	-105.25%
UBI	45 Neutral	€534.90M	-1.98	-4.52%	―	-11.78%	-28.61%
ALDNE	38 Underperform	€6.10M	-0.16	-97.87%	―	90.92%	24.05%
ALATA	38 Underperform	€63.92M	-2.54	-514.29%	―	63.11%	10.97%