Added to YB: 2026-04-13
Pitch date: 2026-04-10
ALTRI.PA [bullish]
Trilogiq S.A.
Author Info
Dismissed & Asset Backed has their heads stuck in 10Ks and 10Qs of 'old world' businesses trading below tangible book value. Sign up for the newsletter.
Company Info
Trilogiq S.A. designs and manufactures modular systems for automotive companies in France and internationally.
Market Cap
EUR 18.0M
Pitch Price
N/A
Price Target
7.82 (+57%)
Dividend
N/A
EV/EBITDA
-6.56
P/E
-42.71
EV/Sales
-0.33
Sector
Machinery
Category
value
Trilogiq (ALTRI) – A French Industrial Net-Net with a Negative EV
ALTRI.PA: French modular systems co trading 0.58x NCAV (neg EV), 0.47x TB w/ €25.3M net cash (€6.80/sh). Rev fell €71M→€22M post-2014 graphite pivot. Now 61% GM but ~0% EBIT margin on too-heavy opex. Strong operating leverage if sales grow. Founder owns 77%, targets €30M+ rev in 3-4y. 0.82x avg NCAV since '16 implies €7.82 PT (64% upside, 18% CAGR).
Read full article (6 min)