Reviewed listing: XETR:ACWN · Analysis dated Oct 28, 2026
It has not been confirmed whether the basis of this analysis still holds today. Read it as a dated earlier assessment; it does not establish a current buying opportunity.
How does the company make money?
A.S. Création manufactures and sells wallpaper and decorative fabrics; the group generates its revenue from these products. In the first half of 2026, wallpaper accounted for the larger share of revenue, while the smaller decorative fabrics segment grew.
What supports the business?
One strength is the improved gross margin—the share of revenue left after direct product costs: in the first half of 2026 it was 54.8%, 1.1 percentage points above the prior year.
What could improve?
If the improved margin and cost savings continue, A.S. Création could once again generate more reliable profits. The management board is pursuing this, among other things, through more efficient production and expansion of digital printing and online sales; success is not yet assured.
How is the stock price assessed?
This assessment refers to the analysis and its quoted price shown here. It is not a live quote or a personal recommendation to buy.
At 6.25 € per share, the available business figures do not allow the price to be reliably classified as cheap or expensive. Low, in some cases negative, earnings and the broad full-year outlook do not permit a reliable value limit.
What is the main risk?
Weak demand for construction and renovation products, as well as higher raw material and transportation costs, could further depress earnings. In the first half, unadjusted operating income was only 323 T€, and a loss of 67 T€ was incurred after taxes.
What is the overall assessment?
The margin and adjusted operating earnings offer positive signs. Unadjusted operating earnings and after-tax earnings, however, were weak; with weak demand and an annual forecast that allows for either losses or profits, the overall proposition at the specified price is not yet convincing.
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