I realised that I have been too cautious with the way I...

I realised that I have been too cautious with the way I calculated their free cash flow (excluding impact of working capital).
In fact, it is 10.1 m$ (and not 7.4 m$ as previously estimated), mainly due to a lower impact of working capital on their cash flow (20 m$ and not 22 m$ as initially estimated).
So, if we annualise this H1 25 free cash flow, Shape has a free cash flow of 18.3 m$ (after including 1.9 m$ of share based compensation) in FY 25, vs 16.8 m$ in FY 24.

Even, after the share price increase today, it still corresponds to a free cash flow yield of 12.2 % (with a share price of 3.22 $).
Not bad for a company which is increasing its revenue and margin.

It is also important to remind that the free cash flow above is corrected from all the abnormal elements :
- calculated with a normal tax rate,
- after lease,
- including the impact of share based compensation,
- excluding the impact of working capital.

Also interesting to note that the company is now doing a significant amount of treasury share purchased (2.2 m$ during H1 25), in order to service their share based compensation. This can offset some of the impact of substantial shareholders selling on the market.