Checkpoint Partners Rates Lleida.net a Buy at 3.50 Euros per Share

27 Mar 2026 11:31 CET

Madrid, March 27, 2026.- Checkpoint Partners has published an analyst report on Lleida.net (BME:LLN) (EPA:ALLLN) with a Buy recommendation and a target price of 3.50 euros per share on a 12-month horizon.

The report, authored by analyst Guillermo Serrano, describes the company as the most anomalously valued stock in its sector.

At 5.4x EV/EBITDA and 8.0x P/E on a 2026 forward basis, Lleida.net trades at discounts of 60-70% to comparable companies, according to the Checkpoint analysis. 

The report highlights that the company's profitability margins are expanding and its capital requirements remain low, while generating a free cash flow yield of 18%. The analyst identifies Lleida.net's registered electronic notification platform as a business protected by EU eIDAS regulation and proprietary patents, as well as structural advantages that shield it from the pricing pressures affecting the broader communications technology sector.

"Lleida.Net represents the most asymmetric risk/reward proposition in the sector," the report states, after comparing the company against nine other CPaaS (Communications Platform as a Service) firms.

"A profitable and moderately leveraged business with an 18% free cash flow yield is priced as though it were a distressed situation. It is not," he added.

Lleida.net began 2026 with 8,886 active clients, a 55.62% increase from 5,710 at the start of 2025, the highest growth rate in the company's history.

The increase has been driven by the rising adoption of its patented technologies following recent regulatory changes in Spain and Europe, including Organic Law 1/2025, which promotes the digitalisation of judicial processes. Spain processes approximately 3.5 million judicial proceedings per year, and that law affects them.

According to its filing on February 19, 2026, the company closed 2025 with the best financial results in its history. EBITDA reached a record 4.05 million euros, a 25% increase over the previous year. Pre-tax profit stood at 1.40 million euros, up 62% from 2024, also an all-time high.

Founded in 1995, Lleida.net is one of Europe's leading providers of registered notification, electronic contracting, and digital signature services.

The company holds more than 300 patents in over 60 countries covering registered notification, electronic contracting, and digital signature technologies.

Its shares are listed on BME Growth in Madrid, where they have been for ten years, as well as on Euronext Paris and the Stuttgart and Frankfurt stock exchanges.

Checkpoint Partners' report on Lleida.net is available in this link: https://www.bmegrowth.es/docs/analisis/2026/03/05089_Analisis_20260325.pdf

SAFE HARBOR This press release contains statements regarding the future of the Lleida.net company and its innovations. Statements regarding the future may be accompanied by words such as "anticipate", "believe", "estimate", "wait", "anticipate", "pretend", "power", "plan", "potential", the use of future time and other terms of similar meaning. No undue reliance should be placed on these claims. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements, including uncertainty of the company's commercial success, ability to protect our intellectual property rights, and other risks. These statements are based on current beliefs and forecasts and refer only to the date of this press release. The company assumes no obligation to publicly update its forward-looking statements, regardless of whether new information, future events or any other circumstance arise.