ALPHA NOVA : revenue, balance sheet and financial ratios

In 2024, ALPHA NOVA achieves revenue of 1.1 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +10.8%. Vs 2023, growth of +15% (916 k€ -> 1.1 M€). After deducting consumption (0 €), gross margin stands at 1.1 M€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 86 k€, representing 8.2% of revenue. Warning negative scissor effect: despite revenue change (+15%), EBITDA varies by -46%, reducing margin by 9.4 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 749 k€, i.e. 71.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 42%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 65%. This high autonomy means the company finances most of its assets through equity, a sign of strength. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 2.2 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 60.6% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

The liquidity ratio (= Current assets / Current liabilities) stands at 503.42. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months. The interest coverage ratio (= EBIT / Interest expenses) is 82.4x. Operating income very largely covers interest expenses: high safety margin.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 85 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 10 days. The gap of 75 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 353 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 352 days of revenue, i.e. 1.0 M€ to permanently finance. Over 2016-2024, WCR increased by +4259%, requiring additional financing.

Based on 103 transactions of similar company sales in 2024, the value of ALPHA NOVA is estimated at 1 761 585 € (range 583 523€ - 4 437 271€). With an EBITDA of 86 454€, the sector multiple of 5.0x is applied. The price/revenue ratio is 0.38x (conservative valuation). This multiples method compares the actual sale price of similar companies to their financial indicators (Revenue, EBITDA, Net Income). It provides a market-based indicative estimate.