NAFVSM : revenue, balance sheet and financial ratios

In 2024, NAFVSM achieves revenue of 4.8 M€. Revenue is growing positively over 8 years (CAGR: +4.9%). Vs 2023, growth of +16% (4.1 M€ -> 4.8 M€). After deducting consumption (2.0 M€), gross margin stands at 2.8 M€, i.e. a rate of 58%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 607 k€, representing 12.6% of revenue. Positive scissor effect: EBITDA margin improves by +4.9 pts, sign of improved operational efficiency. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 392 k€, i.e. 8.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 0%. This very low level reflects a solid financial structure, offering significant room for future investments or acquisitions. Financial autonomy (= Equity / Total assets x 100) reaches 75%. 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 0.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 10.3% 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 280.57. 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 1.8x. Coverage is limited: any activity downturn would jeopardize interest payments.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 16 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 10 days. The company must finance 6 days of gap between collections and payments. Inventory turnover is 36 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 29 days of revenue, i.e. 385 k€ to permanently finance. Over 2017-2024, WCR increased by +37%, requiring additional financing.

Based on 228 transactions of similar company sales (all years), the value of NAFVSM is estimated at 794 798 € (range 311 471€ - 2 098 434€). With an EBITDA of 607 367€, the sector multiple of 1.5x is applied. The price/revenue ratio is 0.13x (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.