NAOS : revenue, balance sheet and financial ratios

In 2024, NAOS achieves revenue of 346.7 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +9.2%. Vs 2023: +2%. After deducting consumption (189.2 M€), gross margin stands at 157.6 M€, i.e. a rate of 45%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 39.9 M€, representing 11.5% of revenue. Warning negative scissor effect: despite revenue change (+2%), EBITDA varies by -17%, reducing margin by 2.7 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 30.0 M€, i.e. 8.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 105%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 40%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 2.6 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 16.6% 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 484.60. 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 126.4x. 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: 92 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 53 days. The gap of 39 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 82 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 261 days of revenue, i.e. 251.3 M€ to permanently finance. Over 2016-2024, WCR increased by +158%, requiring additional financing.

Based on 64 transactions of similar company sales (all years), the value of NAOS is estimated at 97 677 092 € (range 55 246 680€ - 356 281 324€). With an EBITDA of 39 918 944€, the sector multiple of 2.4x 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.
Medium reliability: estimate to be confirmed with in-depth analysis.