NAUTIBAS : revenue, balance sheet and financial ratios

In 2024, NAUTIBAS achieves revenue of 4.2 M€. Revenue is growing positively over 8 years (CAGR: +3.7%). Slight decline of -1% vs 2023. After deducting consumption (0 €), gross margin stands at 4.2 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 2.1 M€, representing 50.7% of revenue. Positive scissor effect: EBITDA margin improves by +2.4 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 83 k€, i.e. 2.0% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 1402%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 6%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 24.4 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 25.3% 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 449.99. 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 50.4x. 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: 128 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 171 days. Excellent situation: suppliers finance 43 days of the operating cycle (retail model). Inventory turnover is 514 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 641 days of revenue, i.e. 7.5 M€ to permanently finance. Over 2017-2024, WCR increased by +158%, requiring additional financing.

Based on 131 transactions of similar company sales (all years), the value of NAUTIBAS is estimated at 5 666 183 € (range 1 790 826€ - 9 891 467€). With an EBITDA of 2 128 611€, the sector multiple of 4.8x is applied. The price/revenue ratio is 0.36x (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.