NICE PNEU : revenue, balance sheet and financial ratios

In 2024, NICE PNEU achieves revenue of 1.9 M€. Activity remains stable over the period (CAGR: -1.9%). Vs 2023, growth of +12% (1.7 M€ -> 1.9 M€). After deducting consumption (1.0 M€), gross margin stands at 824 k€, i.e. a rate of 44%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 96 k€, representing 5.2% of revenue. Warning negative scissor effect: despite revenue change (+12%), EBITDA varies by -20%, reducing margin by 2.0 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 89 k€, i.e. 4.8% 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 64%. 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 3.7% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 249.87. 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 0.1x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 15 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 79 days. Excellent situation: suppliers finance 64 days of the operating cycle (retail model). Inventory turnover is 17 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 84 days of revenue, i.e. 434 k€ to permanently finance. Over 2016-2024, WCR increased by +41%, requiring additional financing.

Based on 147 transactions of similar company sales in 2024, the value of NICE PNEU is estimated at 537 565 € (range 256 940€ - 974 542€). With an EBITDA of 95 552€, the sector multiple of 5.5x is applied. The price/revenue ratio is 0.35x (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.