NIDEK SA : revenue, balance sheet and financial ratios

In 2024, NIDEK SA achieves revenue of 55.5 M€. Revenue is growing positively over 7 years (CAGR: +2.9%). Vs 2022: +2%. After deducting consumption (31.5 M€), gross margin stands at 24.0 M€, i.e. a rate of 43%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 4.6 M€, representing 8.3% of revenue. Positive scissor effect: EBITDA margin improves by +6.7 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 3.0 M€, i.e. 5.3% 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 41%. 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 7.4% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 174.74. 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 3.3x. Financial charges are adequately covered by operations.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 50 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 100 days. Excellent situation: suppliers finance 50 days of the operating cycle (retail model). Inventory turnover is 117 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 132 days of revenue, i.e. 20.3 M€ to permanently finance. Over 2017-2024, WCR increased by +28%, requiring additional financing.

Based on 124 transactions of similar company sales (all years), the value of NIDEK SA is estimated at 5 646 798 € (range 2 871 239€ - 18 392 156€). With an EBITDA of 4 580 780€, the sector multiple of 0.7x is applied. The price/revenue ratio is 0.21x (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.