NOBEL SPORT : revenue, balance sheet and financial ratios

In 2023, NOBEL SPORT achieves revenue of 107.3 M€. Over the period 2016-2023, the company shows strong growth with a CAGR (compound annual growth rate) of +6.4%. Vs 2022, growth of +20% (89.5 M€ -> 107.3 M€). After deducting consumption (54.7 M€), gross margin stands at 52.7 M€, i.e. a rate of 49%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 19.5 M€, representing 18.2% of revenue. Positive scissor effect: EBITDA margin improves by +4.4 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 12.8 M€, i.e. 11.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 1%. 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 65%. 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 13.7% 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 206.66. 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 1.5x. 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: 43 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 64 days. Favorable situation: supplier credit is longer than customer credit by 21 days. Inventory turnover is 96 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. 39.3 M€ to permanently finance. Over 2016-2023, WCR increased by +62%, requiring additional financing.

Based on 276 transactions of similar company sales (all years), the value of NOBEL SPORT is estimated at 30 238 419 € (range 10 140 047€ - 75 804 732€). With an EBITDA of 19 516 439€, the sector multiple of 1.7x is applied. The price/revenue ratio is 0.18x (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.