NOOS : revenue, balance sheet and financial ratios

In 2024, NOOS achieves revenue of 47.7 M€. Over the period 2019-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +51.4%. Vs 2023, growth of +23% (38.8 M€ -> 47.7 M€). After deducting consumption (39.0 M€), gross margin stands at 8.6 M€, i.e. a rate of 18%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 2.9 M€, representing 6.1% of revenue. Positive scissor effect: EBITDA margin improves by +4.0 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 1.4 M€, i.e. 2.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 494%. 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 13%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 9.5 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 3.8% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 378.00. 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 13.2x. 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: 12 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 39 days. Favorable situation: supplier credit is longer than customer credit by 27 days. Inventory turnover is 161 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 165 days of revenue, i.e. 21.9 M€ to permanently finance.

Based on 124 transactions of similar company sales (all years), the value of NOOS is estimated at 6 619 437 € (range 2 887 194€ - 15 526 764€). With an EBITDA of 2 890 447€, the sector multiple of 2.4x is applied. The price/revenue ratio is 0.17x (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.