NOUVELLE OPTIQUE PILOTINE : revenue, balance sheet and financial ratios

In 2021, NOUVELLE OPTIQUE PILOTINE achieves revenue of 147 k€. Revenue is growing positively over 5 years (CAGR: +0.4%). Vs 2020, growth of +15% (128 k€ -> 147 k€). After deducting consumption (51 k€), gross margin stands at 96 k€, i.e. a rate of 66%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 23 k€, representing 15.4% of revenue. Warning negative scissor effect: despite revenue change (+15%), EBITDA varies by -19%, reducing margin by 6.4 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 15 k€, i.e. 10.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 65%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 38%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 2.4 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 15.2% 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 166.49. 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 2.4x. 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: 53 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 22 days. The gap of 31 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 113 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. WCR is negative (-22 days): operations structurally generate cash. Over 2017-2021, WCR increased by +90%, requiring additional financing.

Based on 105 transactions of similar company sales in 2021, the value of NOUVELLE OPTIQUE PILOTINE is estimated at 69 035 € (range 40 173€ - 157 049€). With an EBITDA of 22 677€, the sector multiple of 3.4x is applied. The price/revenue ratio is 0.50x (in line with sector norms). 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.