Intrinsic Value Audacia S.A. (ALAUD.PA)

• Previous Close: €4.16
• Intrinsic Value: €149.93
• Upside potential: +3,504%

Stock Valuation Context

Business Model And Market Position

Audacia SA is a specialized venture capital and private equity firm based in Paris, France, focusing on investments across diverse sectors including consumer goods, industrials, hospitality, and cutting-edge technologies like quantum computing and sensors. The firm targets small to mid-sized enterprises (SMEs) and family businesses, deploying capital through convertible bonds and equity investments ranging from €0.5 million to €10 million. Its investment strategy emphasizes companies with revenues between €5 million and €250 million, positioning it as a key player in France's growth capital landscape. Audacia differentiates itself by combining sector-agnostic flexibility with deep expertise in high-potential niches, particularly in quantum technologies and innovative physics. The firm's hands-on approach and selective investment criteria allow it to maintain a competitive edge in a crowded private equity market. With a focus on long-term value creation, Audacia leverages its 2007 founding heritage to build trust among entrepreneurs and institutional investors alike.

Revenue Profitability And Efficiency

Audacia reported revenue of €13.5 million, with net income of €0.9 million, reflecting a net margin of approximately 6.7%. The firm's operating cash flow stood at €0.49 million, though capital expenditures of -€1.11 million indicate ongoing investment activities. These metrics suggest a balanced approach between income generation and reinvestment in growth opportunities.

Earnings Power And Capital Efficiency

The firm's diluted EPS of €0.18 demonstrates modest earnings power relative to its €17.5 million market capitalization. With a beta of 0.29, Audacia exhibits lower volatility compared to broader markets, aligning with its private equity focus. The absence of dividends reinforces its strategy of capital retention for future investments.

Balance Sheet And Financial Health

Audacia maintains a strong liquidity position with €3.58 million in cash and equivalents against total debt of €0.63 million, indicating a conservative leverage profile. The firm's balance sheet appears well-structured to support its investment mandate, with sufficient dry powder for new opportunities.

Growth Trends And Dividend Policy

As a growth-oriented investment firm, Audacia retains all earnings (dividend per share: €0) to fund future investments. Its focus on quantum technologies and innovative sectors positions it to benefit from long-term tech adoption trends. The firm's €2-10 million investment range allows for scalable participation in France's SME growth ecosystem.

Valuation And Market Expectations

At a market cap of €17.5 million, the firm trades at approximately 1.3x revenue and 19.4x net income. The low beta suggests investors view Audacia as a relatively stable player within the volatile venture capital space, potentially pricing in its diversified portfolio approach.

Strategic Advantages And Outlook

Audacia's sector specialization and flexible capital solutions provide distinct advantages in France's competitive private equity market. Its focus on quantum technologies aligns with global innovation trends, while its SME targeting captures underserved market segments. The firm's conservative balance sheet and reinvestment strategy position it well for selective growth in evolving tech and industrial sectors.

Sources

Company description, financial data from public filings