Intrinsic Value Macompta.fr (MLMCA.PA)

• Previous Close: €6.50
• Intrinsic Value: n/a
• Upside potential: n/a%

Stock Valuation Context

Business Model And Market Position

Macompta.fr SA operates in the software-as-a-service (SaaS) sector, specializing in online accounting, tax, and social management solutions tailored for diverse business segments in France. The company serves a broad clientele, including commercial societies, traders, artisans, liberal professionals, and real estate firms, positioning itself as a versatile provider for small and medium-sized enterprises (SMEs). Its cloud-based platform simplifies compliance and financial management, addressing a critical pain point for businesses navigating France’s complex regulatory environment. Macompta.fr differentiates itself through user-friendly interfaces and modular offerings, catering to niche markets such as microbusinesses and associations. The company’s focus on accessibility and affordability strengthens its competitive edge in a fragmented market dominated by legacy accounting software providers. While it faces competition from larger players like Sage and Cegid, Macompta.fr’s targeted approach and localized expertise allow it to carve out a defensible niche. Its capital-efficient model, combined with recurring revenue from subscriptions, provides stability in a sector increasingly shifting toward digital transformation.

Revenue Profitability And Efficiency

In its latest fiscal year, Macompta.fr reported revenue of €3.46 million, reflecting its steady traction in the French SME market. Net income stood at €701,288, translating to a diluted EPS of €0.23, indicating healthy profitability margins. Operating cash flow was robust at €1.05 million, though capital expenditures of -€1.75 million suggest ongoing investments in platform development or infrastructure.

Earnings Power And Capital Efficiency

The company demonstrates solid earnings power, with net income representing approximately 20% of revenue. Its capital efficiency is underscored by negligible debt and a lean operational structure, though the negative free cash flow (due to high capex) signals reinvestment priorities. The absence of debt further enhances its ability to fund growth organically.

Balance Sheet And Financial Health

Macompta.fr maintains a conservative balance sheet, with €679,029 in cash and no debt, reflecting strong liquidity. The lack of leverage provides flexibility, though the modest cash position relative to capex suggests reliance on operating cash flows or potential equity raises for future expansion. Financial health appears stable, with no immediate solvency risks.

Growth Trends And Dividend Policy

The company’s growth trajectory is supported by the secular shift toward cloud-based accounting solutions in France. While specific growth rates are undisclosed, its market cap of €22.6 million implies investor confidence in scalability. Macompta.fr pays a dividend of €0.10 per share, signaling a commitment to shareholder returns despite its growth-focused reinvestment strategy.

Valuation And Market Expectations

Trading at a market cap of €22.6 million, the company’s valuation reflects a premium for its niche positioning and profitability. The negative beta (-0.61) suggests low correlation with broader markets, possibly due to its specialized focus. Investors likely anticipate sustained demand for SME-focused SaaS tools in a digitizing economy.

Strategic Advantages And Outlook

Macompta.fr’s strategic advantages lie in its localized expertise, modular product offerings, and capital-light model. The outlook remains positive, driven by France’s regulatory complexity and SME digitization trends. However, scalability beyond its domestic market and competition from global players pose long-term challenges. Execution on product innovation and customer retention will be critical.

Sources

Company description, financials, and market data provided by external API; industry context inferred from sector trends.