| Valuation method | Value, € | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 633.17 | 15120 |
| Intrinsic value (DCF) | 149.93 | 3504 |
| Graham-Dodd Method | 3.21 | -23 |
| Graham Formula | 5.02 | 21 |
Audacia SA (ALAUD.PA) is a Paris-based venture capital and private equity firm specializing in investments across startups, growth capital, SMEs, and real estate. Founded in 2007, Audacia focuses on diverse sectors, including consumer goods, industrials, B2B/B2C services, and cutting-edge quantum technologies. The firm typically invests between €2M–€10M via convertible bonds and €0.5M–€1.5M in equity, targeting French companies with revenues of €5M–€250M. With a market cap of €17.5M and a low beta (0.291), Audacia operates in the competitive Financial Services sector, emphasizing innovative physics and quantum computing—a niche with high growth potential. Its portfolio reflects a strategic balance between traditional industries and disruptive tech, positioning it uniquely in Europe’s mid-market investment landscape.
Audacia SA presents a specialized investment opportunity in European mid-market ventures, particularly in quantum tech and B2B services. Its €13.5M revenue and €0.9M net income (2024E) reflect modest but stable performance, supported by €3.58M cash reserves and low debt (€0.63M). The firm’s zero dividend policy suggests reinvestment focus, aligning with growth-stage investing. However, its small market cap (~€17.5M) and negative free cash flow (operating cash flow: €0.49M vs. capex: -€1.11M) signal liquidity constraints. The low beta indicates lower volatility but may limit upside. Investors should weigh its niche expertise against scalability challenges in a crowded private equity market.
Audacia SA’s competitive edge lies in its dual focus on traditional sectors (consumer goods, industrials) and high-growth quantum technologies, a rarity among European mid-market PE firms. Its €2M–€10M investment range fills a gap between micro-VCs and larger PE players, offering flexibility via convertible bonds. However, its France-centric portfolio limits geographic diversification, unlike pan-European peers. The firm’s emphasis on quantum computing and sensors aligns with France’s national tech priorities, potentially granting access to government-backed deals. Yet, its small scale (~€17.5M market cap) restricts capacity to compete with mega-funds in follow-on rounds. Audacia’s lack of dividend payouts may deter income-focused investors, but its low debt (€0.63M) provides stability. Competitively, it must differentiate via sector specialization as generalist PE firms dominate the €5M–€250M revenue target space.