**OVERVIEW & TRACK RECORD**
[MACOMPTA.FR](http://MACOMPTA.FR) is a French micro-cap, with a current market capitalization of \~15M€. It is a SaaS company providing an all-in-one suite (accounting, invoicing, payroll, tax filings, and expense management) which is tailored for small businesses and associations (<20 people).
The company is strong financially, has negligeable debt due to SaaS/subscription model.
They have been delivering very strong performances of 25 to 30% annual revenue growth while maintaining a good profitability, above 20% (which dropped to \~18% in last FY24-25 due to investment and recruiting).
The recent half-year results (S1 2025-26) confirmed +29% growth, is validating the current trajectory.
The French e-invoicing reform acts as a moat-builder by accelerating platform migrations toward approved local solutions. Network effects with accountants (who recommend the tool) further strengthen stickiness.
**VALUATION**
The company is currently trading at \~22 times earnings. With 30% revenue growth, a strong profitability and no debt, the valuation seems at a fairly low multiple. Not a pure value play, but a good value for the quality of the business.
A quick DCF analysis assuming a 30% revenue growth, reducing to 15 to 10% on 5 years while keeping the current profitability, shows a fair value of 25 to 35M€ (8-12€ per share).
Analyst target from Allinvest Securities (March-26) is \~8€.
The current discount seems to reflects liquidity and governance (70% family ownership) concerns rather than operational weakness. As the company executes, publishes consistent results, the multiple should re-rate upward.
**RISKS**
As quickly introduced above, being a micro-cap of 15M€, the liquidity could be an issue and restrict the access to bigger players.
AI is obviously a threat, as well of an opportunity, as for any SaaS. AI-native startups could erode profitability if [Macompta.fr](http://Macompta.fr) fails to innovate. Being close to French regulation, with an already large user base \~100 000 current subscriptions could also reduce the short-term exposure to this risk.
**CONCLUSION**
[Macompta.fr](http://Macompta.fr) seems to be a rare combination of high-quality, recurring-revenue SaaS business with proven growth, strong balance sheet, and regulatory moat. Currently trading at a bargain valuation due to a temporary and solvable discounts (liquidity/governance). For patient value investors comfortable with micro-caps, this is an attractive compounder with an asymmetric upside and a limited permanent capital risk.
**CATALYST**
· Sustained 25%+ growth and margin recovery.
· Further analyst coverage and visibility post-Euronext Growth.
· Potential dividend growth signaling maturity.
· Gradual float increases improving liquidity.