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Yso Corp

presented by October France

€311,000

5.75%

36 months

B

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location

Location

Enghien-les-Bains, France

activity

Activity

Information & Communication

Presentation of the company

Created in 2013, Yso Corp is active in the IT service sector. The company, managed by Lucas Yalap, has 5 employees and is based in Enghien les bains. The company developed several innovative projects: CosmyChimp, Lucas Maker, Idots (mobile games on Apple and Android).

The company’s main activities are:

  • Programming service delivery.
  • Mobile Games Development.

The company works with Renault, BIC, Thalès, Voodoo, Foncia, XXE, Casino.

Lucas Yalap finished first in Epitech and was also in charge of development at Bic Education (2 years) and developer at Seitosei.

Project Description

The company requests a loan of 311 000 € over 36 months to finance recruitment, office design and mobile game communication. This project will be realised in the next few months.

The amount offered on the platform is limited to 152 390€, which is in line with the regulatory limits.

Analyst’s Opinion

With a turnover of 617 000 € in 2018 and an experienced team, the company has a good track record combined with a two-digits operating margin.

The increase in turnover is due to an increase in the number of services.

The decrease in the ebitda margin is due to the increase in rental prices due to their change of offices.

The forecast is based on the 2018 performance. The companay forecasts 1020k€ of 2019 turnover and achieves its revenue targets between January and march 2019.

The borrower has a good repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,22 and an strong financial structure, with a forecast net debt / ebitda ratio of 0,3 and a net debt / shareholder equity of 26%.

The analysis of the project leads to a credit rating of B and a 5,75% annual interest rate.

*The multiple of FCCR at 1,22 means that the company has a safety margin of 22% relative to its ability to repay its credit maturities.

The expert opinion is given as an indication on the basis of the elements provided by the project holder and information from our databases (External data provider). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.

Strong points:

  • Good historical performance based on diversified client base.
  • Solid repayment ability with a forecasted FCCR of 1,22.
  • Diversified group with real estate assets and strong shareholder support.

Point of caution:

  • Risk related to the real estate business in the group.