HAASSER PRODUITS REFRACTAIRES : revenue, balance sheet and financial ratios

In 2019, HAASSER PRODUITS REFRACTAIRES achieves revenue of 3.8 M€. Over the period 2017-2019, the company shows strong growth with a CAGR (compound annual growth rate) of +67.3%. Significant drop of -12% vs 2018. After deducting consumption (1.7 M€), gross margin stands at 2.1 M€, i.e. a rate of 56%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 111 k€, representing 2.9% of revenue. Warning negative scissor effect: despite revenue change (-12%), EBITDA varies by -59%, reducing margin by 3.2 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 2 k€, i.e. 0.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 4%. This very low level reflects a solid financial structure, offering significant room for future investments or acquisitions. Financial autonomy (= Equity / Total assets x 100) reaches 56%. This high autonomy means the company finances most of its assets through equity, a sign of strength. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.5 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 2.6% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 205.18. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months. The interest coverage ratio (= EBIT / Interest expenses) is 6.4x. Operating income very largely covers interest expenses: high safety margin.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 82 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 82 days. Inventory turnover is 30 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 104 days of revenue, i.e. 1.1 M€ to permanently finance.

Based on 228 transactions of similar company sales (all years), the value of HAASSER PRODUITS REFRACTAIRES is estimated at 232 814 € (range 127 991€ - 658 982€). With an EBITDA of 110 751€, the sector multiple of 1.5x is applied. The price/revenue ratio is 0.13x (conservative valuation). This multiples method compares the actual sale price of similar companies to their financial indicators (Revenue, EBITDA, Net Income). It provides a market-based indicative estimate.