MISCHLER FERMETURES REUNION : revenue, balance sheet and financial ratios

In 2024, MISCHLER FERMETURES REUNION achieves revenue of 2.9 M€. Activity remains stable over the period (CAGR: -0.1%). Significant drop of -25% vs 2023. After deducting consumption (1.1 M€), gross margin stands at 1.8 M€, i.e. a rate of 63%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 212 k€, representing 7.4% of revenue. Warning negative scissor effect: despite revenue change (-25%), EBITDA varies by -72%, reducing margin by 12.4 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 268 k€, i.e. 9.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 1%. 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 87%. 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 0.2 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 8.3% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 754.57. 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 0.6x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 101 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 37 days. The gap of 64 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 162 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 379 days of revenue, i.e. 3.0 M€ to permanently finance. Over 2016-2024, WCR increased by +112%, requiring additional financing.

Based on 75 transactions of similar company sales (all years), the value of MISCHLER FERMETURES REUNION is estimated at 408 347 € (range 207 208€ - 807 052€). With an EBITDA of 212 095€, the sector multiple of 1.2x is applied. The price/revenue ratio is 0.16x (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.
Medium reliability: estimate to be confirmed with in-depth analysis.