SOCIETE STRASBOURGEOISE DE RADIOGUIDAGE : revenue, balance sheet and financial ratios

In 2022, SOCIETE STRASBOURGEOISE DE RADIOGUIDAGE achieves revenue of 533 k€. Revenue is growing positively over 5 years (CAGR: +4.1%). Vs 2019, growth of +25% (427 k€ -> 533 k€). After deducting consumption (3 k€), gross margin stands at 530 k€, i.e. a rate of 99%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 158 k€, representing 29.7% of revenue. Positive scissor effect: EBITDA margin improves by +15.8 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 105 k€, i.e. 19.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 503%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 12%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 9.4 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 19.5% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

The liquidity ratio (= Current assets / Current liabilities) stands at 396.26. 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 11.4x. 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: 872 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 264 days. The gap of 608 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Overall, WCR represents 826 days of revenue, i.e. 1.2 M€ to permanently finance. Over 2016-2022, WCR increased by +453%, requiring additional financing.

Based on 100 transactions of similar company sales (all years), the value of SOCIETE STRASBOURGEOISE DE RADIOGUIDAGE is estimated at 610 420 € (range 305 580€ - 964 865€). With an EBITDA of 158 177€, the sector multiple of 5.6x is applied. The price/revenue ratio is 0.53x (in line with sector norms). 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.