A2C GRANULAT : revenue, balance sheet and financial ratios

In 2023, A2C GRANULAT achieves revenue of 33.8 M€. Over the period 2015-2023, the company shows strong growth with a CAGR (compound annual growth rate) of +6.6%. Vs 2022: +9%. After deducting consumption (14.5 M€), gross margin stands at 19.3 M€, i.e. a rate of 57%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 3.2 M€, representing 9.6% of revenue. Positive scissor effect: EBITDA margin improves by +3.1 pts, sign of improved operational efficiency. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 1.6 M€, i.e. 4.8% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 16%. 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 72%. 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 2.8 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 5.8% 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 542.13. 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 6.8x. 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: 62 days. The company must finance 20 days of gap between collections and payments. Inventory turnover is 58 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 368 days of revenue, i.e. 34.6 M€ to permanently finance. Over 2015-2023, WCR increased by +77%, requiring additional financing.

Based on 95 transactions of similar company sales (all years), the value of A2C GRANULAT is estimated at 4 434 592 € (range 1 631 501€ - 20 691 802€). With an EBITDA of 3 240 374€, the sector multiple of 1.4x is applied. The price/revenue ratio is 0.17x (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.