A2I DIDACT : revenue, balance sheet and financial ratios

In 2024, A2I DIDACT achieves revenue of 2.9 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +5.1%. Slight decline of -8% vs 2023. After deducting consumption (1.6 M€), gross margin stands at 1.3 M€, i.e. a rate of 45%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 66 k€, representing 2.2% of revenue. Warning negative scissor effect: despite revenue change (-8%), EBITDA varies by -89%, reducing margin by 15.7 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 83 k€, i.e. 2.8% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 52%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 33%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 8.4 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 1.2% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 149.62. 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 39.4x. 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: 59 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 191 days. Excellent situation: suppliers finance 132 days of the operating cycle (retail model). Inventory turnover is 124 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 282 days of revenue, i.e. 2.3 M€ to permanently finance. Over 2016-2024, WCR increased by +186%, requiring additional financing.

Based on 101 transactions of similar company sales (all years), the value of A2I DIDACT is estimated at 337 733 € (range 135 776€ - 625 219€). With an EBITDA of 65 556€, the sector multiple of 2.5x is applied. The price/revenue ratio is 0.24x (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.