ACCUNORD : revenue, balance sheet and financial ratios

In 2024, ACCUNORD achieves revenue of 1.8 M€. Revenue is growing positively over 9 years (CAGR: +2.6%). Significant drop of -10% vs 2023. After deducting consumption (924 k€), gross margin stands at 839 k€, i.e. a rate of 48%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 163 k€, representing 9.2% of revenue. Warning negative scissor effect: despite revenue change (-10%), EBITDA varies by -47%, reducing margin by 6.4 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 146 k€, i.e. 8.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 9%. 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 53%. 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 0.9 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 4.0% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 264.95. 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 5.0x. Financial charges are adequately covered by operations.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 121 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 75 days. The gap of 46 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 30 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 125 days of revenue, i.e. 612 k€ to permanently finance. Over 2016-2024, WCR increased by +62%, requiring additional financing.

Based on 197 transactions of similar company sales (all years), the value of ACCUNORD is estimated at 406 515 € (range 163 226€ - 916 013€). With an EBITDA of 162 739€, the sector multiple of 2.4x is applied. The price/revenue ratio is 0.28x (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.