AERIA : revenue, balance sheet and financial ratios

In 2024, AERIA achieves revenue of 521 k€. Over the period 2017-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +46.6%. Significant drop of -13% vs 2023. After deducting consumption (331 k€), gross margin stands at 190 k€, i.e. a rate of 36%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 24 k€, representing 4.7% of revenue. Positive scissor effect: EBITDA margin improves by +6.8 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 18 k€, i.e. 3.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 112%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 40%. 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 14.0 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 2.5% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 222.20. 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 48.3x. 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: 21 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 33 days. Favorable situation: supplier credit is longer than customer credit by 12 days. Inventory turnover is 74 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 78 days of revenue, i.e. 113 k€ to permanently finance.

Based on 132 transactions of similar company sales (all years), the value of AERIA is estimated at 108 603 € (range 60 181€ - 207 802€). With an EBITDA of 24 240€, the sector multiple of 3.2x is applied. The price/revenue ratio is 0.35x (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.