AISNE APPLICATION : revenue, balance sheet and financial ratios

In 2024, AISNE APPLICATION achieves revenue of 3.3 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +12.1%. Slight decline of -3% vs 2023. After deducting consumption (1.3 M€), gross margin stands at 1.9 M€, i.e. a rate of 59%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 286 k€, representing 8.7% of revenue. Warning negative scissor effect: despite revenue change (-3%), EBITDA varies by -25%, reducing margin by 2.6 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 197 k€, i.e. 6.0% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 12%. 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 55%. 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 0.8 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 5.1% 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 230.25. 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 13.6x. 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: 79 days. The company must finance 3 days of gap between collections and payments. Inventory turnover is 27 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 127 days of revenue, i.e. 1.2 M€ to permanently finance. Over 2016-2024, WCR increased by +100%, requiring additional financing.

Based on 67 transactions of similar company sales (all years), the value of AISNE APPLICATION is estimated at 225 272 € (range 133 434€ - 688 876€). With an EBITDA of 285 528€, the sector multiple of 0.6x is applied. The price/revenue ratio is 0.13x (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.