ALFAJE : revenue, balance sheet and financial ratios

In 2024, ALFAJE achieves revenue of 2.6 M€. Revenue is growing positively over 8 years (CAGR: +1.2%). Significant drop of -19% vs 2023. After deducting consumption (176 k€), gross margin stands at 2.5 M€, i.e. a rate of 93%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 502 k€, representing 19.0% of revenue. Warning negative scissor effect: despite revenue change (-19%), EBITDA varies by -51%, reducing margin by 12.4 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 11.9 M€, i.e. 450.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 14%. 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 85%. 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 0.7 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 453.0% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

The liquidity ratio (= Current assets / Current liabilities) stands at 756.78. 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 9.3x. 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: 0 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 52 days. Excellent situation: suppliers finance 52 days of the operating cycle (retail model). Inventory turnover is 18 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 204 days of revenue, i.e. 1.5 M€ to permanently finance. Notable WCR improvement over the period (-83%), freeing up cash.

Based on 103 transactions of similar company sales in 2024, the value of ALFAJE is estimated at 24 141 933 € (range 8 113 259€ - 63 495 379€). With an EBITDA of 501 536€, the sector multiple of 5.0x is applied. The price/revenue ratio is 0.38x (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.