ALMAPHAR : revenue, balance sheet and financial ratios

In 2024, ALMAPHAR achieves revenue of 2.2 M€. Over the period 2015-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +7.2%. Vs 2023, growth of +39% (1.6 M€ -> 2.2 M€). After deducting consumption (1.8 M€), gross margin stands at 381 k€, i.e. a rate of 18%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 72 k€, representing 3.3% of revenue. Warning negative scissor effect: despite revenue change (+39%), EBITDA varies by -27%, reducing margin by 3.0 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 72 k€, i.e. 3.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 178%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 29%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 10.9 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 3.3% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 114.20. 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 16.3x. 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: 10 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 51 days. Excellent situation: suppliers finance 41 days of the operating cycle (retail model). Inventory turnover is 25 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 34 days of revenue, i.e. 208 k€ to permanently finance. Over 2015-2024, WCR increased by +66%, requiring additional financing.

Based on 225 transactions of similar company sales in 2024, the value of ALMAPHAR is estimated at 947 003 € (range 704 999€ - 1 337 715€). With an EBITDA of 71 501€, the sector multiple of 9.2x is applied. The price/revenue ratio is 0.64x (in line with sector norms). 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.