ANGEL : revenue, balance sheet and financial ratios

In 2022, ANGEL achieves revenue of 301 k€. Revenue is growing positively over 4 years (CAGR: +0.5%). Vs 2021: +8%. After deducting consumption (159 k€), gross margin stands at 142 k€, i.e. a rate of 47%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 10 k€, representing 3.5% of revenue. Warning negative scissor effect: despite revenue change (+8%), EBITDA varies by -71%, reducing margin by 9.6 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 3 k€, i.e. 0.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 226%. 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 51%. 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 10.4 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 3.0% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 287.62. 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 18.3x. 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: 47 days. Excellent situation: suppliers finance 47 days of the operating cycle (retail model). Inventory turnover is 125 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 98 days of revenue, i.e. 82 k€ to permanently finance. Over 2019-2022, WCR increased by +11014%, requiring additional financing.

Indicative estimate only : the number of comparable transactions in this sector is limited (39 transactions). This range of 21 165€ to 81 953€ is provided for information purposes only and requires in-depth analysis to be confirmed.