ANOVA-PLUS : revenue, balance sheet and financial ratios

In 2021, ANOVA-PLUS achieves revenue of 389 k€. Revenue is declining over the period 2016-2021 (CAGR: -7.3%). Vs 2020, growth of +29% (300 k€ -> 389 k€). After deducting consumption (127 k€), gross margin stands at 261 k€, i.e. a rate of 67%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 11 k€, representing 2.7% of revenue. Warning negative scissor effect: despite revenue change (+29%), EBITDA varies by -86%, reducing margin by 22.2 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 106 k€, i.e. 27.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 181%. 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 27%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 10.2 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 18.2% 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 169.93. 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 175.9x. 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: 221 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 159 days. The gap of 62 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 113 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 196 days of revenue, i.e. 212 k€ to permanently finance. Over 2016-2021, WCR increased by +625%, requiring additional financing.

Based on 98 transactions of similar company sales (all years), the value of ANOVA-PLUS is estimated at 163 069 € (range 39 085€ - 273 947€). With an EBITDA of 10 502€, the sector multiple of 3.5x is applied. The price/revenue ratio is 0.36x (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.