AQUARELIA HOLDING : revenue, balance sheet and financial ratios

In 2024, AQUARELIA HOLDING achieves revenue of 2.6 M€. Over the period 2017-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +73.6%. Vs 2023, growth of +44% (1.8 M€ -> 2.6 M€). After deducting consumption (0 €), gross margin stands at 2.6 M€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 383 k€, representing 14.6% of revenue. Positive scissor effect: EBITDA margin improves by +5.2 pts, sign of improved operational efficiency. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 394 k€, i.e. 15.0% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 424%. 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 18%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 24.8 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 24.8% 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 994.17. 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 142.3x. 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: 504 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 173 days. The gap of 331 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Overall, WCR represents 1579 days of revenue, i.e. 11.5 M€ to permanently finance. Over 2017-2024, WCR increased by +1951%, requiring additional financing.

Based on 103 transactions of similar company sales in 2024, the value of AQUARELIA HOLDING is estimated at 2 009 643 € (range 564 886€ - 4 211 541€). With an EBITDA of 382 630€, 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.