ASTER MOD : revenue, balance sheet and financial ratios

In 2023, ASTER MOD achieves revenue of 29.9 M€. Over the period 2016-2023, the company shows strong growth with a CAGR (compound annual growth rate) of +15.7%. Slight decline of -2% vs 2022. After deducting consumption (19.6 M€), gross margin stands at 10.3 M€, i.e. a rate of 34%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.5 M€, representing 4.9% of revenue. Positive scissor effect: EBITDA margin improves by +2.5 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 831 k€, i.e. 2.8% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 0%. 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 31%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 3.7% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 140.45. 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 7.7x. 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: 20 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 51 days. Excellent situation: suppliers finance 31 days of the operating cycle (retail model). Inventory turnover is 61 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 51 days of revenue, i.e. 4.3 M€ to permanently finance. Over 2016-2023, WCR increased by +73%, requiring additional financing.

Based on 124 transactions of similar company sales (all years), the value of ASTER MOD is estimated at 3 718 952 € (range 1 635 357€ - 8 849 356€). With an EBITDA of 1 466 354€, the sector multiple of 2.4x is applied. The price/revenue ratio is 0.17x (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.