ATOLL SYSTEM : revenue, balance sheet and financial ratios

In 2023, ATOLL SYSTEM achieves revenue of 681 k€. Revenue is declining over the period 2019-2023 (CAGR: -13.5%). Slight decline of -9% vs 2022. After deducting consumption (333 k€), gross margin stands at 348 k€, i.e. a rate of 51%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 77 k€, representing 11.3% of revenue. Warning negative scissor effect: despite revenue change (-9%), EBITDA varies by -55%, reducing margin by 11.8 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 47 k€, i.e. 6.8% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 8%. 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 80%. 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 0.8 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 10.6% 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 697.37. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 98 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 54 days. The gap of 44 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 3 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 166 days of revenue, i.e. 315 k€ to permanently finance. Over 2019-2023, WCR increased by +346%, requiring additional financing.

Based on 98 transactions of similar company sales (all years), the value of ATOLL SYSTEM is estimated at 99 970 € (range 46 164€ - 223 877€). With an EBITDA of 76 776€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.18x (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.