AUSTERLITZ : revenue, balance sheet and financial ratios

In 2024, AUSTERLITZ achieves revenue of 3.3 M€. Revenue is growing positively over 9 years (CAGR: +3.3%). Vs 2023: +8%. After deducting consumption (2.4 M€), gross margin stands at 922 k€, i.e. a rate of 28%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 199 k€, representing 6.0% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 93 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 80%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 43%. 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 6.5 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 3.4% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 122.75. 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 12.0x. 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: 6 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 52 days. Excellent situation: suppliers finance 46 days of the operating cycle (retail model). Inventory turnover is 38 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 39 days of revenue, i.e. 361 k€ to permanently finance. Over 2016-2024, WCR increased by +56%, requiring additional financing.

Based on 225 transactions of similar company sales in 2024, the value of AUSTERLITZ is estimated at 1 814 998 € (range 1 316 039€ - 2 619 400€). With an EBITDA of 199 349€, the sector multiple of 9.2x is applied. The price/revenue ratio is 0.64x (in line with sector norms). 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.