AYMING : revenue, balance sheet and financial ratios

In 2024, AYMING achieves revenue of 95.7 M€. Activity remains stable over the period (CAGR: -0.6%). Significant drop of -52% vs 2023. After deducting consumption (0 €), gross margin stands at 95.7 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 8.4 M€, representing 8.8% of revenue. Warning negative scissor effect: despite revenue change (-52%), EBITDA varies by -72%, reducing margin by 6.2 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 10.9 M€, i.e. 11.3% 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 47%. 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 0.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 10.1% 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 157.67. 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 79.7x. 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: 100 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 79 days. The company must finance 21 days of gap between collections and payments. Inventory turnover is 22 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 56 days of revenue, i.e. 15.0 M€ to permanently finance. Notable WCR improvement over the period (-55%), freeing up cash.

Based on 69 transactions of similar company sales in 2024, the value of AYMING is estimated at 51 893 620 € (range 20 254 753€ - 87 279 689€). With an EBITDA of 8 423 975€, the sector multiple of 4.3x is applied. The price/revenue ratio is 0.66x (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.
Medium reliability: estimate to be confirmed with in-depth analysis.