BALT INTERNATIONAL : revenue, balance sheet and financial ratios

In 2024, BALT INTERNATIONAL achieves revenue of 124.5 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +50.4%. Vs 2023, growth of +16% (107.4 M€ -> 124.5 M€). After deducting consumption (90.2 M€), gross margin stands at 34.3 M€, i.e. a rate of 28%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 7.7 M€, representing 6.1% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 5.1 M€, i.e. 4.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 635%. 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 12%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 35.8 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 4.5% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 324.13. 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 180.9x. 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: 94 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 52 days. The gap of 42 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 64 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 179 days of revenue, i.e. 62.0 M€ to permanently finance. Over 2016-2024, WCR increased by +4266%, requiring additional financing.

Based on 50 transactions of similar company sales (all years), the value of BALT INTERNATIONAL is estimated at 20 488 196 € (range 10 690 430€ - 51 915 700€). With an EBITDA of 7 651 487€, the sector multiple of 1.8x is applied. The price/revenue ratio is 0.32x (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.