BAYER HEALTHCARE SAS : revenue, balance sheet and financial ratios

In 2024, BAYER HEALTHCARE SAS achieves revenue of 795.4 M€. Activity remains stable over the period (CAGR: -3.8%). Significant drop of -18% vs 2023. After deducting consumption (495.8 M€), gross margin stands at 299.6 M€, i.e. a rate of 38%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 14.2 M€, representing 1.8% of revenue. Positive scissor effect: EBITDA margin improves by +4.6 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 19.9 M€, i.e. 2.5% 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 11%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Cash flow represents 1.0% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 84.24. 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 3.9x. Financial charges are adequately covered by operations.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 45 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 48 days. Favorable situation: supplier credit is longer than customer credit by 3 days. Inventory turnover is 98 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 9 days of revenue, i.e. 20.1 M€ to permanently finance. Notable WCR improvement over the period (-79%), freeing up cash.

Based on 124 transactions of similar company sales (all years), the value of BAYER HEALTHCARE SAS is estimated at 59 073 930 € (range 31 159 045€ - 184 016 228€). With an EBITDA of 14 160 406€, the sector multiple of 0.7x is applied. The price/revenue ratio is 0.21x (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.