BENEX INTERNATIONAL : revenue, balance sheet and financial ratios

In 2024, BENEX INTERNATIONAL achieves revenue of 630 k€. Activity remains stable over the period (CAGR: -2.7%). Significant drop of -17% vs 2023. After deducting consumption (262 k€), gross margin stands at 369 k€, i.e. a rate of 58%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 84 k€, representing 13.3% of revenue. Warning negative scissor effect: despite revenue change (-17%), EBITDA varies by -33%, reducing margin by 3.1 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 17 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 258%. 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 20%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 43.3 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 3.9% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 377.53. 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 109.5x. 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: 214 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 341 days. Excellent situation: suppliers finance 127 days of the operating cycle (retail model). Overall, WCR represents 198 days of revenue, i.e. 346 k€ to permanently finance. Notable WCR improvement over the period (-51%), freeing up cash.

Based on 229 transactions of similar company sales (all years), the value of BENEX INTERNATIONAL is estimated at 135 550 € (range 53 498€ - 400 806€). With an EBITDA of 84 106€, the sector multiple of 1.6x 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.