BEYOND RATINGS : revenue, balance sheet and financial ratios

In 2024, BEYOND RATINGS achieves revenue of 5.2 M€. Over the period 2018-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +35.0%. Slight decline of -8% vs 2023. After deducting consumption (0 €), gross margin stands at 5.2 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 622 k€, representing 11.9% of revenue. Warning negative scissor effect: despite revenue change (-8%), EBITDA varies by -28%, reducing margin by 3.3 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 516 k€, i.e. 9.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 39%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 5%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 1.8 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 12.9% 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 289.37. 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 1.0x. Coverage is limited: any activity downturn would jeopardize interest payments.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 77 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 200 days. Excellent situation: suppliers finance 123 days of the operating cycle (retail model). Overall, WCR represents 49 days of revenue, i.e. 714 k€ to permanently finance. Over 2018-2024, WCR increased by +75%, requiring additional financing.

Based on 103 transactions of similar company sales (all years), the value of BEYOND RATINGS is estimated at 1 616 524 € (range 733 975€ - 3 770 192€). With an EBITDA of 622 300€, the sector multiple of 2.5x is applied. The price/revenue ratio is 0.30x (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.