BLACKROCK GAMES : revenue, balance sheet and financial ratios

In 2024, BLACKROCK GAMES achieves revenue of 46.9 M€. Over the period 2017-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +33.3%. Vs 2023, growth of +27% (36.8 M€ -> 46.9 M€). After deducting consumption (32.7 M€), gross margin stands at 14.2 M€, i.e. a rate of 30%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 6.3 M€, representing 13.5% of revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 3.9 M€, i.e. 8.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 61%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 38%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 1.1 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 9.7% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 279.55. 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 3.2x. 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: 89 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 42 days. The gap of 47 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 44 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 130 days of revenue, i.e. 16.9 M€ to permanently finance. Over 2017-2024, WCR increased by +567%, requiring additional financing.

Based on 145 transactions of similar company sales (all years), the value of BLACKROCK GAMES is estimated at 13 538 170 € (range 5 042 016€ - 34 716 131€). With an EBITDA of 6 345 677€, the sector multiple of 2.6x is applied. The price/revenue ratio is 0.19x (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.