BONY SAS : revenue, balance sheet and financial ratios

In 2024, BONY SAS achieves revenue of 13.6 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +9.9%. Slight decline of -9% vs 2023. After deducting consumption (6.7 M€), gross margin stands at 6.9 M€, i.e. a rate of 51%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 479 k€, representing 3.5% of revenue. Warning negative scissor effect: despite revenue change (-9%), EBITDA varies by -74%, reducing margin by 9.0 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 188 k€, i.e. 1.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 67%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 39%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 5.1 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 4.0% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 247.12. 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 18.6x. 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: 44 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 57 days. Favorable situation: supplier credit is longer than customer credit by 13 days. Inventory turnover is 117 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 147 days of revenue, i.e. 5.5 M€ to permanently finance. Over 2016-2024, WCR increased by +206%, requiring additional financing.

Based on 228 transactions of similar company sales (all years), the value of BONY SAS is estimated at 959 342 € (range 493 451€ - 2 669 908€). With an EBITDA of 479 272€, the sector multiple of 1.5x is applied. The price/revenue ratio is 0.13x (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.