CERESYS : revenue, balance sheet and financial ratios

In 2024, CERESYS achieves revenue of 2.5 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +9.7%. Slight decline of -6% vs 2023. After deducting consumption (1.2 M€), gross margin stands at 1.3 M€, i.e. a rate of 52%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 83 k€, representing 3.3% of revenue. Warning negative scissor effect: despite revenue change (-6%), EBITDA varies by -62%, reducing margin by 4.7 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 72 k€, i.e. 2.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 23%. 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 46%. This high autonomy means the company finances most of its assets through equity, a sign of strength. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 2.8 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 1.7% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 187.08. 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: 74 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 47 days. The company must finance 27 days of gap between collections and payments. Inventory turnover is 8 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 72 days of revenue, i.e. 504 k€ to permanently finance. Over 2016-2024, WCR increased by +73%, requiring additional financing.

Based on 215 transactions of similar company sales (all years), the value of CERESYS is estimated at 182 835 € (range 89 428€ - 462 543€). With an EBITDA of 82 910€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.16x (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.