CIRRAPEX : revenue, balance sheet and financial ratios

In 2024, CIRRAPEX achieves revenue of 85 k€. Revenue is growing positively over 7 years (CAGR: +2.6%). Vs 2023, growth of +22% (70 k€ -> 85 k€). After deducting consumption (58 k€), gross margin stands at 27 k€, i.e. a rate of 32%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 74 €, representing 0.1% of revenue. The operating margin remains fragile, requiring cost vigilance. Net income is negative at -1 € (-0.0% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 15%. 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 4%. Low autonomy: the company heavily depends on external financing (banks, suppliers).

The liquidity ratio (= Current assets / Current liabilities) stands at 142.22. 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 102.7x. 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: 312 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 82 days. The gap of 230 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 107 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. WCR is negative (-19 days): operations structurally generate cash. Notable WCR improvement over the period (-133%), freeing up cash.

Based on 124 transactions of similar company sales (all years), the value of CIRRAPEX is estimated at 6 855 € (range 3 715€ - 20 784€). With an EBITDA of 74€, the sector multiple of 0.7x is applied. The price/revenue ratio is 0.21x (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.