COMBET : revenue, balance sheet and financial ratios

In 2024, COMBET achieves revenue of 23.5 M€. Revenue is growing positively over 9 years (CAGR: +4.5%). Significant drop of -12% vs 2023. After deducting consumption (3.8 M€), gross margin stands at 19.7 M€, i.e. a rate of 84%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 2.4 M€, representing 10.1% of revenue. Warning negative scissor effect: despite revenue change (-12%), EBITDA varies by -32%, reducing margin by 3.0 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 1.8 M€, i.e. 7.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 10%. 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 55%. 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 0.4 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 7.8% 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 257.01. 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 1.2x. 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: 86 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 34 days. The gap of 52 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 8 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 90 days of revenue, i.e. 5.9 M€ to permanently finance. Over 2016-2024, WCR increased by +136%, requiring additional financing.

Based on 88 transactions of similar company sales (all years), the value of COMBET is estimated at 5 570 272 € (range 1 939 015€ - 9 872 999€). With an EBITDA of 2 370 553€, the sector multiple of 2.7x is applied. The price/revenue ratio is 0.18x (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.
Medium reliability: estimate to be confirmed with in-depth analysis.