CONSORT R & D : revenue, balance sheet and financial ratios

In 2024, CONSORT R & D achieves revenue of 679 k€. Revenue is declining over the period 2016-2024 (CAGR: -14.9%). Significant drop of -13% vs 2023. After deducting consumption (0 €), gross margin stands at 679 k€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 19 k€, representing 2.8% of revenue. Warning negative scissor effect: despite revenue change (-13%), EBITDA varies by -77%, reducing margin by 7.7 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 91 k€, i.e. 13.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 52%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 61%. 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 11.8 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 13.4% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

The liquidity ratio (= Current assets / Current liabilities) stands at 1506.60. 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 236.2x. 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: 190 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 100 days. The gap of 90 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Overall, WCR represents 1668 days of revenue, i.e. 3.1 M€ to permanently finance. Over 2016-2024, WCR increased by +185%, requiring additional financing.

Based on 362 transactions of similar company sales (all years), the value of CONSORT R & D is estimated at 84 231 € (range 37 274€ - 215 599€). With an EBITDA of 18 974€, the sector multiple of 1.4x is applied. The price/revenue ratio is 0.20x (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.