CS-LASER : revenue, balance sheet and financial ratios

In 2024, CS-LASER achieves revenue of 5.0 M€. Over the period 2023-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +7.8%. Vs 2023: +8%. After deducting consumption (708 k€), gross margin stands at 4.2 M€, i.e. a rate of 86%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 679 k€, representing 13.7% of revenue. Warning negative scissor effect: despite revenue change (+8%), EBITDA varies by -32%, reducing margin by 8.0 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 479 k€, i.e. 9.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 19%. 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 53%. 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 0.5 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 10.5% 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 259.43. 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 2.0x. 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: 3 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 41 days. Excellent situation: suppliers finance 38 days of the operating cycle (retail model). Inventory turnover is 37 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 21 days of revenue, i.e. 284 k€ to permanently finance.

Based on 104 transactions of similar company sales (all years), the value of CS-LASER is estimated at 1 176 473 € (range 482 389€ - 3 082 920€). With an EBITDA of 678 958€, the sector multiple of 1.1x is applied. The price/revenue ratio is 0.24x (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.