CTF PERFORMANCE : revenue, balance sheet and financial ratios

In 2024, CTF PERFORMANCE achieves revenue of 1.3 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +9.5%. Slight decline of -6% vs 2023. After deducting consumption (564 k€), gross margin stands at 739 k€, i.e. a rate of 57%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 30 k€, representing 2.3% of revenue. Positive scissor effect: EBITDA margin improves by +7.3 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 13 k€, i.e. 1.0% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 48%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 19%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 2.5 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 1.9% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 227.88. 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 5.7x. 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: 14 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 23 days. Favorable situation: supplier credit is longer than customer credit by 9 days. Inventory turnover is 82 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 60 days of revenue, i.e. 218 k€ to permanently finance. Over 2016-2024, WCR increased by +20076%, requiring additional financing.

Based on 147 transactions of similar company sales in 2024, the value of CTF PERFORMANCE is estimated at 230 630 € (range 125 794€ - 416 346€). With an EBITDA of 30 196€, the sector multiple of 5.5x is applied. The price/revenue ratio is 0.35x (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.