ETIMMO : revenue, balance sheet and financial ratios

In 2024, ETIMMO achieves revenue of 288 k€. Revenue is declining over the period 2014-2024 (CAGR: -23.4%). Significant drop of -63% vs 2023. After deducting consumption (-11 k€), gross margin stands at 299 k€, i.e. a rate of 104%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 187 k€, representing 64.8% of revenue. Positive scissor effect: EBITDA margin improves by +64.2 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 15 k€, i.e. 5.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 126%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 43%. 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 30.3 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 31.4% 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 1780.75. 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 57.5x. 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: 5 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 141 days. Excellent situation: suppliers finance 136 days of the operating cycle (retail model). Inventory turnover is 2870 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 3244 days of revenue, i.e. 2.6 M€ to permanently finance. Notable WCR improvement over the period (-66%), freeing up cash.

Based on 113 transactions of similar company sales (all years), the value of ETIMMO is estimated at 357 330 € (range 137 411€ - 532 032€). With an EBITDA of 186 598€, the sector multiple of 3.6x is applied. The price/revenue ratio is 0.11x (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.