FAME : revenue, balance sheet and financial ratios

In 2024, FAME achieves revenue of 19.0 M€. Revenue is growing positively over 9 years (CAGR: +2.2%). Slight decline of -4% vs 2023. After deducting consumption (8.4 M€), gross margin stands at 10.7 M€, i.e. a rate of 56%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 581 k€, representing 3.1% of revenue. Warning negative scissor effect: despite revenue change (-4%), EBITDA varies by -59%, reducing margin by 4.1 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 485 k€, i.e. 2.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 8%. 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 69%. 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 1.1 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 2.5% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 354.12. 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 11.6x. 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: 32 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 36 days. Favorable situation: supplier credit is longer than customer credit by 4 days. Inventory turnover is 56 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 88 days of revenue, i.e. 4.6 M€ to permanently finance. Over 2016-2024, WCR increased by +51%, requiring additional financing.

Based on 75 transactions of similar company sales (all years), the value of FAME is estimated at 1 509 203 € (range 736 397€ - 2 657 895€). With an EBITDA of 581 487€, the sector multiple of 1.2x is applied. The price/revenue ratio is 0.16x (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.