FERINOX S A : revenue, balance sheet and financial ratios

In 2024, FERINOX S A achieves revenue of 189.4 M€. Activity remains stable over the period (CAGR: -1.3%). Slight decline of -3% vs 2023. After deducting consumption (155.0 M€), gross margin stands at 34.4 M€, i.e. a rate of 18%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 13.6 M€, representing 7.2% of revenue. Warning negative scissor effect: despite revenue change (-3%), EBITDA varies by -45%, reducing margin by 5.4 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 10.2 M€, i.e. 5.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 6%. 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 51%. 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 0.2 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 5.1% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 204.97. 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 7.1x. 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: 16 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 32 days. Favorable situation: supplier credit is longer than customer credit by 16 days. Inventory turnover is 57 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 55 days of revenue, i.e. 29.2 M€ to permanently finance. Notable WCR improvement over the period (-48%), freeing up cash.

Based on 85 transactions of similar company sales (all years), the value of FERINOX S A is estimated at 20 738 167 € (range 10 143 613€ - 49 957 497€). With an EBITDA of 13 551 472€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.18x (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.