FILIGRANE PROGRAMMATION : revenue, balance sheet and financial ratios

In 2024, FILIGRANE PROGRAMMATION achieves revenue of 1.3 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +6.5%. Significant drop of -19% vs 2023. After deducting consumption (0 €), gross margin stands at 1.3 M€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 92 k€, representing 7.3% of revenue. Warning negative scissor effect: despite revenue change (-19%), EBITDA varies by -68%, reducing margin by 11.4 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 61 k€, i.e. 4.8% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 189%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 25%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 8.8 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 5.6% 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 292.03. 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 29.4x. 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: 134 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 87 days. The gap of 47 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Overall, WCR represents 99 days of revenue, i.e. 348 k€ to permanently finance. Over 2016-2024, WCR increased by +107%, requiring additional financing.

Based on 98 transactions of similar company sales (all years), the value of FILIGRANE PROGRAMMATION is estimated at 355 220 € (range 96 566€ - 592 113€). With an EBITDA of 91 534€, the sector multiple of 3.5x is applied. The price/revenue ratio is 0.36x (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.