FINANCIERE AKHENATON : revenue, balance sheet and financial ratios

In 2024, FINANCIERE AKHENATON achieves revenue of 904 k€. Revenue is growing positively over 10 years (CAGR: +4.0%). Slight decline of -9% vs 2023. After deducting consumption (908 €), gross margin stands at 903 k€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 428 k€, representing 47.4% of revenue. Warning negative scissor effect: despite revenue change (-9%), EBITDA varies by -35%, reducing margin by 18.3 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 270 k€, i.e. 29.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 20%. 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 80%. 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 5.3 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 23.7% 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 2099.72. 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 0.3x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 152 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 106 days. The gap of 46 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 1119 days of revenue, i.e. 2.8 M€ to permanently finance. Over 2015-2024, WCR increased by +4881%, requiring additional financing.

Based on 131 transactions of similar company sales (all years), the value of FINANCIERE AKHENATON is estimated at 1 313 360 € (range 413 422€ - 2 494 956€). With an EBITDA of 427 908€, the sector multiple of 4.8x 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.