FORVIS MAZARS ACTUARIAT : revenue, balance sheet and financial ratios

In 2024, FORVIS MAZARS ACTUARIAT achieves revenue of 13.7 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +9.7%. Slight decline of -2% vs 2023. After deducting consumption (0 €), gross margin stands at 13.7 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 1.4 M€, representing 10.2% of revenue. Warning negative scissor effect: despite revenue change (-2%), EBITDA varies by -49%, reducing margin by 9.4 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 1.2 M€, i.e. 9.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 43%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 36%. The balance between equity and debt is satisfactory. 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 8.9% 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 205.13. 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 1.5x. Coverage is limited: any activity downturn would jeopardize interest payments.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 36 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 115 days. Excellent situation: suppliers finance 79 days of the operating cycle (retail model). Inventory turnover is 16 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 159 days of revenue, i.e. 6.0 M€ to permanently finance. Over 2016-2024, WCR increased by +397%, requiring additional financing.

Based on 69 transactions of similar company sales in 2024, the value of FORVIS MAZARS ACTUARIAT is estimated at 7 365 469 € (range 2 804 719€ - 12 002 081€). With an EBITDA of 1 386 939€, the sector multiple of 4.3x is applied. The price/revenue ratio is 0.66x (in line with sector norms). 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.