FPPM INTERNATIONAL : revenue, balance sheet and financial ratios

In 2024, FPPM INTERNATIONAL achieves revenue of 32.6 M€. Over the period 2017-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +19.2%. Slight decline of -2% vs 2023. After deducting consumption (12.0 M€), gross margin stands at 20.5 M€, i.e. a rate of 63%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 3.5 M€, representing 10.9% of revenue. Warning negative scissor effect: despite revenue change (-2%), EBITDA varies by -30%, reducing margin by 4.3 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 1.6 M€, 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 57%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 52%. 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 2.3 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 8.7% 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 305.53. 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 3.9x. Financial charges are adequately covered by operations.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 12 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 37 days. Favorable situation: supplier credit is longer than customer credit by 25 days. Inventory turnover is 102 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 104 days of revenue, i.e. 9.4 M€ to permanently finance.

Based on 121 transactions of similar company sales (all years), the value of FPPM INTERNATIONAL is estimated at 9 456 249 € (range 4 378 495€ - 21 909 759€). With an EBITDA of 3 545 409€, the sector multiple of 3.2x is applied. The price/revenue ratio is 0.27x (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.