FULL-ACE : revenue, balance sheet and financial ratios

In 2024, FULL-ACE achieves revenue of 52.9 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +15.7%. Vs 2023, growth of +17% (45.1 M€ -> 52.9 M€). After deducting consumption (36.8 M€), gross margin stands at 16.0 M€, i.e. a rate of 30%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 3.9 M€, representing 7.3% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 2.1 M€, i.e. 4.0% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 53%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 33%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 1.5 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 4.6% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 155.60. 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 6.4x. 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: 70 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 61 days. The company must finance 9 days of gap between collections and payments. Inventory turnover is 23 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 101 days of revenue, i.e. 14.9 M€ to permanently finance. Over 2016-2024, WCR increased by +244%, requiring additional financing.

Based on 145 transactions of similar company sales (all years), the value of FULL-ACE is estimated at 9 461 871 € (range 3 816 921€ - 24 363 010€). With an EBITDA of 3 852 152€, the sector multiple of 2.6x is applied. The price/revenue ratio is 0.19x (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.