GEM'BUS : revenue, balance sheet and financial ratios

In 2024, GEM'BUS achieves revenue of 15.9 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +19.4%. Vs 2023, growth of +107% (7.7 M€ -> 15.9 M€). After deducting consumption (1.9 M€), gross margin stands at 14.0 M€, i.e. a rate of 88%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.2 M€, representing 7.5% of revenue. Warning negative scissor effect: despite revenue change (+107%), EBITDA varies by +46%, reducing margin by 3.2 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 786 k€, i.e. 4.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 98%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 19%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 2.1 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 3.6% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 160.67. 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 9.9x. 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: 92 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 38 days. The gap of 54 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 6 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 55 days of revenue, i.e. 2.4 M€ to permanently finance. Over 2016-2024, WCR increased by +202%, requiring additional financing.

Based on 206 transactions of similar company sales (all years), the value of GEM'BUS is estimated at 5 362 615 € (range 2 323 054€ - 10 117 069€). With an EBITDA of 1 191 643€, the sector multiple of 4.2x is applied. The price/revenue ratio is 0.48x (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.