GESTAR : revenue, balance sheet and financial ratios

In 2025, GESTAR achieves revenue of 3.8 M€. Revenue is growing positively over 8 years (CAGR: +1.8%). Significant drop of -23% vs 2024. After deducting consumption (0 €), gross margin stands at 3.8 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 275 k€, representing 7.3% of revenue. Warning negative scissor effect: despite revenue change (-23%), EBITDA varies by -45%, reducing margin by 2.9 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 44 k€, i.e. 1.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 177%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 34%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 120.7 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 5.9% 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 1497.35. 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 650.7x. 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: 856 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 71 days. The gap of 785 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 3604 days of revenue, i.e. 37.9 M€ to permanently finance. Over 2017-2025, WCR increased by +854%, requiring additional financing.

Based on 277 transactions of similar company sales (all years), the value of GESTAR is estimated at 525 585 € (range 223 868€ - 1 316 460€). With an EBITDA of 274 889€, the sector multiple of 1.3x is applied. The price/revenue ratio is 0.29x (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.