HBMF : revenue, balance sheet and financial ratios

In 2024, HBMF achieves revenue of 328 k€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +9.3%. Vs 2023, growth of +13% (290 k€ -> 328 k€). After deducting consumption (0 €), gross margin stands at 328 k€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 3 k€, representing 0.9% of revenue. Warning negative scissor effect: despite revenue change (+13%), EBITDA varies by -86%, reducing margin by 6.5 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 370 k€, i.e. 112.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 63%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 61%. 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 4.6 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 125.4% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

The liquidity ratio (= Current assets / Current liabilities) stands at 1617.16. 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 1551.6x. 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: 155 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 29 days. The gap of 126 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 798 days of revenue, i.e. 727 k€ to permanently finance. Over 2016-2024, WCR increased by +410%, requiring additional financing.

Based on 153 transactions of similar company sales (all years), the value of HBMF is estimated at 698 679 € (range 265 376€ - 1 491 166€). With an EBITDA of 3 093€, the sector multiple of 7.1x is applied. The price/revenue ratio is 1.61x (premium 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.