HOLDING CONSTELLATION : revenue, balance sheet and financial ratios

In 2024, HOLDING CONSTELLATION achieves revenue of 342 k€. Revenue is growing positively over 8 years (CAGR: +0.4%). Slight decline of -10% vs 2023. After deducting consumption (0 €), gross margin stands at 342 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 40 k€, representing 11.7% of revenue. Warning negative scissor effect: despite revenue change (-10%), EBITDA varies by -59%, reducing margin by 14.1 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 120 k€, i.e. 35.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 0%. This very low level reflects a solid financial structure, offering significant room for future investments or acquisitions. Financial autonomy (= Equity / Total assets x 100) reaches 98%. 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 0.1 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 33.6% 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 833.25. 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 2.8x. 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: 110 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 66 days. The gap of 44 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 109 days of revenue, i.e. 104 k€ to permanently finance. Over 2016-2024, WCR increased by +442%, requiring additional financing.

Based on 103 transactions of similar company sales in 2024, the value of HOLDING CONSTELLATION is estimated at 367 354 € (range 114 066€ - 858 655€). With an EBITDA of 39 993€, the sector multiple of 5.0x is applied. The price/revenue ratio is 0.38x (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.