HUMANERA ASSURANCE : revenue, balance sheet and financial ratios

In 2024, HUMANERA ASSURANCE achieves revenue of 1.5 M€. Over the period 2022-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +7.6%. Vs 2023: +3%. After deducting consumption (0 €), gross margin stands at 1.5 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 179 k€, representing 11.8% of revenue. Warning negative scissor effect: despite revenue change (+3%), EBITDA varies by -33%, reducing margin by 6.4 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 148 k€, i.e. 9.8% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 91%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 29%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 2.4 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 10.3% 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 211.90. 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 6.1x. 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: 46 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 18 days. The company must finance 28 days of gap between collections and payments. WCR is negative (-13 days): operations structurally generate cash. Over 2022-2024, WCR increased by +85%, requiring additional financing.

Based on 193 transactions of similar company sales (all years), the value of HUMANERA ASSURANCE is estimated at 613 915 € (range 180 543€ - 1 654 048€). With an EBITDA of 178 735€, the sector multiple of 1.2x is applied. The price/revenue ratio is 0.98x (in line with sector norms). 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.