IDENTITES 49 : revenue, balance sheet and financial ratios

In 2024, IDENTITES 49 achieves revenue of 26.7 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +12.1%. Vs 2023: +8%. After deducting consumption (16.4 M€), gross margin stands at 10.3 M€, i.e. a rate of 39%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 2.2 M€, representing 8.3% of revenue. Warning negative scissor effect: despite revenue change (+8%), EBITDA varies by -20%, reducing margin by 2.9 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 1.5 M€, i.e. 5.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 25%. 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 56%. 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 1.1 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. 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 244.61. 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 6.6x. 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: 43 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 54 days. Favorable situation: supplier credit is longer than customer credit by 11 days. Inventory turnover is 100 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 141 days of revenue, i.e. 10.5 M€ to permanently finance. Over 2016-2024, WCR increased by +189%, requiring additional financing.

Based on 124 transactions of similar company sales (all years), the value of IDENTITES 49 is estimated at 2 722 057 € (range 1 383 496€ - 8 867 973€). With an EBITDA of 2 205 590€, the sector multiple of 0.7x is applied. The price/revenue ratio is 0.21x (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.