ILEX MIDI-PYRENEES : revenue, balance sheet and financial ratios

In 2024, ILEX MIDI-PYRENEES achieves revenue of 3.5 M€. Over the period 2017-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +26.4%. Vs 2023, growth of +17% (3.0 M€ -> 3.5 M€). After deducting consumption (1.0 M€), gross margin stands at 2.5 M€, i.e. a rate of 71%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 237 k€, representing 6.8% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 184 k€, i.e. 5.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 19%. 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 36%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.8 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 5.4% 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 352.85. 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 0.4x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 104 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 21 days. The gap of 83 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 1 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 26 days of revenue, i.e. 249 k€ to permanently finance. Over 2017-2024, WCR increased by +48%, requiring additional financing.

Based on 58 transactions of similar company sales (all years), the value of ILEX MIDI-PYRENEES is estimated at 496 141 € (range 324 747€ - 1 048 351€). With an EBITDA of 237 226€, the sector multiple of 1.2x is applied. The price/revenue ratio is 0.20x (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.
Medium reliability: estimate to be confirmed with in-depth analysis.