IMMOGIS : revenue, balance sheet and financial ratios

In 2024, IMMOGIS achieves revenue of 529 k€. Over the period 2018-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +11.3%. Vs 2023, growth of +11% (479 k€ -> 529 k€). After deducting consumption (0 €), gross margin stands at 529 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 13 k€, representing 2.4% of revenue. Warning negative scissor effect: despite revenue change (+11%), EBITDA varies by -88%, reducing margin by 20.0 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 1.2 M€, i.e. 235.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 228%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 30%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 10.8 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 222.2% 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 3333.22. 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 1809.7x. 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: 385 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 31 days. The gap of 354 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 1353 days of revenue, i.e. 2.0 M€ to permanently finance. Over 2018-2024, WCR increased by +815%, requiring additional financing.

Based on 277 transactions of similar company sales (all years), the value of IMMOGIS is estimated at 609 421 € (range 149 668€ - 1 835 153€). With an EBITDA of 12 851€, the sector multiple of 1.3x is applied. The price/revenue ratio is 0.29x (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.