INIBAR SERVICES : revenue, balance sheet and financial ratios

In 2024, INIBAR SERVICES achieves revenue of 6.4 M€. Revenue is growing positively over 10 years (CAGR: +0.3%). Significant drop of -13% vs 2023. After deducting consumption (119 k€), gross margin stands at 6.3 M€, i.e. a rate of 98%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 119 k€, representing 1.9% of revenue. Warning negative scissor effect: despite revenue change (-13%), EBITDA varies by -69%, reducing margin by 3.4 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 50 k€, i.e. 0.8% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 34%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 39%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 11.8 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 0.8% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 219.89. 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 15.1x. 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: 97 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 75 days. The company must finance 22 days of gap between collections and payments. Inventory turnover is 62 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 155 days of revenue, i.e. 2.8 M€ to permanently finance. Over 2015-2024, WCR increased by +131%, requiring additional financing.

Based on 215 transactions of similar company sales (all years), the value of INIBAR SERVICES is estimated at 383 006 € (range 194 654€ - 867 167€). With an EBITDA of 119 480€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.16x (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.