INRESA : revenue, balance sheet and financial ratios

In 2024, INRESA achieves revenue of 29.1 M€. Revenue is growing positively over 9 years (CAGR: +4.1%). Slight decline of -1% vs 2023. After deducting consumption (20.6 M€), gross margin stands at 8.5 M€, i.e. a rate of 29%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 954 k€, representing 3.3% of revenue. Warning negative scissor effect: despite revenue change (-1%), EBITDA varies by -58%, reducing margin by 4.4 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 688 k€, i.e. 2.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 0%. 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 61%. 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 0.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 2.3% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 267.74. 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 7.9x. 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: 41 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 59 days. Favorable situation: supplier credit is longer than customer credit by 18 days. Inventory turnover is 67 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 106 days of revenue, i.e. 8.5 M€ to permanently finance. Over 2016-2024, WCR increased by +71%, requiring additional financing.

Based on 124 transactions of similar company sales (all years), the value of INRESA is estimated at 2 307 554 € (range 1 209 700€ - 7 265 095€). With an EBITDA of 954 146€, 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.