INTERWAY : revenue, balance sheet and financial ratios

In 2024, INTERWAY achieves revenue of 55.6 M€. Revenue is growing positively over 9 years (CAGR: +4.0%). Vs 2023: +3%. After deducting consumption (1.7 M€), gross margin stands at 53.9 M€, i.e. a rate of 97%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 6.9 M€, representing 12.4% of revenue. Warning negative scissor effect: despite revenue change (+3%), EBITDA varies by -13%, reducing margin by 2.3 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 2.0 M€, i.e. 3.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 12%. 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 50%. 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 0.2 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 10.5% 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 76.56. 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 1.5x. Coverage is limited: any activity downturn would jeopardize interest payments.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 26 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 55 days. Favorable situation: supplier credit is longer than customer credit by 29 days. Inventory turnover is 5 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 2 days of revenue, i.e. 372 k€ to permanently finance. Notable WCR improvement over the period (-71%), freeing up cash.

Based on 362 transactions of similar company sales (all years), the value of INTERWAY is estimated at 8 896 570 € (range 3 393 945€ - 25 898 450€). With an EBITDA of 6 919 188€, the sector multiple of 1.4x 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.