IVSYS : revenue, balance sheet and financial ratios

In 2024, IVSYS achieves revenue of 635 k€. Revenue is growing positively over 9 years (CAGR: +2.4%). Slight decline of -0% vs 2023. After deducting consumption (224 k€), gross margin stands at 410 k€, i.e. a rate of 65%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 43 k€, representing 6.9% of revenue. Warning negative scissor effect: despite revenue change (-0%), EBITDA varies by -62%, reducing margin by 11.1 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 35 k€, i.e. 5.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 45%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 29%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 1.5 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 6.2% 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 163.84. 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: 110 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 117 days. Favorable situation: supplier credit is longer than customer credit by 7 days. Inventory turnover is 68 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 129 days of revenue, i.e. 228 k€ to permanently finance. Over 2016-2024, WCR increased by +73%, requiring additional financing.

Based on 215 transactions of similar company sales (all years), the value of IVSYS is estimated at 62 125 € (range 28 876€ - 180 000€). With an EBITDA of 43 491€, 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.