JICAP PERFORMANCE : revenue, balance sheet and financial ratios

In 2023, JICAP PERFORMANCE achieves revenue of 7.6 M€. Over the period 2017-2023, the company shows strong growth with a CAGR (compound annual growth rate) of +43.1%. Vs 2022, growth of +22% (6.2 M€ -> 7.6 M€). After deducting consumption (0 €), gross margin stands at 7.6 M€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 328 k€, representing 4.3% of revenue. Warning negative scissor effect: despite revenue change (+22%), EBITDA varies by -54%, reducing margin by 7.1 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 236 k€, i.e. 3.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 246%. 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 15%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 10.7 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 2.6% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 141.65. 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 40.4x. 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: 137 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 67 days. The gap of 70 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 105 days of revenue, i.e. 2.2 M€ to permanently finance. Over 2017-2023, WCR increased by +630%, requiring additional financing.

Based on 66 transactions of similar company sales in 2023, the value of JICAP PERFORMANCE is estimated at 2 416 369 € (range 903 535€ - 4 053 752€). With an EBITDA of 327 521€, the sector multiple of 4.0x is applied. The price/revenue ratio is 0.63x (in line with sector norms). 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.
Medium reliability: estimate to be confirmed with in-depth analysis.