KERMETAL : revenue, balance sheet and financial ratios

In 2024, KERMETAL achieves revenue of 165 k€. Revenue is declining over the period 2019-2024 (CAGR: -5.6%). Significant drop of -15% vs 2022. After deducting consumption (56 k€), gross margin stands at 108 k€, i.e. a rate of 66%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 28 k€, representing 17.1% of revenue. Positive scissor effect: EBITDA margin improves by +4.1 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 24 k€, i.e. 14.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 3%. 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 58%. 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 0.1 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 14.4% 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 248.15. 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 0.9x. 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: 59 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 97 days. Excellent situation: suppliers finance 38 days of the operating cycle (retail model). Inventory turnover is 66 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 179 days of revenue, i.e. 82 k€ to permanently finance. Over 2019-2024, WCR increased by +39%, requiring additional financing.

Based on 56 transactions of similar company sales (all years), the value of KERMETAL is estimated at 30 047 € (range 19 335€ - 75 023€). With an EBITDA of 28 159€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.13x (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.
Medium reliability: estimate to be confirmed with in-depth analysis.