KINGSPAN LIGHT AIR : revenue, balance sheet and financial ratios

In 2024, KINGSPAN LIGHT AIR achieves revenue of 67.6 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +9.5%. Slight decline of -7% vs 2023. After deducting consumption (21.6 M€), gross margin stands at 46.0 M€, i.e. a rate of 68%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 4.3 M€, representing 6.3% of revenue. Warning negative scissor effect: despite revenue change (-7%), EBITDA varies by -49%, reducing margin by 5.1 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 4.1 M€, i.e. 6.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 217%. 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 21%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 8.9 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 10.0% 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 178.71. 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 40.2x. 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: 102 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 64 days. The gap of 38 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 75 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 183 days of revenue, i.e. 34.3 M€ to permanently finance. Over 2016-2024, WCR increased by +347%, requiring additional financing.

Based on 76 transactions of similar company sales (all years), the value of KINGSPAN LIGHT AIR is estimated at 8 252 027 € (range 3 492 632€ - 17 126 593€). With an EBITDA of 4 289 581€, the sector multiple of 1.3x 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.
Medium reliability: estimate to be confirmed with in-depth analysis.