KLUSTER : revenue, balance sheet and financial ratios

In 2024, KLUSTER achieves revenue of 2.2 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +14.2%. Vs 2023: +6%. After deducting consumption (-9 €), gross margin stands at 2.2 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 721 k€, representing 32.3% of revenue. Warning negative scissor effect: despite revenue change (+6%), EBITDA varies by -7%, reducing margin by 4.5 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 35 k€, i.e. 1.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 16%. 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 85%. 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 20.9 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 16.8% 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 339.00. 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 72.6x. 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: 190 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 88 days. The gap of 102 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 196 days of revenue, i.e. 1.2 M€ to permanently finance. Over 2016-2024, WCR increased by +110%, requiring additional financing.

Based on 113 transactions of similar company sales (all years), the value of KLUSTER is estimated at 1 405 901 € (range 552 649€ - 2 163 615€). With an EBITDA of 720 730€, the sector multiple of 3.6x is applied. The price/revenue ratio is 0.11x (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.