KMGA : revenue, balance sheet and financial ratios

In 2024, KMGA achieves revenue of 1.3 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +8.7%. Significant drop of -27% vs 2023. After deducting consumption (465 k€), gross margin stands at 822 k€, i.e. a rate of 64%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 78 k€, representing 6.0% of revenue. Positive scissor effect: EBITDA margin improves by +3.8 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 23 k€, i.e. 1.8% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 22%. 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 57%. 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 1.5 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 4.2% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 316.29. 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 4.9x. Financial charges are adequately covered by operations.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 112 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 24 days. The gap of 88 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 7 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 115 days of revenue, i.e. 411 k€ to permanently finance. Over 2016-2024, WCR increased by +293%, requiring additional financing.

Based on 98 transactions of similar company sales (all years), the value of KMGA is estimated at 119 892 € (range 56 037€ - 250 160€). With an EBITDA of 77 528€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.18x (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.