KNDS AMMO FRANCE : revenue, balance sheet and financial ratios

In 2024, KNDS AMMO FRANCE achieves revenue of 369.9 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +7.4%. Vs 2023: +1%. After deducting consumption (142.3 M€), gross margin stands at 227.6 M€, i.e. a rate of 62%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 67.0 M€, representing 18.1% of revenue. Positive scissor effect: EBITDA margin improves by +10.5 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 69.0 M€, i.e. 18.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 0%. 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 25%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 16.1% 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 125.01. 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 0.4x. 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: 156 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 77 days. The gap of 79 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 276 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 226 days of revenue, i.e. 232.4 M€ to permanently finance. Over 2016-2024, WCR increased by +75%, requiring additional financing.

Based on 276 transactions of similar company sales (all years), the value of KNDS AMMO FRANCE is estimated at 118 393 189 € (range 38 954 824€ - 296 055 747€). With an EBITDA of 67 008 710€, the sector multiple of 1.7x 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.