L'ABEILLE PHARMA : revenue, balance sheet and financial ratios

In 2024, L'ABEILLE PHARMA achieves revenue of 1.6 M€. Revenue is growing positively over 7 years (CAGR: +0.8%). Slight decline of -7% vs 2023. After deducting consumption (1.1 M€), gross margin stands at 486 k€, i.e. a rate of 30%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 83 k€, representing 5.1% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 68 k€, i.e. 4.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 19%. 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 74%. 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 3.2 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 3.6% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 182.49. 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 7.2x. 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: 10 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 37 days. Favorable situation: supplier credit is longer than customer credit by 27 days. Inventory turnover is 39 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 47 days of revenue, i.e. 212 k€ to permanently finance. Over 2017-2024, WCR increased by +194%, requiring additional financing.

Based on 225 transactions of similar company sales in 2024, the value of L'ABEILLE PHARMA is estimated at 888 965 € (range 647 451€ - 1 278 834€). With an EBITDA of 83 491€, the sector multiple of 9.2x is applied. The price/revenue ratio is 0.64x (in line with sector norms). 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.