LASERMAX : revenue, balance sheet and financial ratios

In 2023, LASERMAX achieves revenue of 163 k€. Activity remains stable over the period (CAGR: -0.0%). Slight decline of -0% vs 2021. After deducting consumption (79 k€), gross margin stands at 84 k€, i.e. a rate of 51%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 23 k€, representing 14.3% of revenue. Positive scissor effect: EBITDA margin improves by +17.7 pts, sign of improved operational efficiency. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 14 k€, i.e. 8.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 166%. 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 36%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 13.0 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 12.2% 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 1143.00. 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 11.9x. 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: 45 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 14 days. The gap of 31 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 167 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 186 days of revenue, i.e. 84 k€ to permanently finance. Over 2016-2023, WCR increased by +40%, requiring additional financing.

Based on 124 transactions of similar company sales (all years), the value of LASERMAX is estimated at 20 845 € (range 10 372€ - 69 540€). With an EBITDA of 23 293€, the sector multiple of 0.7x is applied. The price/revenue ratio is 0.21x (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.