LEDAM : revenue, balance sheet and financial ratios

In 2025, LEDAM achieves revenue of 914 k€. Over the period 2020-2025, the company shows strong growth with a CAGR (compound annual growth rate) of +7.9%. Vs 2024: +9%. After deducting consumption (128 k€), gross margin stands at 785 k€, i.e. a rate of 86%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 244 k€, representing 26.7% of revenue. Warning negative scissor effect: despite revenue change (+9%), 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 71 k€, i.e. 7.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 4%. 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 77%. 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 0.1 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 24.7% 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 314.56. 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 0.8x. 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: 12 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 82 days. Excellent situation: suppliers finance 70 days of the operating cycle (retail model). Inventory turnover is 49 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 77 days of revenue, i.e. 196 k€ to permanently finance.

Based on 239 transactions of similar company sales (all years), the value of LEDAM is estimated at 556 705 € (range 235 296€ - 971 933€). With an EBITDA of 244 370€, the sector multiple of 3.4x is applied. The price/revenue ratio is 0.28x (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.