LISODE : revenue, balance sheet and financial ratios

In 2024, LISODE achieves revenue of 466 k€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +6.4%. Slight decline of -8% vs 2023. After deducting consumption (4 k€), gross margin stands at 462 k€, i.e. a rate of 99%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 6 k€, representing 1.3% of revenue. Warning negative scissor effect: despite revenue change (-8%), EBITDA varies by -93%, reducing margin by 16.7 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 33 k€, i.e. 7.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 9%. 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 67%. 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 1.2 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 6.0% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 439.21. 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 52.7x. 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: 42 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 20 days. The company must finance 22 days of gap between collections and payments. Inventory turnover is 75 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 105 days of revenue, i.e. 136 k€ to permanently finance. Over 2016-2024, WCR increased by +222%, requiring additional financing.

Based on 69 transactions of similar company sales in 2024, the value of LISODE is estimated at 150 593 € (range 73 440€ - 236 681€). With an EBITDA of 5 954€, the sector multiple of 4.3x is applied. The price/revenue ratio is 0.66x (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.
Medium reliability: estimate to be confirmed with in-depth analysis.