MAILEVA : revenue, balance sheet and financial ratios

In 2024, MAILEVA achieves revenue of 62.6 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +7.9%. Vs 2023, growth of +11% (56.5 M€ -> 62.6 M€). After deducting consumption (2.3 M€), gross margin stands at 60.3 M€, i.e. a rate of 96%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 22.6 M€, representing 36.1% of revenue. Positive scissor effect: EBITDA margin improves by +6.9 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Net income is negative at -645 k€ (-1.0% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 262%. 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 11%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.8 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 24.6% 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 123.42. 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 57.3x. 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: 84 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 135 days. Excellent situation: suppliers finance 51 days of the operating cycle (retail model). Inventory turnover is 2 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 101 days of revenue, i.e. 17.6 M€ to permanently finance. Over 2016-2024, WCR increased by +73%, requiring additional financing.

Based on 120 transactions of similar company sales (all years), the value of MAILEVA is estimated at 37 802 048 € (range 17 241 066€ - 102 041 810€). With an EBITDA of 22 610 074€, the sector multiple of 2.2x is applied. The price/revenue ratio is 0.27x (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.