MAPAC PANEL : revenue, balance sheet and financial ratios

In 2025, MAPAC PANEL achieves revenue of 11.0 M€. Revenue is growing positively over 9 years (CAGR: +3.6%). Vs 2024, growth of +11% (9.9 M€ -> 11.0 M€). After deducting consumption (5.1 M€), gross margin stands at 5.8 M€, i.e. a rate of 53%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 760 k€, representing 6.9% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 399 k€, i.e. 3.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 27%. 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 46%. 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 0.7 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 4.5% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 190.11. 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 12.2x. 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: 19 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 43 days. Favorable situation: supplier credit is longer than customer credit by 24 days. Inventory turnover is 46 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 64 days of revenue, i.e. 2.0 M€ to permanently finance.

Based on 228 transactions of similar company sales (all years), the value of MAPAC PANEL is estimated at 1 151 032 € (range 511 653€ - 3 110 957€). With an EBITDA of 760 123€, the sector multiple of 1.5x is applied. The price/revenue ratio is 0.13x (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.