MARSIL DESENFUMAGE : revenue, balance sheet and financial ratios

In 2023, MARSIL DESENFUMAGE achieves revenue of 1.2 M€. Over the period 2016-2023, the company shows strong growth with a CAGR (compound annual growth rate) of +12.9%. Significant drop of -25% vs 2022. After deducting consumption (180 k€), gross margin stands at 1.1 M€, i.e. a rate of 86%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 104 k€, representing 8.3% of revenue. Positive scissor effect: EBITDA margin improves by +5.1 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 95 k€, i.e. 7.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at -304%. 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 -11%. Low autonomy: the company heavily depends on external financing (banks, suppliers). 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 6.6% 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 110.37. 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 3.3x. Financial charges are adequately covered by operations.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 76 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 21 days. The gap of 55 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 2 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 32 days of revenue, i.e. 112 k€ to permanently finance. Over 2016-2023, WCR increased by +74%, requiring additional financing.

Based on 53 transactions of similar company sales (all years), the value of MARSIL DESENFUMAGE is estimated at 328 273 € (range 133 333€ - 551 028€). With an EBITDA of 103 869€, the sector multiple of 2.6x is applied. The price/revenue ratio is 0.35x (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.
Medium reliability: estimate to be confirmed with in-depth analysis.