MASANTE1+ : revenue, balance sheet and financial ratios

In 2024, MASANTE1+ achieves revenue of 4.2 M€. Vs 2023, growth of +35% (3.1 M€ -> 4.2 M€). After deducting consumption (2.9 M€), gross margin stands at 1.3 M€, i.e. a rate of 31%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 381 k€, representing 9.1% of revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 233 k€, i.e. 5.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 226%. 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 16%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 3.8 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 5.7% 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 204.81. 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 13.1x. 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: 110 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 52 days. The gap of 58 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 65 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 153 days of revenue, i.e. 1.8 M€ to permanently finance.

Based on 124 transactions of similar company sales (all years), the value of MASANTE1+ is estimated at 438 612 € (range 222 349€ - 1 434 183€). With an EBITDA of 380 614€, the sector multiple of 0.7x is applied. The price/revenue ratio is 0.21x (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.