MATIERE : revenue, balance sheet and financial ratios

In 2024, MATIERE achieves revenue of 209.1 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +20.8%. Vs 2023, growth of +57% (133.4 M€ -> 209.1 M€). After deducting consumption (35.5 M€), gross margin stands at 173.6 M€, i.e. a rate of 83%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 8.9 M€, representing 4.3% of revenue. Positive scissor effect: EBITDA margin improves by +6.0 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 3.1 M€, i.e. 1.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 273%. 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 8.7 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 3.8% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 142.29. 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 27.9x. 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: 147 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 87 days. The gap of 60 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 196 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 191 days of revenue, i.e. 110.9 M€ to permanently finance. Over 2016-2024, WCR increased by +67%, requiring additional financing.

Based on 76 transactions of similar company sales (all years), the value of MATIERE is estimated at 11 494 262 € (range 7 398 459€ - 28 807 565€). With an EBITDA of 8 948 669€, the sector multiple of 0.6x 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.
Medium reliability: estimate to be confirmed with in-depth analysis.