MEDICAMENTS EXPORT : revenue, balance sheet and financial ratios

In 2024, MEDICAMENTS EXPORT achieves revenue of 15.2 M€. Activity remains stable over the period (CAGR: -1.9%). Vs 2023, growth of +27% (12.0 M€ -> 15.2 M€). After deducting consumption (12.3 M€), gross margin stands at 3.0 M€, i.e. a rate of 19%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.5 M€, representing 9.7% of revenue. Positive scissor effect: EBITDA margin improves by +5.9 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 902 k€, i.e. 5.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 5%. 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 55%. 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 0.4 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 6.7% 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 202.81. 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 14.3x. 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: 71 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 135 days. Excellent situation: suppliers finance 64 days of the operating cycle (retail model). Inventory turnover is 176 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 253 days of revenue, i.e. 10.7 M€ to permanently finance. Over 2016-2024, WCR increased by +331%, requiring additional financing.

Based on 124 transactions of similar company sales (all years), the value of MEDICAMENTS EXPORT is estimated at 1 640 550 € (range 829 554€ - 5 378 702€). With an EBITDA of 1 475 749€, 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.