MEDICOAT SAS : revenue, balance sheet and financial ratios

In 2024, MEDICOAT SAS achieves revenue of 3.4 M€. Activity remains stable over the period (CAGR: -3.9%). Significant drop of -25% vs 2023. After deducting consumption (885 k€), gross margin stands at 2.6 M€, i.e. a rate of 74%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 181 k€, representing 5.3% of revenue. Warning negative scissor effect: despite revenue change (-25%), EBITDA varies by -79%, reducing margin by 13.3 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 6 k€, i.e. 0.2% 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 64%. 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 2.9 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 5.5% 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 349.96. 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 11.8x. 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: 21 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 52 days. Excellent situation: suppliers finance 31 days of the operating cycle (retail model). Inventory turnover is 43 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 66 days of revenue, i.e. 628 k€ to permanently finance. Notable WCR improvement over the period (-60%), freeing up cash.

Based on 57 transactions of similar company sales (all years), the value of MEDICOAT SAS is estimated at 466 746 € (range 154 561€ - 920 396€). With an EBITDA of 180 790€, the sector multiple of 2.5x is applied. The price/revenue ratio is 0.23x (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.