M.I.D. : revenue, balance sheet and financial ratios

In 2024, M.I.D. achieves revenue of 569 k€. Revenue is growing positively over 9 years (CAGR: +0.9%). Slight decline of -5% vs 2023. After deducting consumption (125 k€), gross margin stands at 443 k€, i.e. a rate of 78%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 8 k€, representing 1.4% of revenue. Warning negative scissor effect: despite revenue change (-5%), EBITDA varies by -70%, reducing margin by 3.0 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 4 k€, i.e. 0.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 23%. 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 43%. 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 6.0 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 0.8% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 179.58. 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 31.2x. 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: 38 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 76 days. Excellent situation: suppliers finance 38 days of the operating cycle (retail model). Inventory turnover is 46 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 98 days of revenue, i.e. 154 k€ to permanently finance.

Based on 104 transactions of similar company sales (all years), the value of M.I.D. is estimated at 50 953 € (range 27 933€ - 133 432€). With an EBITDA of 7 839€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.27x (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.