MILLENAIRE FINANCEMENT 23 : revenue, balance sheet and financial ratios

In 2024, MILLENAIRE FINANCEMENT 23 achieves revenue of 13.7 M€. Over the period 2023-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +271.7%. Vs 2023, growth of +272% (3.7 M€ -> 13.7 M€). After deducting consumption (0 €), gross margin stands at 13.7 M€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 13.6 M€, representing 99.2% of revenue. Positive scissor effect: EBITDA margin improves by +50.5 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Net income is negative at -33.0 M€ (-241.2% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at -1243%. 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 -9%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 53.7 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 26.6% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

The liquidity ratio (= Current assets / Current liabilities) stands at 593.90. 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 100.6x. 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: 84 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 0 days. The gap of 84 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. WCR is negative (-2045 days): operations structurally generate cash.

Based on 100 transactions of similar company sales (all years), the value of MILLENAIRE FINANCEMENT 23 is estimated at 16 135 096 € (range 3 332 500€ - 36 186 793€). With an EBITDA of 13 575 879€, the sector multiple of 1.6x is applied. The price/revenue ratio is 0.54x (in line with sector norms). 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.