MORA INTERNATIONAL : revenue, balance sheet and financial ratios

In 2024, MORA INTERNATIONAL achieves revenue of 1.4 M€. Revenue is growing positively over 9 years (CAGR: +2.2%). Significant drop of -10% vs 2023. After deducting consumption (0 €), gross margin stands at 1.4 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 38 k€, representing 2.7% of revenue. Positive scissor effect: EBITDA margin improves by +12.6 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 92 k€, i.e. 6.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 42%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 69%. 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 4811.4 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 0.1% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 1124.15. 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 570.4x. 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: 107 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 58 days. The gap of 49 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Overall, WCR represents 1307 days of revenue, i.e. 5.2 M€ to permanently finance. Notable WCR improvement over the period (-55%), freeing up cash.

Based on 131 transactions of similar company sales (all years), the value of MORA INTERNATIONAL is estimated at 305 584 € (range 122 115€ - 626 290€). With an EBITDA of 37 877€, the sector multiple of 4.8x is applied. The price/revenue ratio is 0.36x (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.