NEA KAMENI M&S HOLDING : revenue, balance sheet and financial ratios

In 2024, NEA KAMENI M&S HOLDING achieves revenue of 475 k€. Revenue is growing positively over 6 years (CAGR: +2.2%). Significant drop of -13% vs 2023. After deducting consumption (0 €), gross margin stands at 475 k€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 206 k€, representing 43.4% of revenue. Warning negative scissor effect: despite revenue change (-13%), EBITDA varies by -40%, reducing margin by 19.9 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 11 k€, i.e. 2.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 124%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 44%. 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 32.5 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 33.6% 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 4194.03. 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 36.6x. 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: 36 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 85 days. Excellent situation: suppliers finance 49 days of the operating cycle (retail model). Overall, WCR represents 2858 days of revenue, i.e. 3.8 M€ to permanently finance. Over 2016-2024, WCR increased by +5641%, requiring additional financing.

Based on 173 transactions of similar company sales (all years), the value of NEA KAMENI M&S HOLDING is estimated at 416 772 € (range 122 682€ - 830 210€). With an EBITDA of 206 337€, the sector multiple of 3.4x is applied. The price/revenue ratio is 0.38x (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.