ONDEX : revenue, balance sheet and financial ratios

In 2024, ONDEX achieves revenue of 27.5 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +5.5%. Significant drop of -47% vs 2022. After deducting consumption (13.1 M€), gross margin stands at 14.4 M€, i.e. a rate of 52%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.7 M€, representing 6.3% of revenue. Positive scissor effect: EBITDA margin improves by +4.1 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Net income is negative at -2.0 M€ (-7.2% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at -720%. 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 -12%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 21.9 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 2.7% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 291.61. 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 166.7x. 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: 90 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 42 days. The gap of 48 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 77 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 156 days of revenue, i.e. 11.9 M€ to permanently finance. Over 2016-2024, WCR increased by +133%, requiring additional financing.

Based on 76 transactions of similar company sales (all years), the value of ONDEX is estimated at 3 461 520 € (range 1 546 598€ - 5 853 319€). With an EBITDA of 1 731 293€, the sector multiple of 1.3x is applied. The price/revenue ratio is 0.20x (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.