ONDINE 2005 : revenue, balance sheet and financial ratios

In 2024, ONDINE 2005 achieves revenue of 1.3 M€. Revenue is growing positively over 9 years (CAGR: +0.6%). Vs 2023, growth of +13% (1.2 M€ -> 1.3 M€). After deducting consumption (0 €), gross margin stands at 1.3 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 577 k€, representing 43.5% of revenue. Warning negative scissor effect: despite revenue change (+13%), EBITDA varies by -2%, reducing margin by 6.9 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 47 k€, i.e. 3.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 456%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 14%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 2.9 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 37.6% 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 547.86. 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 13.9x. 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: 194 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 15 days. The gap of 179 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 99 days of revenue, i.e. 364 k€ to permanently finance. Over 2016-2024, WCR increased by +1673%, requiring additional financing.

Based on 113 transactions of similar company sales (all years), the value of ONDINE 2005 is estimated at 1 119 846 € (range 435 103€ - 1 702 870€). With an EBITDA of 577 111€, the sector multiple of 3.6x is applied. The price/revenue ratio is 0.11x (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.