PANASIA HOLDING : revenue, balance sheet and financial ratios

In 2024, PANASIA HOLDING achieves revenue of 313 k€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +13.8%. Vs 2023, growth of +18% (266 k€ -> 313 k€). After deducting consumption (5 k€), gross margin stands at 308 k€, i.e. a rate of 98%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 11 k€, representing 3.6% of revenue. Warning negative scissor effect: despite revenue change (+18%), EBITDA varies by -27%, reducing margin by 2.1 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 147 k€, i.e. 46.8% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 14%. 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 72%. 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 0.4 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 110.6% 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 189.39. 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 3581.4x. 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: 177 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 59 days. The gap of 118 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 10 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 226 days of revenue, i.e. 197 k€ to permanently finance. Notable WCR improvement over the period (-41%), freeing up cash.

Based on 54 transactions of similar company sales in 2024, the value of PANASIA HOLDING is estimated at 125 161 € (range 66 329€ - 331 455€). With an EBITDA of 11 149€, the sector multiple of 4.8x is applied. The price/revenue ratio is 0.59x (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.
Medium reliability: estimate to be confirmed with in-depth analysis.