PFA INVESTISSEMENTS : revenue, balance sheet and financial ratios

In 2024, PFA INVESTISSEMENTS achieves revenue of 2.5 M€. Activity remains stable over the period (CAGR: -1.8%). Vs 2023, growth of +22% (2.1 M€ -> 2.5 M€). After deducting consumption (2.3 M€), gross margin stands at 268 k€, i.e. a rate of 11%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 62 k€, representing 2.5% of revenue. Positive scissor effect: EBITDA margin improves by +8.7 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 71 k€, i.e. 2.8% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 23%. 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 1.5 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 2.9% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 306.56. 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 5.2x. 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: 1 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 20 days. Favorable situation: supplier credit is longer than customer credit by 19 days. Inventory turnover is 116 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 127 days of revenue, i.e. 891 k€ to permanently finance. Over 2016-2024, WCR increased by +128%, requiring additional financing.

Based on 148 transactions of similar company sales in 2024, the value of PFA INVESTISSEMENTS is estimated at 209 280 € (range 94 405€ - 407 873€). With an EBITDA of 62 323€, the sector multiple of 1.6x is applied. The price/revenue ratio is 0.16x (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.