PHOTOSOL INVEST 2 : revenue, balance sheet and financial ratios

In 2024, PHOTOSOL INVEST 2 achieves revenue of 10.2 M€. Over the period 2021-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +38.1%. Vs 2023, growth of +33% (7.7 M€ -> 10.2 M€). After deducting consumption (0 €), gross margin stands at 10.2 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 1.9 M€, representing 18.6% of revenue. Warning negative scissor effect: despite revenue change (+33%), EBITDA varies by +15%, reducing margin by 2.9 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 152 k€, i.e. 1.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 237%. 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 27%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 42.7 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 5.5% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 318.24. 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 71.6x. 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: 257 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 41 days. The gap of 216 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 243 days of revenue, i.e. 6.9 M€ to permanently finance. Over 2021-2024, WCR increased by +144%, requiring additional financing.

Based on 69 transactions of similar company sales in 2024, the value of PHOTOSOL INVEST 2 is estimated at 6 244 422 € (range 2 048 200€ - 9 193 283€). With an EBITDA of 1 891 187€, the sector multiple of 4.3x is applied. The price/revenue ratio is 0.66x (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.