PICVERT : revenue, balance sheet and financial ratios

In 2024, PICVERT achieves revenue of 25.5 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +7.0%. Vs 2023: +4%. After deducting consumption (15.0 M€), gross margin stands at 10.5 M€, i.e. a rate of 41%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 2.3 M€, representing 8.8% of revenue. Warning negative scissor effect: despite revenue change (+4%), EBITDA varies by -25%, reducing margin by 3.4 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 1.0 M€, i.e. 4.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 33%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 48%. 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 6.9% 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 216.81. 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 5.3x. 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: 71 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 79 days. Favorable situation: supplier credit is longer than customer credit by 8 days. Inventory turnover is 14 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 136 days of revenue, i.e. 9.6 M€ to permanently finance. Over 2016-2024, WCR increased by +247%, requiring additional financing.

Based on 138 transactions of similar company sales (all years), the value of PICVERT is estimated at 7 441 088 € (range 2 554 358€ - 12 619 311€). With an EBITDA of 2 253 133€, the sector multiple of 3.3x is applied. The price/revenue ratio is 0.41x (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.