PLATEFORME 38 : revenue, balance sheet and financial ratios

In 2024, PLATEFORME 38 achieves revenue of 4.4 M€. Activity remains stable over the period (CAGR: -0.7%). Slight decline of -3% vs 2023. After deducting consumption (911 k€), gross margin stands at 3.5 M€, i.e. a rate of 79%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 544 k€, representing 12.5% of revenue. Positive scissor effect: EBITDA margin improves by +10.0 pts, sign of improved operational efficiency. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 259 k€, i.e. 5.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 6%. 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 68%. 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 0.3 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 11.0% 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 267.61. 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 0.2x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 65 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 68 days. Favorable situation: supplier credit is longer than customer credit by 3 days. Inventory turnover is 18 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 53 days of revenue, i.e. 643 k€ to permanently finance. Notable WCR improvement over the period (-21%), freeing up cash.

Based on 158 transactions of similar company sales (all years), the value of PLATEFORME 38 is estimated at 1 544 792 € (range 583 440€ - 3 440 692€). With an EBITDA of 544 434€, the sector multiple of 3.3x is applied. The price/revenue ratio is 0.36x (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.