PROSDIM : revenue, balance sheet and financial ratios

In 2024, PROSDIM achieves revenue of 353 k€. Revenue is declining over the period 2016-2024 (CAGR: -8.2%). Vs 2023: +1%. After deducting consumption (0 €), gross margin stands at 353 k€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 42 k€, representing 12.0% of revenue. Positive scissor effect: EBITDA margin improves by +9.9 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 1.3 M€, i.e. 368.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 186%. 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 19%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 7.7 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 433.6% 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 192.96. 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 2082.1x. 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: 1074 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 797 days. The gap of 277 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 14397 days of revenue, i.e. 14.1 M€ to permanently finance. Over 2016-2024, WCR increased by +72%, requiring additional financing.

Based on 169 transactions of similar company sales in 2024, the value of PROSDIM is estimated at 1 979 076 € (range 597 729€ - 3 591 498€). With an EBITDA of 42 492€, the sector multiple of 5.6x is applied. The price/revenue ratio is 0.81x (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.