RENIGHT : revenue, balance sheet and financial ratios

In 2024, RENIGHT achieves revenue of 269 k€. Revenue is declining over the period 2022-2024 (CAGR: -10.1%). Significant drop of -44% vs 2023. After deducting consumption (190 k€), gross margin stands at 79 k€, i.e. a rate of 30%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 19 k€, representing 7.0% of revenue. Positive scissor effect: EBITDA margin improves by +8.6 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 278 €, i.e. 0.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 341%. 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 20%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 12.4 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 5.8% 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 779.07. 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 14.3x. 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: 13 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 35 days. Favorable situation: supplier credit is longer than customer credit by 22 days. Inventory turnover is 86 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 328 days of revenue, i.e. 245 k€ to permanently finance.

Based on 124 transactions of similar company sales (all years), the value of RENIGHT is estimated at 23 817 € (range 12 450€ - 76 191€). With an EBITDA of 18 704€, the sector multiple of 0.7x is applied. The price/revenue ratio is 0.21x (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.