RESEDA : revenue, balance sheet and financial ratios

In 2024, RESEDA achieves revenue of 81.7 M€. Revenue is growing positively over 9 years (CAGR: +3.4%). Vs 2023: +8%. After deducting consumption (3.1 M€), gross margin stands at 78.6 M€, i.e. a rate of 96%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 33.7 M€, representing 41.2% of 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 6.7 M€, i.e. 8.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 11%. 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 45%. 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 0.7 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 36.7% 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 209.92. 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 1.1x. Coverage is limited: any activity downturn would jeopardize interest payments.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 119 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 86 days. The gap of 33 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 17 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 92 days of revenue, i.e. 20.8 M€ to permanently finance.

Based on 93 transactions of similar company sales (all years), the value of RESEDA is estimated at 56 375 423 € (range 7 215 079€ - 218 047 391€). With an EBITDA of 33 683 553€, the sector multiple of 2.3x is applied. The price/revenue ratio is 0.59x (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.