SALAMANDRE : revenue, balance sheet and financial ratios

In 2024, SALAMANDRE achieves revenue of 4.1 M€. Activity remains stable over the period (CAGR: -1.1%). Significant drop of -72% vs 2023. After deducting consumption (8.2 M€), gross margin stands at -4.1 M€, i.e. a rate of -99%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 2.2 M€, representing 54.3% of revenue. Positive scissor effect: EBITDA margin improves by +43.4 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 4.5 M€, i.e. 108.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 24%. 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 62%. 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 4.9 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 104.9% 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 194.75. 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 71.1x. 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: 117 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 7 days. The gap of 110 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 1386 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 868 days of revenue, i.e. 9.9 M€ to permanently finance. Notable WCR improvement over the period (-84%), freeing up cash.

Based on 80 transactions of similar company sales (all years), the value of SALAMANDRE is estimated at 3 551 001 € (range 1 234 098€ - 9 993 496€). With an EBITDA of 2 224 572€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.28x (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.
Medium reliability: estimate to be confirmed with in-depth analysis.