SAMSIC : revenue, balance sheet and financial ratios

In 2024, SAMSIC achieves revenue of 95.6 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +9.7%. Vs 2023: +9%. After deducting consumption (1.7 M€), gross margin stands at 93.9 M€, i.e. a rate of 98%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 41.2 M€, representing 43.1% 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 53.4 M€, i.e. 55.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 508%. 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 16%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 15.4 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 58.4% 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 368.69. 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 77.8x. 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: 189 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 134 days. The gap of 55 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 1 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 250 days of revenue, i.e. 66.5 M€ to permanently finance. Over 2016-2024, WCR increased by +202%, requiring additional financing.

Based on 169 transactions of similar company sales in 2024, the value of SAMSIC is estimated at 211 322 630 € (range 61 273 703€ - 381 177 378€). With an EBITDA of 41 203 919€, 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.