SAS PMI : revenue, balance sheet and financial ratios

In 2024, SAS PMI achieves revenue of 7.3 M€. Revenue is growing positively over 11 years (CAGR: +3.1%). Slight decline of -7% vs 2023. After deducting consumption (2.2 M€), gross margin stands at 5.0 M€, i.e. a rate of 69%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 509 k€, representing 7.0% of revenue. Warning negative scissor effect: despite revenue change (-7%), EBITDA varies by -38%, reducing margin by 3.5 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 554 k€, i.e. 7.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 351%. 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 12%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 4.1 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 10.1% 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 274.45. 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 11.7x. 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: 150 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 38 days. The gap of 112 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 9 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 131 days of revenue, i.e. 2.6 M€ to permanently finance. Over 2014-2024, WCR increased by +313%, requiring additional financing.

Based on 104 transactions of similar company sales (all years), the value of SAS PMI is estimated at 991 827 € (range 587 985€ - 2 859 431€). With an EBITDA of 509 347€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.27x (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.