SEMENTAL : revenue, balance sheet and financial ratios

In 2024, SEMENTAL achieves revenue of 27.1 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +12.9%. Vs 2023, growth of +15% (23.6 M€ -> 27.1 M€). After deducting consumption (19.4 M€), gross margin stands at 7.7 M€, i.e. a rate of 28%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.0 M€, representing 3.8% of revenue. Warning negative scissor effect: despite revenue change (+15%), EBITDA varies by -51%, reducing margin by 5.0 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 348 k€, i.e. 1.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 106%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 36%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 14.0 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 1.5% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 384.00. 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 47.1x. 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: 20 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 23 days. Favorable situation: supplier credit is longer than customer credit by 3 days. Inventory turnover is 160 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 169 days of revenue, i.e. 12.7 M€ to permanently finance. Over 2016-2024, WCR increased by +110%, requiring additional financing.

Based on 94 transactions of similar company sales (all years), the value of SEMENTAL is estimated at 1 578 040 € (range 1 022 080€ - 2 739 024€). With an EBITDA of 1 029 592€, the sector multiple of 0.5x is applied. The price/revenue ratio is 0.15x (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.