SERAX TRANSMISSIONS : revenue, balance sheet and financial ratios

In 2024, SERAX TRANSMISSIONS achieves revenue of 2.7 M€. Activity remains stable over the period (CAGR: -0.2%). Slight decline of -8% vs 2023. After deducting consumption (935 k€), gross margin stands at 1.7 M€, i.e. a rate of 65%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 182 k€, representing 6.8% of revenue. Warning negative scissor effect: despite revenue change (-8%), EBITDA varies by -40%, reducing margin by 3.6 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 86 k€, i.e. 3.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 0%. 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 83%. 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 0.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 5.5% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 574.50. 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 0.4x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 51 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 46 days. The company must finance 5 days of gap between collections and payments. Inventory turnover is 98 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 125 days of revenue, i.e. 930 k€ to permanently finance.

Indicative estimate only : the number of comparable transactions in this sector is limited (37 transactions). This range of 137 426€ to 571 314€ is provided for information purposes only and requires in-depth analysis to be confirmed.