SERENISS : revenue, balance sheet and financial ratios

In 2023, SERENISS achieves revenue of 676 k€. Over the period 2016-2023, the company shows strong growth with a CAGR (compound annual growth rate) of +13.0%. Vs 2022, growth of +14% (595 k€ -> 676 k€). After deducting consumption (195 k€), gross margin stands at 481 k€, i.e. a rate of 71%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 251 k€, representing 37.2% of revenue. Warning negative scissor effect: despite revenue change (+14%), EBITDA varies by -26%, reducing margin by 19.8 pts. This reflects costs rising faster than 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 151 k€, i.e. 22.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 14%. 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 68%. 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 0.4 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 29.7% 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 258.61. 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 0.0x. 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: 44 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 25 days. The company must finance 19 days of gap between collections and payments. Inventory turnover is 144 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. 235 k€ to permanently finance. Over 2016-2023, WCR increased by +987%, requiring additional financing.

Based on 100 transactions of similar company sales in 2023, the value of SERENISS is estimated at 694 744 € (range 331 818€ - 1 491 387€). With an EBITDA of 251 132€, the sector multiple of 3.9x is applied. The price/revenue ratio is 0.42x (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.