SERFIM INDUSTRIE : revenue, balance sheet and financial ratios

In 2024, SERFIM INDUSTRIE achieves revenue of 9.5 M€. Activity remains stable over the period (CAGR: -3.2%). Significant drop of -23% vs 2023. After deducting consumption (2.0 M€), gross margin stands at 7.5 M€, i.e. a rate of 79%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 334 k€, representing 3.5% of revenue. Positive scissor effect: EBITDA margin improves by +3.4 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 123 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 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 12%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.7 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 2.4% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 127.90. 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 16.2x. 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: 167 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 132 days. The gap of 35 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 83 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 136 days of revenue, i.e. 3.6 M€ to permanently finance.

Based on 98 transactions of similar company sales (all years), the value of SERFIM INDUSTRIE is estimated at 743 648 € (range 338 837€ - 1 432 241€). With an EBITDA of 333 546€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.18x (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.