SERGANE : revenue, balance sheet and financial ratios

In 2024, SERGANE achieves revenue of 504 k€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +5.3%. Slight decline of -6% vs 2023. After deducting consumption (0 €), gross margin stands at 504 k€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 36 k€, representing 7.2% of revenue. Warning negative scissor effect: despite revenue change (-6%), EBITDA varies by -28%, reducing margin by 2.2 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 1.6 M€, i.e. 316.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 16%. 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 66%. 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 0.3 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 315.3% 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 243.44. 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 159.9x. 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: 12 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 187 days. Excellent situation: suppliers finance 175 days of the operating cycle (retail model). WCR is negative (-275 days): operations structurally generate cash. Notable WCR improvement over the period (-652%), freeing up cash.

Based on 135 transactions of similar company sales (all years), the value of SERGANE is estimated at 638 834 € (range 323 404€ - 1 645 431€). With an EBITDA of 36 452€, the sector multiple of 2.0x is applied. The price/revenue ratio is 0.08x (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.