SIBEL : revenue, balance sheet and financial ratios

In 2021, SIBEL achieves revenue of 949 k€. Revenue is growing positively over 6 years (CAGR: +1.1%). Vs 2020, growth of +36% (697 k€ -> 949 k€). After deducting consumption (650 k€), gross margin stands at 299 k€, i.e. a rate of 32%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 37 k€, representing 3.9% of revenue. Warning negative scissor effect: despite revenue change (+36%), EBITDA varies by -16%, reducing margin by 2.4 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 30 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 224%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 18%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 8.6 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 3.8% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 231.71. 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 2.5x. Financial charges are adequately covered by operations.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 56 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 93 days. Excellent situation: suppliers finance 37 days of the operating cycle (retail model). Inventory turnover is 177 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 230 days of revenue, i.e. 607 k€ to permanently finance. Over 2016-2021, WCR increased by +95%, requiring additional financing.

Based on 64 transactions of similar company sales (all years), the value of SIBEL is estimated at 163 404 € (range 99 492€ - 452 400€). With an EBITDA of 37 109€, the sector multiple of 2.4x is applied. The price/revenue ratio is 0.38x (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.