SMURFIT WESTROCK BAG IN BOX : revenue, balance sheet and financial ratios

In 2024, SMURFIT WESTROCK BAG IN BOX achieves revenue of 96.6 M€. Revenue is growing positively over 9 years (CAGR: +1.9%). Slight decline of -6% vs 2023. After deducting consumption (51.9 M€), gross margin stands at 44.6 M€, i.e. a rate of 46%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 10.9 M€, representing 11.3% of revenue. Warning negative scissor effect: despite revenue change (-6%), EBITDA varies by -23%, reducing margin by 2.4 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 4.2 M€, i.e. 4.3% 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 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 0.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 7.7% 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 239.66. 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 10.9x. 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: 4 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 43 days. Excellent situation: suppliers finance 39 days of the operating cycle (retail model). Inventory turnover is 41 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 154 days of revenue, i.e. 41.3 M€ to permanently finance.

Based on 76 transactions of similar company sales (all years), the value of SMURFIT WESTROCK BAG IN BOX is estimated at 14 203 811 € (range 6 004 638€ - 28 836 013€). With an EBITDA of 10 869 089€, the sector multiple of 1.3x is applied. The price/revenue ratio is 0.20x (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.