S.N.J. : revenue, balance sheet and financial ratios

In 2024, S.N.J. achieves revenue of 1.2 M€. Activity remains stable over the period (CAGR: -0.1%). Slight decline of -3% vs 2023. After deducting consumption (661 k€), gross margin stands at 498 k€, i.e. a rate of 43%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 111 k€, representing 9.6% of revenue. Warning negative scissor effect: despite revenue change (-3%), EBITDA varies by -21%, reducing margin by 2.3 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 41 k€, i.e. 3.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 219%. 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 25%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 5.1 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 6.5% 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 458.76. 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 22.1x. 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: 1 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 32 days. Excellent situation: suppliers finance 31 days of the operating cycle (retail model). Inventory turnover is 113 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 133 days of revenue, i.e. 428 k€ to permanently finance.

Based on 61 transactions of similar company sales in 2024, the value of S.N.J. is estimated at 378 671 € (range 263 767€ - 575 276€). With an EBITDA of 111 429€, the sector multiple of 4.7x is applied. The price/revenue ratio is 0.22x (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.