SPEEDOS : revenue, balance sheet and financial ratios

In 2024, SPEEDOS achieves revenue of 235 k€. Over the period 2017-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +20.4%. Slight decline of -8% vs 2023. After deducting consumption (123 k€), gross margin stands at 112 k€, i.e. a rate of 48%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 36 k€, representing 15.1% of revenue. Positive scissor effect: EBITDA margin improves by +3.7 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 25 k€, i.e. 10.8% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 480%. 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 74%. 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 5.3 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 11.3% 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 150.76. 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 15.3x. 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: 0 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 4 days. Favorable situation: supplier credit is longer than customer credit by 4 days. Inventory turnover is 22 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 13 days of revenue, i.e. 9 k€ to permanently finance. Over 2017-2024, WCR increased by +50%, requiring additional financing.

Based on 117 transactions of similar company sales in 2024, the value of SPEEDOS is estimated at 120 163 € (range 75 634€ - 226 676€). With an EBITDA of 35 514€, the sector multiple of 4.0x is applied. The price/revenue ratio is 0.53x (in line with sector norms). 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.