SPENCER MOULTON : revenue, balance sheet and financial ratios

In 2024, SPENCER MOULTON achieves revenue of 4.3 M€. Activity remains stable over the period (CAGR: -0.9%). Vs 2023: +4%. After deducting consumption (1.8 M€), gross margin stands at 2.5 M€, i.e. a rate of 59%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 478 k€, representing 11.2% of revenue. Positive scissor effect: EBITDA margin improves by +3.9 pts, sign of improved operational efficiency. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 342 k€, i.e. 8.0% 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 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 0.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 9.1% 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 327.10. 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 0.3x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 42 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 52 days. Favorable situation: supplier credit is longer than customer credit by 10 days. Inventory turnover is 121 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 123 days of revenue, i.e. 1.5 M€ to permanently finance. Over 2016-2024, WCR increased by +27%, requiring additional financing.

Based on 80 transactions of similar company sales (all years), the value of SPENCER MOULTON is estimated at 687 776 € (range 284 372€ - 1 453 278€). With an EBITDA of 478 282€, the sector multiple of 1.3x is applied. The price/revenue ratio is 0.21x (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.