SPONTEX : revenue, balance sheet and financial ratios

In 2024, SPONTEX achieves revenue of 61.1 M€. Revenue is growing positively over 9 years (CAGR: +1.7%). Vs 2023: +5%. After deducting consumption (14.2 M€), gross margin stands at 46.9 M€, i.e. a rate of 77%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 9.1 M€, representing 14.9% of revenue. Positive scissor effect: EBITDA margin improves by +5.1 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 4.6 M€, i.e. 7.5% 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 92%. This high autonomy means the company finances most of its assets through equity, a sign of strength. Cash flow represents 17.3% 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 165.04. 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 0.5x. 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: 81 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 84 days. Favorable situation: supplier credit is longer than customer credit by 3 days. Inventory turnover is 29 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 73 days of revenue, i.e. 12.4 M€ to permanently finance. Over 2016-2024, WCR increased by +354%, requiring additional financing.

Based on 76 transactions of similar company sales (all years), the value of SPONTEX is estimated at 11 061 770 € (range 4 567 730€ - 23 985 760€). With an EBITDA of 9 112 691€, 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.