STAR INVEST ANTILLES GUYANE : revenue, balance sheet and financial ratios

In 2023, STAR INVEST ANTILLES GUYANE achieves revenue of 1.6 M€. Over the period 2016-2023, the company shows strong growth with a CAGR (compound annual growth rate) of +17.1%. Vs 2022, growth of +61% (976 k€ -> 1.6 M€). After deducting consumption (663 k€), gross margin stands at 907 k€, i.e. a rate of 58%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 406 k€, representing 25.9% of revenue. Positive scissor effect: EBITDA margin improves by +2.6 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 261 k€, i.e. 16.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 226%. 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 10%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 3.1 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 18.0% 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 146.81. 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 20.8x. 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: 576 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 217 days. The gap of 359 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 126 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 353 days of revenue, i.e. 1.5 M€ to permanently finance. Over 2016-2023, WCR increased by +33%, requiring additional financing.

Based on 66 transactions of similar company sales in 2023, the value of STAR INVEST ANTILLES GUYANE is estimated at 1 463 907 € (range 456 709€ - 2 581 127€). With an EBITDA of 405 808€, the sector multiple of 4.0x is applied. The price/revenue ratio is 0.63x (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.
Medium reliability: estimate to be confirmed with in-depth analysis.