STARTERRE : revenue, balance sheet and financial ratios

In 2024, STARTERRE achieves revenue of 426.3 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +8.7%. Vs 2023, growth of +61% (265.3 M€ -> 426.3 M€). After deducting consumption (373.7 M€), gross margin stands at 52.6 M€, i.e. a rate of 12%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 22.0 M€, representing 5.2% of revenue. Positive scissor effect: EBITDA margin improves by +5.6 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 14.5 M€, i.e. 3.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 68%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 47%. 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 0.5 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 3.8% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 209.96. 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 1.7x. Coverage is limited: any activity downturn would jeopardize interest payments.

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: 9 days. Favorable situation: supplier credit is longer than customer credit by 8 days. Inventory turnover is 70 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 65 days of revenue, i.e. 77.4 M€ to permanently finance. Over 2016-2024, WCR increased by +388%, requiring additional financing.

Based on 148 transactions of similar company sales in 2024, the value of STARTERRE is estimated at 45 800 272 € (range 20 046 123€ - 86 620 947€). With an EBITDA of 21 958 035€, the sector multiple of 1.6x is applied. The price/revenue ratio is 0.16x (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.