STAT X FRANCE : revenue, balance sheet and financial ratios

In 2021, STAT X FRANCE achieves revenue of 162 k€. Revenue is growing positively over 6 years (CAGR: +0.9%). Vs 2020, growth of +11% (146 k€ -> 162 k€). After deducting consumption (0 €), gross margin stands at 162 k€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 15 k€, representing 9.2% of revenue. Warning negative scissor effect: despite revenue change (+11%), EBITDA varies by -17%, reducing margin by 3.1 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 3 k€, i.e. 1.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 1070%. 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 8%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 8.9 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 8.1% 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 933.78. 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 10.4x. 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: 77 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 25 days. The gap of 52 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Overall, WCR represents 75 days of revenue, i.e. 34 k€ to permanently finance. Over 2016-2021, WCR increased by +26%, requiring additional financing.

Based on 145 transactions of similar company sales (all years), the value of STAT X FRANCE is estimated at 30 443 € (range 12 646€ - 81 362€). With an EBITDA of 14 882€, the sector multiple of 2.6x is applied. The price/revenue ratio is 0.19x (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.