SUNSET : revenue, balance sheet and financial ratios

In 2025, SUNSET achieves revenue of 20.8 M€. Over the period 2016-2025, the company shows strong growth with a CAGR (compound annual growth rate) of +5.6%. Slight decline of -3% vs 2024. After deducting consumption (14.8 M€), gross margin stands at 6.0 M€, i.e. a rate of 29%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 533 k€, representing 2.6% of revenue. Warning negative scissor effect: despite revenue change (-3%), EBITDA varies by -64%, reducing margin by 4.3 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 274 k€, i.e. 1.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 52%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 54%. 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 7.4 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 1.9% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 464.50. 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 34.3x. 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: 47 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 25 days. The company must finance 22 days of gap between collections and payments. Inventory turnover is 55 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 93 days of revenue, i.e. 5.4 M€ to permanently finance. Over 2016-2025, WCR increased by +63%, requiring additional financing.

Based on 124 transactions of similar company sales (all years), the value of SUNSET is estimated at 1 859 302 € (range 858 667€ - 4 691 827€). With an EBITDA of 533 429€, the sector multiple of 2.4x is applied. The price/revenue ratio is 0.17x (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.