TERMINAL LINK : revenue, balance sheet and financial ratios

In 2025, TERMINAL LINK achieves revenue of 7.6 M€. Revenue is growing positively over 11 years (CAGR: +2.2%). Slight decline of -8% vs 2024. After deducting consumption (0 €), gross margin stands at 7.6 M€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 3.3 M€, representing 44.0% of revenue. Positive scissor effect: EBITDA margin improves by +12.1 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 49.5 M€, i.e. 654.8% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 10%. 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 90%. 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 1.5 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 920.1% 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 870.32. 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 883.8x. 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: 270 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 155 days. The gap of 115 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 835 days of revenue, i.e. 17.5 M€ to permanently finance. Over 2015-2025, WCR increased by +237%, requiring additional financing.

Based on 205 transactions of similar company sales (all years), the value of TERMINAL LINK is estimated at 9 543 436 € (range 3 581 654€ - 30 266 634€). With an EBITDA of 3 332 126€, the sector multiple of 0.9x is applied. The price/revenue ratio is 0.15x (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.