TIM.P2 : revenue, balance sheet and financial ratios

In 2024, TIM.P2 achieves revenue of 1.7 M€. Revenue is growing positively over 9 years (CAGR: +4.3%). Vs 2023, growth of +36% (1.2 M€ -> 1.7 M€). After deducting consumption (719 k€), gross margin stands at 960 k€, i.e. a rate of 57%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 183 k€, representing 10.9% of revenue. Positive scissor effect: EBITDA margin improves by +9.0 pts, sign of improved operational efficiency. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 121 k€, i.e. 7.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 32%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 52%. 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 2.7 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 8.0% 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 187.82. 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 9.2x. 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: 68 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 141 days. Excellent situation: suppliers finance 73 days of the operating cycle (retail model). Inventory turnover is 94 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 208 days of revenue, i.e. 970 k€ to permanently finance. Over 2016-2024, WCR increased by +30%, requiring additional financing.

Based on 68 transactions of similar company sales in 2024, the value of TIM.P2 is estimated at 359 184 € (range 182 150€ - 793 746€). With an EBITDA of 182 687€, the sector multiple of 2.0x 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.
Medium reliability: estimate to be confirmed with in-depth analysis.