TRACAMATRIX : revenue, balance sheet and financial ratios

In 2024, TRACAMATRIX achieves revenue of 1.7 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +6.1%. Vs 2023, growth of +18% (1.5 M€ -> 1.7 M€). After deducting consumption (1.1 M€), gross margin stands at 678 k€, i.e. a rate of 39%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 126 k€, representing 7.3% of revenue. Positive scissor effect: EBITDA margin improves by +3.0 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 87 k€, i.e. 5.0% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 2%. 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 80%. 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 0.2 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 6.1% 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 516.40. 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 0.1x. Danger: operating income does not cover interest charges, unsustainable situation.

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: 22 days. The company must finance 25 days of gap between collections and payments. Inventory turnover is 112 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 150 days of revenue, i.e. 722 k€ to permanently finance. Over 2016-2024, WCR increased by +188%, requiring additional financing.

Based on 85 transactions of similar company sales (all years), the value of TRACAMATRIX is estimated at 253 205 € (range 138 628€ - 794 107€). With an EBITDA of 125 582€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.32x (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.