TRIANON : revenue, balance sheet and financial ratios

In 2024, TRIANON achieves revenue of 990 k€. Revenue is growing positively over 8 years (CAGR: +2.4%). Slight decline of -3% vs 2023. After deducting consumption (381 k€), gross margin stands at 609 k€, i.e. a rate of 62%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 49 k€, representing 5.0% of revenue. Warning negative scissor effect: despite revenue change (-3%), EBITDA varies by -48%, reducing margin by 4.4 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 39 k€, i.e. 3.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 34%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 50%. 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 0.6 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 3.4% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 171.01. 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 4.1x. Financial charges are adequately covered by operations.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 63 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 25 days. The gap of 38 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 19 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 70 days of revenue, i.e. 192 k€ to permanently finance. Over 2016-2024, WCR increased by +77%, requiring additional financing.

Based on 147 transactions of similar company sales in 2024, the value of TRIANON is estimated at 273 990 € (range 132 463€ - 493 847€). With an EBITDA of 49 229€, the sector multiple of 5.5x is applied. The price/revenue ratio is 0.35x (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.