T.S.I.NDUS : revenue, balance sheet and financial ratios

In 2024, T.S.I.NDUS achieves revenue of 2.3 M€. Revenue is growing positively over 7 years (CAGR: +1.5%). Significant drop of -16% vs 2023. After deducting consumption (950 k€), gross margin stands at 1.4 M€, i.e. a rate of 59%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 116 k€, representing 5.0% of revenue. Warning negative scissor effect: despite revenue change (-16%), EBITDA varies by -63%, reducing margin by 6.4 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 74 k€, i.e. 3.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 8%. 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 39%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.5 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 3.9% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 163.56. 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 1.0x. Coverage is limited: any activity downturn would jeopardize interest payments.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 99 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 141 days. Excellent situation: suppliers finance 42 days of the operating cycle (retail model). Inventory turnover is 31 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 162 days of revenue, i.e. 1.0 M€ to permanently finance. Over 2016-2024, WCR increased by +75%, requiring additional financing.

Based on 98 transactions of similar company sales (all years), the value of T.S.I.NDUS is estimated at 222 254 € (range 100 534€ - 448 763€). With an EBITDA of 116 233€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.18x (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.