ZAUTO : revenue, balance sheet and financial ratios

In 2024, ZAUTO achieves revenue of 10.4 M€. Over the period 2017-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +12.0%. Significant drop of -13% vs 2023. After deducting consumption (7.0 M€), gross margin stands at 3.4 M€, i.e. a rate of 33%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.0 M€, representing 9.7% of revenue. Warning negative scissor effect: despite revenue change (-13%), EBITDA varies by -34%, reducing margin by 3.1 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 298 k€, i.e. 2.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 13%. 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 71%. 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 3.5% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 463.86. 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 7.5x. 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: 48 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 75 days. Favorable situation: supplier credit is longer than customer credit by 27 days. Inventory turnover is 213 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 245 days of revenue, i.e. 7.1 M€ to permanently finance. Over 2017-2024, WCR increased by +183%, requiring additional financing.

Based on 147 transactions of similar company sales in 2024, the value of ZAUTO is estimated at 4 133 027 € (range 1 872 997€ - 7 158 180€). With an EBITDA of 1 007 508€, 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.