ZERO ONE ONE : revenue, balance sheet and financial ratios

In 2024, ZERO ONE ONE achieves revenue of 1.9 M€. Activity remains stable over the period (CAGR: -3.3%). Slight decline of -4% vs 2023. After deducting consumption (894 k€), gross margin stands at 1.0 M€, i.e. a rate of 54%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 105 k€, representing 5.4% of revenue. Warning negative scissor effect: despite revenue change (-4%), EBITDA varies by -32%, reducing margin by 2.3 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 85 k€, i.e. 4.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 50%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 58%. 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 4.6 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 3.1% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 719.22. 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 25.7x. 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: 30 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 16 days. The company must finance 14 days of gap between collections and payments. Inventory turnover is 108 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 122 days of revenue, i.e. 658 k€ to permanently finance. Notable WCR improvement over the period (-25%), freeing up cash.

Based on 145 transactions of similar company sales (all years), the value of ZERO ONE ONE is estimated at 304 011 € (range 123 539€ - 767 802€). With an EBITDA of 104 732€, the sector multiple of 2.6x 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.