BENESON : revenue, balance sheet and financial ratios

In 2021, BENESON achieves revenue of 676 k€. Over the period 2018-2021, the company shows strong growth with a CAGR (compound annual growth rate) of +78.4%. Vs 2020, growth of +42% (475 k€ -> 676 k€). After deducting consumption (421 k€), gross margin stands at 255 k€, i.e. a rate of 38%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 37 k€, representing 5.5% of revenue. Warning negative scissor effect: despite revenue change (+42%), EBITDA varies by -33%, reducing margin by 6.3 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 28 k€, i.e. 4.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 18%. 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 41%. 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 0.9 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 4.2% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 192.64. 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 10.2x. 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: 69 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 87 days. Favorable situation: supplier credit is longer than customer credit by 18 days. Inventory turnover is 61 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 171 days of revenue, i.e. 322 k€ to permanently finance. Over 2018-2021, WCR increased by +424%, requiring additional financing.

Based on 145 transactions of similar company sales (all years), the value of BENESON is estimated at 106 027 € (range 43 289€ - 268 986€). With an EBITDA of 37 403€, 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.