ANDRE TONELLATO MENUISERIE : revenue, balance sheet and financial ratios

In 2021, ANDRE TONELLATO MENUISERIE achieves revenue of 74 k€. Over the period 2017-2021, the company shows strong growth with a CAGR (compound annual growth rate) of +8.3%. Vs 2020, growth of +21% (61 k€ -> 74 k€). After deducting consumption (33 k€), gross margin stands at 41 k€, i.e. a rate of 55%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 6 k€, representing 8.4% of revenue. Positive scissor effect: EBITDA margin improves by +7.6 pts, sign of improved operational efficiency. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 6 k€, i.e. 8.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 68%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 34%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 1.3 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 7.8% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 233.36. 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 0.3x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 57 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 10 days. The gap of 47 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 29 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 40 days of revenue, i.e. 8 k€ to permanently finance. Notable WCR improvement over the period (-46%), freeing up cash.

Based on 264 transactions of similar company sales (all years), the value of ANDRE TONELLATO MENUISERIE is estimated at 14 154 € (range 5 530€ - 26 603€). With an EBITDA of 6 220€, the sector multiple of 2.1x 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.