AS AUTOFECAMPOIS : revenue, balance sheet and financial ratios

In 2018, AS AUTOFECAMPOIS achieves revenue of 295 k€. Slight decline of -5% vs 2017. After deducting consumption (117 k€), gross margin stands at 178 k€, i.e. a rate of 60%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 22 k€, representing 7.6% of revenue. Positive scissor effect: EBITDA margin improves by +5.8 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 15 k€, i.e. 5.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 67%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 25%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 1.6 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 6.6% 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 126.01. 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 5.0x. 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: 17 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 57 days. Excellent situation: suppliers finance 40 days of the operating cycle (retail model). Inventory turnover is 14 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. WCR is negative (-17 days): operations structurally generate cash.

Based on 159 transactions of similar company sales in 2018, the value of AS AUTOFECAMPOIS is estimated at 90 850 € (range 49 626€ - 155 337€). With an EBITDA of 22 438€, the sector multiple of 4.0x 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.