CAMBE SPORT : revenue, balance sheet and financial ratios

In 2024, CAMBE SPORT achieves revenue of 2.9 M€. Revenue is growing positively over 9 years (CAGR: +2.5%). Significant drop of -22% vs 2023. After deducting consumption (1.8 M€), gross margin stands at 1.2 M€, i.e. a rate of 39%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 80 k€, representing 2.7% of revenue. Warning negative scissor effect: despite revenue change (-22%), EBITDA varies by -68%, reducing margin by 3.9 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 19 k€, i.e. 0.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 150%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 26%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 157.0 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 0.1% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 190.50. 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 75.8x. 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: 29 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 54 days. Favorable situation: supplier credit is longer than customer credit by 25 days. Inventory turnover is 161 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 187 days of revenue, i.e. 1.5 M€ to permanently finance. Over 2016-2024, WCR increased by +32%, requiring additional financing.

Based on 124 transactions of similar company sales (all years), the value of CAMBE SPORT is estimated at 258 571 € (range 120 928€ - 656 908€). With an EBITDA of 79 612€, the sector multiple of 2.4x is applied. The price/revenue ratio is 0.17x (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.