INSTITUT BORDELAIS DE LA VISION : revenue, balance sheet and financial ratios

In 2018, INSTITUT BORDELAIS DE LA VISION achieves revenue of 722 k€. Vs 2017: +3%. After deducting consumption (94 k€), gross margin stands at 628 k€, i.e. a rate of 87%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 154 k€, representing 21.4% of revenue. Warning negative scissor effect: despite revenue change (+3%), EBITDA varies by -9%, reducing margin by 2.9 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 69 k€, i.e. 9.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 57%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 56%. 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 18.3% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

The liquidity ratio (= Current assets / Current liabilities) stands at 575.02. 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 1.7x. Coverage is limited: any activity downturn would jeopardize interest payments.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 14 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 9 days. The company must finance 5 days of gap between collections and payments. Inventory turnover is 4 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 10 days of revenue, i.e. 19 k€ to permanently finance.

Based on 52 transactions of similar company sales in 2018, the value of INSTITUT BORDELAIS DE LA VISION is estimated at 246 074 € (range 144 793€ - 586 877€). With an EBITDA of 154 454€, the sector multiple of 2.8x is applied. The price/revenue ratio is 0.06x (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.
Medium reliability: estimate to be confirmed with in-depth analysis.