LUGDUNUM PHILATELIE : revenue, balance sheet and financial ratios

In 2024, LUGDUNUM PHILATELIE achieves revenue of 1.2 M€. Revenue is growing positively over 9 years (CAGR: +1.8%). Vs 2023, growth of +17% (1.1 M€ -> 1.2 M€). After deducting consumption (793 k€), gross margin stands at 440 k€, i.e. a rate of 36%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 99 k€, representing 8.0% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 49 k€, i.e. 4.0% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 63%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 49%. 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 6.0 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 4.0% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 509.48. 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 22.9x. 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: 41 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 29 days. The company must finance 12 days of gap between collections and payments. Inventory turnover is 179 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 203 days of revenue, i.e. 697 k€ to permanently finance. Over 2016-2024, WCR increased by +92%, requiring additional financing.

Based on 117 transactions of similar company sales in 2024, the value of LUGDUNUM PHILATELIE is estimated at 415 276 € (range 257 300€ - 733 887€). With an EBITDA of 98 548€, the sector multiple of 4.0x is applied. The price/revenue ratio is 0.53x (in line with sector norms). 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.