LUNAS FRANCE : revenue, balance sheet and financial ratios

In 2023, LUNAS FRANCE achieves revenue of 9.1 M€. Over the period 2016-2023, the company shows strong growth with a CAGR (compound annual growth rate) of +8.8%. Vs 2022, growth of +13% (8.0 M€ -> 9.1 M€). After deducting consumption (2.9 M€), gross margin stands at 6.2 M€, i.e. a rate of 68%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 3.2 M€, representing 35.8% of revenue. Positive scissor effect: EBITDA margin improves by +8.1 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 2.2 M€, i.e. 24.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 18%. This very low level reflects a solid financial structure, offering significant room for future investments or acquisitions. Financial autonomy (= Equity / Total assets x 100) reaches 64%. 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 0.3 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 25.9% 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 318.06. 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 0.9x. 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: 95 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 63 days. The gap of 32 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 13 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 152 days of revenue, i.e. 3.8 M€ to permanently finance. Over 2016-2023, WCR increased by +348%, requiring additional financing.

Based on 124 transactions of similar company sales (all years), the value of LUNAS FRANCE is estimated at 5 435 520 € (range 2 134 897€ - 11 328 070€). With an EBITDA of 3 249 592€, 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.