A TOUTE HEURE FERMETURES : revenue, balance sheet and financial ratios

In 2023, A TOUTE HEURE FERMETURES achieves revenue of 452 k€. Revenue is growing positively over 8 years (CAGR: +4.0%). Slight decline of -6% vs 2022. After deducting consumption (112 k€), gross margin stands at 340 k€, i.e. a rate of 75%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 11 k€, representing 2.4% of revenue. Warning negative scissor effect: despite revenue change (-6%), EBITDA varies by -70%, reducing margin by 5.3 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 12 k€, i.e. 2.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 249%. 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 15%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 1.3 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 2.8% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 120.28. 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 1.0x. 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: 22 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 40 days. Favorable situation: supplier credit is longer than customer credit by 18 days. Inventory turnover is 8 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. WCR is negative (-32 days): operations structurally generate cash. Notable WCR improvement over the period (-6186%), freeing up cash.

Based on 131 transactions of similar company sales (all years), the value of A TOUTE HEURE FERMETURES is estimated at 83 128 € (range 34 593€ - 161 068€). With an EBITDA of 11 004€, the sector multiple of 4.8x is applied. The price/revenue ratio is 0.36x (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.