ALPHAPRO GROUPE : revenue, balance sheet and financial ratios

In 2024, ALPHAPRO GROUPE achieves revenue of 62.3 M€. Revenue is growing positively over 9 years (CAGR: +4.2%). Vs 2023, growth of +38% (45.2 M€ -> 62.3 M€). After deducting consumption (26.5 M€), gross margin stands at 35.8 M€, i.e. a rate of 57%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 5.4 M€, representing 8.7% of revenue. Positive scissor effect: EBITDA margin improves by +2.5 pts, sign of improved operational efficiency. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 6.8 M€, i.e. 10.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 20%. 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 48%. 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 0.5 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 14.1% 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 147.05. 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 21.2x. 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: 18 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 66 days. Excellent situation: suppliers finance 48 days of the operating cycle (retail model). Inventory turnover is 95 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 56 days of revenue, i.e. 9.7 M€ to permanently finance. Over 2016-2024, WCR increased by +33%, requiring additional financing.

Based on 76 transactions of similar company sales (all years), the value of ALPHAPRO GROUPE is estimated at 9 569 712 € (range 3 910 831€ - 21 911 008€). With an EBITDA of 5 406 403€, the sector multiple of 1.3x is applied. The price/revenue ratio is 0.20x (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.