ANJOU WAKE PARK : revenue, balance sheet and financial ratios

In 2024, ANJOU WAKE PARK achieves revenue of 284 k€. Revenue is growing positively over 9 years (CAGR: +4.8%). Significant drop of -13% vs 2023. After deducting consumption (53 k€), gross margin stands at 231 k€, i.e. a rate of 81%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 20 k€, representing 7.1% of revenue. Warning negative scissor effect: despite revenue change (-13%), EBITDA varies by -58%, reducing margin by 7.5 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Net income is negative at -22 k€ (-7.8% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 121%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 41%. 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 13.9 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 4.1% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 233.34. 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 45.6x. 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: 0 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 55 days. Excellent situation: suppliers finance 55 days of the operating cycle (retail model). Inventory turnover is 12 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 23 days of revenue, i.e. 18 k€ to permanently finance. Over 2016-2024, WCR increased by +8313%, requiring additional financing.

Based on 114 transactions of similar company sales (all years), the value of ANJOU WAKE PARK is estimated at 141 050 € (range 72 595€ - 246 297€). With an EBITDA of 20 147€, the sector multiple of 5.1x is applied. The price/revenue ratio is 0.72x (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.