ANTIBES INVEST : revenue, balance sheet and financial ratios

In 2024, ANTIBES INVEST achieves revenue of 4.3 M€. Revenue is growing positively over 8 years (CAGR: +0.9%). Slight decline of -1% vs 2023. After deducting consumption (0 €), gross margin stands at 4.3 M€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 2.2 M€, representing 51.8% of revenue. Warning negative scissor effect: despite revenue change (-1%), EBITDA varies by -8%, reducing margin by 3.6 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Net income is negative at -1.4 M€ (-31.9% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at -52911%. 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 -0%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 138.5 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 5.9% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 149.69. 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 79.7x. 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: 163 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 233 days. Excellent situation: suppliers finance 70 days of the operating cycle (retail model). Inventory turnover is 481 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 303 days of revenue, i.e. 3.6 M€ to permanently finance. Over 2015-2024, WCR increased by +179%, requiring additional financing.

Based on 169 transactions of similar company sales in 2024, the value of ANTIBES INVEST is estimated at 9 165 093 € (range 2 579 827€ - 16 463 163€). With an EBITDA of 2 244 526€, the sector multiple of 5.6x is applied. The price/revenue ratio is 0.81x (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.