ARMENGAUD-BOUISSIERE ANNICK : revenue, balance sheet and financial ratios

In 2018, ARMENGAUD-BOUISSIERE ANNICK achieves revenue of 199 k€. Over the period 2016-2018, the company shows strong growth with a CAGR (compound annual growth rate) of +7.7%. Vs 2017, growth of +23% (162 k€ -> 199 k€). After deducting consumption (46 k€), gross margin stands at 153 k€, i.e. a rate of 77%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 31 k€, representing 15.6% of revenue. Warning negative scissor effect: despite revenue change (+23%), EBITDA varies by -10%, reducing margin by 5.6 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 23 k€, i.e. 11.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 32%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 63%. 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 1.5 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 13.6% 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 495.93. 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 1.5x. Coverage is limited: any activity downturn would jeopardize interest payments.

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: 33 days. Excellent situation: suppliers finance 33 days of the operating cycle (retail model). Inventory turnover is 181 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 150 days of revenue, i.e. 83 k€ to permanently finance. Over 2016-2018, WCR increased by +124%, requiring additional financing.

Based on 101 transactions of similar company sales (all years), the value of ARMENGAUD-BOUISSIERE ANNICK is estimated at 66 032 € (range 21 155€ - 124 028€). With an EBITDA of 30 917€, the sector multiple of 2.5x is applied. The price/revenue ratio is 0.24x (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.