ATHOME : revenue, balance sheet and financial ratios

In 2024, ATHOME achieves revenue of 654 k€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +11.3%. Significant drop of -12% vs 2023. After deducting consumption (65 k€), gross margin stands at 589 k€, i.e. a rate of 90%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 90 k€, representing 13.8% of revenue. Positive scissor effect: EBITDA margin improves by +3.5 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 55 k€, i.e. 8.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 11%. 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 79%. 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 0.3 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 18.5% 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 321.46. 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 0.3x. 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: 0 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 24 days. Favorable situation: supplier credit is longer than customer credit by 24 days. Inventory turnover is 31 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 60 days of revenue, i.e. 110 k€ to permanently finance. Notable WCR improvement over the period (-78%), freeing up cash.

Based on 87 transactions of similar company sales (all years), the value of ATHOME is estimated at 242 446 € (range 86 470€ - 583 739€). With an EBITDA of 89 954€, the sector multiple of 2.3x is applied. The price/revenue ratio is 0.57x (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.
Medium reliability: estimate to be confirmed with in-depth analysis.