ATLANTIQUE-VACANCES : revenue, balance sheet and financial ratios

In 2024, ATLANTIQUE-VACANCES achieves revenue of 1.6 M€. Revenue is declining over the period 2018-2024 (CAGR: -15.9%). Significant drop of -20% vs 2023. After deducting consumption (0 €), gross margin stands at 1.6 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 1.4 M€, representing 88.8% of revenue. Positive scissor effect: EBITDA margin improves by +54.3 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 944 k€, i.e. 59.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 169%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 32%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 7.4 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 69.7% 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 52.10. 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 41.9x. 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: 3 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 53 days. Excellent situation: suppliers finance 50 days of the operating cycle (retail model). WCR is negative (-262 days): operations structurally generate cash. Notable WCR improvement over the period (-199%), freeing up cash.

Based on 261 transactions of similar company sales (all years), the value of ATLANTIQUE-VACANCES is estimated at 5 216 848 € (range 2 804 150€ - 10 219 999€). With an EBITDA of 1 400 546€, the sector multiple of 5.3x is applied. The price/revenue ratio is 0.75x (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.