AU FIL DE L'EAU : revenue, balance sheet and financial ratios

In 2022, AU FIL DE L'EAU achieves revenue of 446 k€. Over the period 2018-2022, the company shows strong growth with a CAGR (compound annual growth rate) of +7.3%. Vs 2021, growth of +10% (404 k€ -> 446 k€). After deducting consumption (74 k€), gross margin stands at 372 k€, i.e. a rate of 83%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 32 k€, representing 7.1% of revenue. Positive scissor effect: EBITDA margin improves by +7.0 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 10 k€, i.e. 2.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 24%. 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 57%. 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 0.8 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 9.1% 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 387.99. 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 3.2x. Financial charges are adequately covered by operations.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 50 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 10 days. The gap of 40 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 11 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 61 days of revenue, i.e. 76 k€ to permanently finance.

Based on 53 transactions of similar company sales (all years), the value of AU FIL DE L'EAU is estimated at 94 092 € (range 38 454€ - 155 450€). With an EBITDA of 31 762€, the sector multiple of 2.6x is applied. The price/revenue ratio is 0.35x (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.
Medium reliability: estimate to be confirmed with in-depth analysis.