BAIE BLEUE : revenue, balance sheet and financial ratios

In 2024, BAIE BLEUE achieves revenue of 22.0 M€. Revenue is growing positively over 9 years (CAGR: +0.5%). Significant drop of -17% vs 2023. After deducting consumption (8.1 M€), gross margin stands at 13.8 M€, i.e. a rate of 63%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 5.0 M€, representing 22.9% of revenue. Warning negative scissor effect: despite revenue change (-17%), EBITDA varies by -26%, reducing margin by 3.1 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 2.7 M€, i.e. 12.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 0%. 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 75%. 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 0.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 14.6% 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 431.40. 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 1.6x. 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: 26 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 30 days. Favorable situation: supplier credit is longer than customer credit by 4 days. Inventory turnover is 34 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 42 days of revenue, i.e. 2.6 M€ to permanently finance. Notable WCR improvement over the period (-31%), freeing up cash.

Based on 76 transactions of similar company sales (all years), the value of BAIE BLEUE is estimated at 5 461 570 € (range 2 200 759€ - 12 566 637€). With an EBITDA of 5 022 375€, the sector multiple of 1.3x is applied. The price/revenue ratio is 0.20x (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.