BASK'ARDI : revenue, balance sheet and financial ratios

In 2024, BASK'ARDI achieves revenue of 646 k€. Revenue is declining over the period 2017-2024 (CAGR: -7.8%). Significant drop of -15% vs 2023. After deducting consumption (469 k€), gross margin stands at 177 k€, i.e. a rate of 27%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 18 k€, representing 2.8% of revenue. Positive scissor effect: EBITDA margin improves by +2.0 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. 1.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 108%. Debt level is high: negotiating margin with banks is reduced. 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 6.2 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 2.0% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 126.35. 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 42.7x. 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: 83 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 97 days. Favorable situation: supplier credit is longer than customer credit by 14 days. Inventory turnover is 98 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 194 days of revenue, i.e. 348 k€ to permanently finance. Over 2017-2024, WCR increased by +36%, requiring additional financing.

Based on 94 transactions of similar company sales (all years), the value of BASK'ARDI is estimated at 36 508 € (range 23 617€ - 59 857€). With an EBITDA of 18 163€, the sector multiple of 0.5x is applied. The price/revenue ratio is 0.15x (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.