BELLEME CONCEPT JARDIN : revenue, balance sheet and financial ratios

In 2019, BELLEME CONCEPT JARDIN achieves revenue of 415 k€. Revenue is growing positively over 3 years (CAGR: +1.2%). Slight decline of -1% vs 2017. After deducting consumption (117 k€), gross margin stands at 298 k€, i.e. a rate of 72%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 16 k€, representing 3.8% of revenue. Positive scissor effect: EBITDA margin improves by +4.8 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 28 k€, i.e. 6.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 93%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 11%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 1.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 2.6% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 88.22. 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 11.4x. 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: 17 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 48 days. Excellent situation: suppliers finance 31 days of the operating cycle (retail model). Inventory turnover is 20 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 15 days of revenue, i.e. 17 k€ to permanently finance. Notable WCR improvement over the period (-45%), freeing up cash.

Based on 125 transactions of similar company sales (all years), the value of BELLEME CONCEPT JARDIN is estimated at 83 921 € (range 35 032€ - 142 766€). With an EBITDA of 15 885€, the sector multiple of 2.8x 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.