BORNAT VEAUCHE : revenue, balance sheet and financial ratios

In 2021, BORNAT VEAUCHE achieves revenue of 522 k€. Over the period 2017-2021, the company shows strong growth with a CAGR (compound annual growth rate) of +15.3%. Vs 2020: +1%. After deducting consumption (312 k€), gross margin stands at 210 k€, i.e. a rate of 40%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 56 k€, representing 10.8% of revenue. Warning negative scissor effect: despite revenue change (+1%), EBITDA varies by -40%, reducing margin by 7.3 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 33 k€, i.e. 6.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 32%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 60%. 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 1.1 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 9.5% 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 347.64. 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 2.2x. 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: 2 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 22 days. Favorable situation: supplier credit is longer than customer credit by 20 days. Inventory turnover is 4 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. WCR is negative (-1 days): operations structurally generate cash. Notable WCR improvement over the period (-123%), freeing up cash.

Based on 62 transactions of similar company sales in 2021, the value of BORNAT VEAUCHE is estimated at 229 562 € (range 154 092€ - 335 537€). With an EBITDA of 56 440€, the sector multiple of 5.1x is applied. The price/revenue ratio is 0.31x (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.