BOXER GARAGE : revenue, balance sheet and financial ratios

In 2023, BOXER GARAGE achieves revenue of 309 k€. Over the period 2016-2023, the company shows strong growth with a CAGR (compound annual growth rate) of +5.9%. Slight decline of -1% vs 2022. After deducting consumption (127 k€), gross margin stands at 182 k€, i.e. a rate of 59%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 23 k€, representing 7.6% of revenue. Warning negative scissor effect: despite revenue change (-1%), EBITDA varies by -36%, reducing margin by 4.2 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 20 k€, i.e. 6.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 18%. 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 71%. 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 1.7 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 6.7% 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 604.14. 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 2.8x. 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: 1 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 26 days. Favorable situation: supplier credit is longer than customer credit by 25 days. Inventory turnover is 133 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 118 days of revenue, i.e. 101 k€ to permanently finance. Over 2016-2023, WCR increased by +927%, requiring additional financing.

Based on 139 transactions of similar company sales in 2023, the value of BOXER GARAGE is estimated at 102 005 € (range 55 799€ - 180 162€). With an EBITDA of 23 343€, the sector multiple of 4.1x is applied. The price/revenue ratio is 0.36x (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.