BREIZH ENROBES : revenue, balance sheet and financial ratios

In 2024, BREIZH ENROBES achieves revenue of 43.1 M€. Revenue is growing positively over 9 years (CAGR: +2.4%). Slight decline of -5% vs 2023. After deducting consumption (29.0 M€), gross margin stands at 14.0 M€, i.e. a rate of 33%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 4.0 M€, representing 9.3% of revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 1.6 M€, i.e. 3.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 23%. 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 39%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.6 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 6.3% 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 99.00. 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 1.9x. 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: 29 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 64 days. Excellent situation: suppliers finance 35 days of the operating cycle (retail model). Inventory turnover is 27 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 46 days of revenue, i.e. 5.5 M€ to permanently finance. Over 2016-2024, WCR increased by +188%, requiring additional financing.

Based on 228 transactions of similar company sales (all years), the value of BREIZH ENROBES is estimated at 5 321 225 € (range 2 258 888€ - 14 289 318€). With an EBITDA of 4 013 219€, the sector multiple of 1.5x is applied. The price/revenue ratio is 0.13x (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.