BRIDOR : revenue, balance sheet and financial ratios

In 2022, BRIDOR achieves revenue of 694.2 M€. Over the period 2015-2022, the company shows strong growth with a CAGR (compound annual growth rate) of +12.5%. Vs 2021, growth of +24% (558.7 M€ -> 694.2 M€). After deducting consumption (414.3 M€), gross margin stands at 280.0 M€, i.e. a rate of 40%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 82.5 M€, representing 11.9% of revenue. Warning negative scissor effect: despite revenue change (+24%), EBITDA varies by -10%, reducing margin by 4.4 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 36.5 M€, i.e. 5.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 7%. 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 44%. 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 0.2 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 7.5% 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 142.74. 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 0.7x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 13 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 58 days. Excellent situation: suppliers finance 45 days of the operating cycle (retail model). Inventory turnover is 32 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 66 days of revenue, i.e. 128.2 M€ to permanently finance. Over 2015-2022, WCR increased by +224%, requiring additional financing.

Based on 225 transactions of similar company sales in 2022, the value of BRIDOR is estimated at 440 736 762 € (range 231 752 678€ - 709 146 539€). With an EBITDA of 82 477 951€, the sector multiple of 5.7x is applied. The price/revenue ratio is 0.72x (in line with sector norms). 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.