BRINK'S FRANCE : revenue, balance sheet and financial ratios

In 2024, BRINK'S FRANCE achieves revenue of 59.8 M€. Revenue is growing positively over 7 years (CAGR: +1.6%). Slight decline of -2% vs 2023. After deducting consumption (7 k€), gross margin stands at 59.8 M€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 10.3 M€, representing 17.3% of revenue. Warning negative scissor effect: despite revenue change (-2%), EBITDA varies by -13%, reducing margin by 2.2 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 15.7 M€, i.e. 26.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 114%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 42%. 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 12.6 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 26.5% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

The liquidity ratio (= Current assets / Current liabilities) stands at 482.35. 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 157.0x. 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: 258 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 89 days. The gap of 169 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Overall, WCR represents 934 days of revenue, i.e. 155.1 M€ to permanently finance. Over 2016-2024, WCR increased by +230%, requiring additional financing.

Based on 103 transactions of similar company sales in 2024, the value of BRINK'S FRANCE is estimated at 62 653 713 € (range 17 957 527€ - 137 112 826€). With an EBITDA of 10 349 844€, the sector multiple of 5.0x is applied. The price/revenue ratio is 0.38x (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.