BRIVE TOURISME AGGLOMERATION : revenue, balance sheet and financial ratios

In 2024, BRIVE TOURISME AGGLOMERATION achieves revenue of 3.3 M€. Over the period 2021-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +10.6%. Vs 2023: +4%. After deducting consumption (247 k€), gross margin stands at 3.1 M€, i.e. a rate of 93%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 206 k€, representing 6.2% of revenue. Warning negative scissor effect: despite revenue change (+4%), EBITDA varies by -43%, reducing margin by 5.1 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 14 k€, i.e. 0.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 145%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 27%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 10.5 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 3.0% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 199.31. 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 20.4x. 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: 20 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 36 days. Favorable situation: supplier credit is longer than customer credit by 16 days. Inventory turnover is 16 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. WCR is negative (-23 days): operations structurally generate cash. Notable WCR improvement over the period (-378%), freeing up cash.

Based on 163 transactions of similar company sales (all years), the value of BRIVE TOURISME AGGLOMERATION is estimated at 626 119 € (range 276 662€ - 1 066 920€). With an EBITDA of 206 240€, the sector multiple of 2.4x 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.