BROCELIANDE - ALH : revenue, balance sheet and financial ratios

In 2024, BROCELIANDE - ALH achieves revenue of 349.6 M€. Revenue is growing positively over 8 years (CAGR: +3.6%). Vs 2023: +1%. After deducting consumption (221.4 M€), gross margin stands at 128.2 M€, i.e. a rate of 37%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 11.6 M€, representing 3.3% of revenue. Positive scissor effect: EBITDA margin improves by +2.4 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 7 k€, i.e. 0.0% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 110%. 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 4.6 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 2.5% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 124.39. 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 10.0x. 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: 35 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 38 days. Favorable situation: supplier credit is longer than customer credit by 3 days. Inventory turnover is 24 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 49 days of revenue, i.e. 47.2 M€ to permanently finance. Over 2016-2024, WCR increased by +162%, requiring additional financing.

Based on 108 transactions of similar company sales (all years), the value of BROCELIANDE - ALH is estimated at 48 126 519 € (range 27 062 162€ - 92 479 429€). With an EBITDA of 11 630 550€, the sector multiple of 3.6x is applied. The price/revenue ratio is 0.26x (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.