CARROSSERIE DU GIROU : revenue, balance sheet and financial ratios

In 2022, CARROSSERIE DU GIROU achieves revenue of 584 k€. Revenue is growing positively over 6 years (CAGR: +4.3%). Vs 2020, growth of +13% (517 k€ -> 584 k€). After deducting consumption (238 k€), gross margin stands at 346 k€, i.e. a rate of 59%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 35 k€, representing 6.0% of revenue. Positive scissor effect: EBITDA margin improves by +6.1 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 27 k€, i.e. 4.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 18%. 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 7%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.4 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 5.7% 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 147.28. 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 1.3x. 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: 74 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 42 days. The gap of 32 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 10 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 35 days of revenue, i.e. 56 k€ to permanently finance. Over 2016-2022, WCR increased by +3899%, requiring additional financing.

Based on 130 transactions of similar company sales in 2022, the value of CARROSSERIE DU GIROU is estimated at 146 099 € (range 75 356€ - 279 106€). With an EBITDA of 35 233€, the sector multiple of 3.9x is applied. The price/revenue ratio is 0.31x (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.