CARROSSERIE LEMONNIER : revenue, balance sheet and financial ratios

In 2024, CARROSSERIE LEMONNIER achieves revenue of 1.2 M€. Over the period 2017-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +17.1%. Vs 2023: +2%. After deducting consumption (274 k€), gross margin stands at 930 k€, i.e. a rate of 77%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 18 k€, representing 1.5% of revenue. Warning negative scissor effect: despite revenue change (+2%), EBITDA varies by -85%, reducing margin by 8.4 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 29 k€, i.e. 2.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 78%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 40%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 27.2 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 0.4% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 201.37. 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 15.8x. 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: 40 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 40 days. Inventory turnover is 8 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 74 days of revenue, i.e. 248 k€ to permanently finance. Over 2017-2024, WCR increased by +64%, requiring additional financing.

Based on 147 transactions of similar company sales in 2024, the value of CARROSSERIE LEMONNIER is estimated at 201 039 € (range 111 152€ - 375 265€). With an EBITDA of 17 990€, the sector multiple of 5.5x is applied. The price/revenue ratio is 0.35x (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.