CLOS RABELAIS : revenue, balance sheet and financial ratios

In 2021, CLOS RABELAIS achieves revenue of 3.2 M€. Over the period 2016-2021, the company shows strong growth with a CAGR (compound annual growth rate) of +5.7%. Slight decline of -5% vs 2020. After deducting consumption (867 k€), gross margin stands at 2.3 M€, i.e. a rate of 73%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 159 k€, representing 5.0% of revenue. Warning negative scissor effect: despite revenue change (-5%), EBITDA varies by -51%, reducing margin by 4.7 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 154 k€, i.e. 4.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 174%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 28%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 18.6 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 198.27. 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 7.7x. 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: 79 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 72 days. The company must finance 7 days of gap between collections and payments. Inventory turnover is 13 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 113 days of revenue, i.e. 992 k€ to permanently finance.

Based on 138 transactions of similar company sales (all years), the value of CLOS RABELAIS is estimated at 733 493 € (range 255 448€ - 1 304 425€). With an EBITDA of 159 008€, the sector multiple of 3.3x is applied. The price/revenue ratio is 0.41x (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.