DE CORPS ET D'ESPRIT : revenue, balance sheet and financial ratios

In 2024, DE CORPS ET D'ESPRIT achieves revenue of 29 k€. Revenue is declining over the period 2016-2024 (CAGR: -11.9%). Significant drop of -55% vs 2023. After deducting consumption (9 k€), gross margin stands at 20 k€, i.e. a rate of 70%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 14 k€, representing 46.9% of revenue. Positive scissor effect: EBITDA margin improves by +19.2 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 15 k€, i.e. 52.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 13%. 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 85%. This high autonomy means the company finances most of its assets through equity, a sign of strength. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.3 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 64.5% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

The liquidity ratio (= Current assets / Current liabilities) stands at 2269.17. 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 0.5x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 54 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 0 days. The gap of 54 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 425 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 405 days of revenue, i.e. 33 k€ to permanently finance. Notable WCR improvement over the period (-80%), freeing up cash.

Based on 145 transactions of similar company sales (all years), the value of DE CORPS ET D'ESPRIT is estimated at 29 751 € (range 9 500€ - 72 775€). With an EBITDA of 13 727€, the sector multiple of 2.6x is applied. The price/revenue ratio is 0.19x (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.