EDENRED FRANCE : revenue, balance sheet and financial ratios

In 2024, EDENRED FRANCE achieves revenue of 684.1 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +20.8%. Vs 2023, growth of +210% (220.8 M€ -> 684.1 M€). After deducting consumption (386.1 M€), gross margin stands at 298.1 M€, i.e. a rate of 44%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 109.2 M€, representing 16.0% of revenue. Warning negative scissor effect: despite revenue change (+210%), EBITDA varies by +61%, reducing margin by 14.8 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 138.8 M€, i.e. 20.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 609%. 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 10%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 22.3 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 23.7% 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 265.63. 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 33.0x. 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: 246 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 198 days. The gap of 48 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 12 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. WCR is negative (-322 days): operations structurally generate cash.

Based on 103 transactions of similar company sales (all years), the value of EDENRED FRANCE is estimated at 294 672 045 € (range 129 305 477€ - 685 696 779€). With an EBITDA of 109 215 681€, the sector multiple of 2.5x is applied. The price/revenue ratio is 0.30x (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.