ESTIVALES PISCINES : revenue, balance sheet and financial ratios

In 2022, ESTIVALES PISCINES achieves revenue of 285 k€. Revenue is growing positively over 6 years (CAGR: +2.5%). Vs 2021, growth of +11% (257 k€ -> 285 k€). After deducting consumption (71 k€), gross margin stands at 214 k€, i.e. a rate of 75%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 40 k€, representing 14.1% of revenue. Warning negative scissor effect: despite revenue change (+11%), EBITDA varies by -23%, reducing margin by 6.2 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 35 k€, i.e. 12.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 48%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 51%. 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 1.5 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 12.8% 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 401.74. 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: 89 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 7 days. The gap of 82 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 14 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 50 days of revenue, i.e. 40 k€ to permanently finance. Notable WCR improvement over the period (-24%), freeing up cash.

Based on 53 transactions of similar company sales (all years), the value of ESTIVALES PISCINES is estimated at 104 512 € (range 42 275€ - 174 313€). With an EBITDA of 40 087€, the sector multiple of 2.6x 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.
Medium reliability: estimate to be confirmed with in-depth analysis.