ETABLISSEMENTS ANDRE LABOULET : revenue, balance sheet and financial ratios

In 2024, ETABLISSEMENTS ANDRE LABOULET achieves revenue of 6.9 M€. Revenue is growing positively over 6 years (CAGR: +1.6%). Vs 2023, growth of +10% (6.2 M€ -> 6.9 M€). After deducting consumption (3.1 M€), gross margin stands at 3.7 M€, i.e. a rate of 54%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.3 M€, representing 18.9% of revenue. Positive scissor effect: EBITDA margin improves by +6.7 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 931 k€, i.e. 13.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 470%. 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 9%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 25.2 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 14.1% 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 222.80. 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 104.9x. 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: 1792 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 904 days. The gap of 888 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 266 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 2252 days of revenue, i.e. 42.9 M€ to permanently finance. Over 2019-2024, WCR increased by +45%, requiring additional financing.

Based on 138 transactions of similar company sales (all years), the value of ETABLISSEMENTS ANDRE LABOULET is estimated at 3 471 708 € (range 1 207 492€ - 6 166 835€). With an EBITDA of 1 293 987€, 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.