ETABLISSEMENTS J BENECIS : revenue, balance sheet and financial ratios

In 2024, ETABLISSEMENTS J BENECIS achieves revenue of 3.3 M€. Revenue is growing positively over 9 years (CAGR: +3.8%). Slight decline of -8% vs 2023. After deducting consumption (55 k€), gross margin stands at 3.2 M€, i.e. a rate of 98%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 920 k€, representing 28.1% of revenue. Warning negative scissor effect: despite revenue change (-8%), EBITDA varies by -22%, reducing margin by 4.9 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 513 k€, i.e. 15.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 66%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 35%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 3.5 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 22.1% 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 254.20. 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 10.3x. 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: 612 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 1215 days. Excellent situation: suppliers finance 603 days of the operating cycle (retail model). Overall, WCR represents 695 days of revenue, i.e. 6.3 M€ to permanently finance.

Based on 229 transactions of similar company sales (all years), the value of ETABLISSEMENTS J BENECIS is estimated at 1 239 124 € (range 465 001€ - 3 963 899€). With an EBITDA of 920 271€, the sector multiple of 1.6x is applied. The price/revenue ratio is 0.32x (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.