ETABLISSEMENTS LAHET : revenue, balance sheet and financial ratios

In 2024, ETABLISSEMENTS LAHET achieves revenue of 6.6 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +6.2%. Vs 2023: +6%. After deducting consumption (2.9 M€), gross margin stands at 3.7 M€, i.e. a rate of 56%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 524 k€, representing 7.9% of revenue. Positive scissor effect: EBITDA margin improves by +3.7 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 266 k€, i.e. 4.0% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 14%. 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 32%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.4 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 5.9% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 140.71. 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 8.7x. 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: 62 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 35 days. The company must finance 27 days of gap between collections and payments. Inventory turnover is 41 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 61 days of revenue, i.e. 1.1 M€ to permanently finance. Over 2016-2024, WCR increased by +88%, requiring additional financing.

Based on 75 transactions of similar company sales (all years), the value of ETABLISSEMENTS LAHET is estimated at 776 511 € (range 391 721€ - 1 463 824€). With an EBITDA of 523 866€, the sector multiple of 1.2x is applied. The price/revenue ratio is 0.16x (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.