ETOILE D'ASIE : revenue, balance sheet and financial ratios

In 2024, ETOILE D'ASIE achieves revenue of 415 k€. Over the period 2017-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +12.3%. Vs 2023, growth of +16% (357 k€ -> 415 k€). After deducting consumption (144 k€), gross margin stands at 272 k€, i.e. a rate of 65%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 31 k€, representing 7.4% of revenue. Positive scissor effect: EBITDA margin improves by +5.0 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 17 k€, i.e. 4.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 23%. 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 13%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.9 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 122.67. 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 2.7x. Financial charges are adequately covered by operations.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 1 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 28 days. Favorable situation: supplier credit is longer than customer credit by 27 days. Inventory turnover is 4 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. WCR is negative (-45 days): operations structurally generate cash. Over 2017-2024, WCR increased by +28%, requiring additional financing.

Based on 698 transactions of similar company sales in 2024, the value of ETOILE D'ASIE is estimated at 177 102 € (range 93 664€ - 320 152€). With an EBITDA of 30 637€, the sector multiple of 5.4x is applied. The price/revenue ratio is 0.57x (in line with sector norms). 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.