ETS LANUSSE : revenue, balance sheet and financial ratios

In 2022, ETS LANUSSE achieves revenue of 224 k€. Activity remains stable over the period (CAGR: -1.2%). Vs 2021, growth of +36% (164 k€ -> 224 k€). After deducting consumption (104 k€), gross margin stands at 119 k€, i.e. a rate of 53%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 12 k€, representing 5.6% of revenue. Warning negative scissor effect: despite revenue change (+36%), EBITDA varies by -40%, reducing margin by 7.0 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 13 k€, i.e. 5.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 43%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 64%. 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 12.7 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 5.3% 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 955.09. 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 5.6x. 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: 21 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 73 days. Excellent situation: suppliers finance 52 days of the operating cycle (retail model). Inventory turnover is 239 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 246 days of revenue, i.e. 153 k€ to permanently finance. Notable WCR improvement over the period (-21%), freeing up cash.

Based on 164 transactions of similar company sales (all years), the value of ETS LANUSSE is estimated at 47 216 € (range 20 600€ - 102 849€). With an EBITDA of 12 460€, the sector multiple of 3.3x is applied. The price/revenue ratio is 0.26x (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.