EURL THERMES DE THONON LES BAINS : revenue, balance sheet and financial ratios

In 2024, EURL THERMES DE THONON LES BAINS achieves revenue of 3.7 M€. Revenue is growing positively over 8 years (CAGR: +3.6%). Vs 2023, growth of +17% (3.2 M€ -> 3.7 M€). After deducting consumption (51 k€), gross margin stands at 3.7 M€, i.e. a rate of 99%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 518 k€, representing 13.9% of revenue. Positive scissor effect: EBITDA margin improves by +12.7 pts, sign of improved operational efficiency. This level of operating margin is satisfactory for the sector. Net income is negative at -46 k€ (-1.2% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at -506%. 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 -11%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 39.2 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 1.4% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 40.48. 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 24.8x. 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: 7 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 122 days. Excellent situation: suppliers finance 115 days of the operating cycle (retail model). Inventory turnover is 2 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. WCR is negative (-73 days): operations structurally generate cash. Notable WCR improvement over the period (-402%), freeing up cash.

Based on 77 transactions of similar company sales (all years), the value of EURL THERMES DE THONON LES BAINS is estimated at 2 499 755 € (range 1 351 892€ - 4 335 751€). With an EBITDA of 517 759€, the sector multiple of 5.4x is applied. The price/revenue ratio is 0.53x (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.
Medium reliability: estimate to be confirmed with in-depth analysis.