FERMETURES VITALE : revenue, balance sheet and financial ratios

In 2024, FERMETURES VITALE achieves revenue of 10.2 M€. Activity remains stable over the period (CAGR: -0.9%). Significant drop of -21% vs 2023. After deducting consumption (4.4 M€), gross margin stands at 5.8 M€, i.e. a rate of 57%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 852 k€, representing 8.3% of revenue. Positive scissor effect: EBITDA margin improves by +2.1 pts, sign of improved operational efficiency. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 93 k€, i.e. 0.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 190%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 21%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 7.6 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 1.8% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 119.11. 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 7.7x. 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: 66 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 68 days. Favorable situation: supplier credit is longer than customer credit by 2 days. Inventory turnover is 33 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 119 days of revenue, i.e. 3.4 M€ to permanently finance. Over 2016-2024, WCR increased by +101%, requiring additional financing.

Based on 51 transactions of similar company sales in 2024, the value of FERMETURES VITALE is estimated at 1 162 782 € (range 619 500€ - 1 550 771€). With an EBITDA of 851 574€, the sector multiple of 1.6x is applied. The price/revenue ratio is 0.14x (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.