FLANDRE OPALE HABITAT SOCIETE ANONYME D HABITATION A LOYER MODERE : revenue, balance sheet and financial ratios

In 2018, FLANDRE OPALE HABITAT SOCIETE ANONYME D HABITATION A LOYER MODERE achieves revenue of 105.7 M€. Over the period 2016-2018, the company shows strong growth with a CAGR (compound annual growth rate) of +37.8%. Vs 2017, growth of +80% (58.6 M€ -> 105.7 M€). After deducting consumption (11.7 M€), gross margin stands at 93.9 M€, i.e. a rate of 89%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 45.1 M€, representing 42.6% of revenue. Warning negative scissor effect: despite revenue change (+80%), EBITDA varies by +52%, reducing margin by 7.8 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 11.6 M€, i.e. 11.0% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 249%. 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 28%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 20.2 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 34.4% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

The liquidity ratio (= Current assets / Current liabilities) stands at 231.28. 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 24.3x. 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: 36 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 84 days. Excellent situation: suppliers finance 48 days of the operating cycle (retail model). Inventory turnover is 168 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 192 days of revenue, i.e. 56.2 M€ to permanently finance. Over 2016-2018, WCR increased by +68%, requiring additional financing.

Based on 184 transactions of similar company sales in 2018, the value of FLANDRE OPALE HABITAT SOCIETE ANONYME D HABITATION A LOYER MODERE is estimated at 128 295 374 € (range 45 852 989€ - 255 664 909€). With an EBITDA of 45 059 680€, the sector multiple of 4.3x is applied. The price/revenue ratio is 0.55x (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.