FONCIERE DES THERMES DE MONTBRUN : revenue, balance sheet and financial ratios

In 2024, FONCIERE DES THERMES DE MONTBRUN achieves revenue of 184 k€. Revenue is growing positively over 5 years (CAGR: +4.4%). Vs 2023, growth of +16% (159 k€ -> 184 k€). After deducting consumption (0 €), gross margin stands at 184 k€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 134 k€, representing 72.9% of revenue. Positive scissor effect: EBITDA margin improves by +11.9 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Net income is negative at -9 k€ (-5.0% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 113%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 46%. 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 56.6 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 21.2% 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 4869.29. 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 70.9x. 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: 123 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 0 days. The gap of 123 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Overall, WCR represents 3734 days of revenue, i.e. 1.9 M€ to permanently finance.

Based on 77 transactions of similar company sales (all years), the value of FONCIERE DES THERMES DE MONTBRUN is estimated at 491 576 € (range 252 986€ - 901 834€). With an EBITDA of 134 042€, 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.