FORMAT - CONSEIL - TRAV ACTION FCTA : revenue, balance sheet and financial ratios

In 2024, FORMAT - CONSEIL - TRAV ACTION FCTA achieves revenue of 34 k€. Revenue is declining over the period 2016-2024 (CAGR: -6.9%). Vs 2023, growth of +105% (17 k€ -> 34 k€). After deducting consumption (0 €), gross margin stands at 34 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 16 k€, representing 47.1% of revenue. Positive scissor effect: EBITDA margin improves by +68.4 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 10 k€, i.e. 30.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 4%. 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 91%. 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 0.1 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 115.2% 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 1007.90. 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 0.4x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 97 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 54 days. The gap of 43 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 131 days of revenue, i.e. 12 k€ to permanently finance. Notable WCR improvement over the period (-42%), freeing up cash.

Based on 134 transactions of similar company sales (all years), the value of FORMAT - CONSEIL - TRAV ACTION FCTA is estimated at 27 256 € (range 9 837€ - 85 734€). With an EBITDA of 16 103€, the sector multiple of 2.2x is applied. The price/revenue ratio is 0.36x (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.