FRANCE TONER DISTRIBUTION : revenue, balance sheet and financial ratios

In 2024, FRANCE TONER DISTRIBUTION achieves revenue of 14.7 M€. Revenue is growing positively over 8 years (CAGR: +4.7%). Slight decline of -2% vs 2023. After deducting consumption (5.8 M€), gross margin stands at 8.9 M€, i.e. a rate of 60%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 521 k€, representing 3.5% of revenue. Warning negative scissor effect: despite revenue change (-2%), EBITDA varies by -69%, reducing margin by 7.7 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 449 k€, i.e. 3.0% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 18%. 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 65%. 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 1.9 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 3.6% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 461.43. 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 28.5x. 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: 2 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 37 days. Excellent situation: suppliers finance 35 days of the operating cycle (retail model). Inventory turnover is 42 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 42 days of revenue, i.e. 1.7 M€ to permanently finance. Over 2015-2024, WCR increased by +133%, requiring additional financing.

Based on 121 transactions of similar company sales (all years), the value of FRANCE TONER DISTRIBUTION is estimated at 2 359 490 € (range 1 163 954€ - 5 394 656€). With an EBITDA of 520 652€, the sector multiple of 3.2x is applied. The price/revenue ratio is 0.27x (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.