GERBAUD ISOLATION : revenue, balance sheet and financial ratios

In 2024, GERBAUD ISOLATION achieves revenue of 4.0 M€. Revenue is growing positively over 9 years (CAGR: +2.5%). Significant drop of -46% vs 2023. After deducting consumption (3.0 M€), gross margin stands at 955 k€, i.e. a rate of 24%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 481 k€, representing 12.1% of revenue. Positive scissor effect: EBITDA margin improves by +7.1 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 319 k€, i.e. 8.0% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 20%. 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 27%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.9 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 8.9% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 143.47. 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 0.3x. 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: 136 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 45 days. The gap of 91 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 295 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 185 days of revenue, i.e. 2.0 M€ to permanently finance.

Based on 58 transactions of similar company sales (all years), the value of GERBAUD ISOLATION is estimated at 774 474 € (range 515 057€ - 1 724 651€). With an EBITDA of 480 852€, the sector multiple of 1.2x is applied. The price/revenue ratio is 0.20x (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.