GHO VALENCIENNES AERODROME : revenue, balance sheet and financial ratios

In 2024, GHO VALENCIENNES AERODROME achieves revenue of 2.7 M€. Activity remains stable over the period (CAGR: -3.9%). Vs 2023: +6%. After deducting consumption (268 k€), gross margin stands at 2.4 M€, i.e. a rate of 90%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 579 k€, representing 21.4% of revenue. Positive scissor effect: EBITDA margin improves by +5.5 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 219 k€, i.e. 8.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 77%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 43%. 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 10.4% 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 326.78. 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 5.9x. 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: 4 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 46 days. Excellent situation: suppliers finance 42 days of the operating cycle (retail model). Inventory turnover is 3 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 161 days of revenue, i.e. 1.2 M€ to permanently finance. Notable WCR improvement over the period (-36%), freeing up cash.

Based on 99 transactions of similar company sales in 2024, the value of GHO VALENCIENNES AERODROME is estimated at 2 001 564 € (range 635 795€ - 3 784 807€). With an EBITDA of 578 551€, the sector multiple of 4.8x is applied. The price/revenue ratio is 0.54x (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.