GLASS EXPRESS FRANCE : revenue, balance sheet and financial ratios

In 2024, GLASS EXPRESS FRANCE achieves revenue of 12.7 M€. Over the period 2017-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +21.6%. Vs 2023, growth of +21% (10.5 M€ -> 12.7 M€). After deducting consumption (2.1 M€), gross margin stands at 10.6 M€, i.e. a rate of 83%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.3 M€, representing 10.5% of revenue. Warning negative scissor effect: despite revenue change (+21%), EBITDA varies by -1%, reducing margin by 2.4 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 880 k€, i.e. 6.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 55%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 32%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 1.6 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 8.5% 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 183.90. 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 3.5x. Financial charges are adequately covered by operations.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 143 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 53 days. The gap of 90 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 1 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 169 days of revenue, i.e. 5.9 M€ to permanently finance.

Based on 103 transactions of similar company sales in 2024, the value of GLASS EXPRESS FRANCE is estimated at 6 450 051 € (range 1 834 371€ - 12 933 436€). With an EBITDA of 1 327 484€, the sector multiple of 5.0x is applied. The price/revenue ratio is 0.38x (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.