GRUMBACH IMMOBILIER : revenue, balance sheet and financial ratios

In 2024, GRUMBACH IMMOBILIER achieves revenue of 2.6 M€. Revenue is growing positively over 9 years (CAGR: +0.2%). Significant drop of -49% vs 2023. After deducting consumption (936 k€), gross margin stands at 1.7 M€, i.e. a rate of 64%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 155 k€, representing 6.0% of revenue. Warning negative scissor effect: despite revenue change (-49%), EBITDA varies by -86%, reducing margin by 15.1 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 1.1 M€, i.e. 43.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 110%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 46%. 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 16.4 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 42.7% 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 1593.29. 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 580.2x. 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: 67 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 174 days. Excellent situation: suppliers finance 107 days of the operating cycle (retail model). Inventory turnover is 2368 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 2170 days of revenue, i.e. 15.6 M€ to permanently finance. Over 2016-2024, WCR increased by +49%, requiring additional financing.

Based on 64 transactions of similar company sales in 2024, the value of GRUMBACH IMMOBILIER is estimated at 1 624 809 € (range 727 904€ - 3 331 906€). With an EBITDA of 155 084€, the sector multiple of 3.1x is applied. The price/revenue ratio is 0.33x (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.