HALL : revenue, balance sheet and financial ratios

In 2025, HALL achieves revenue of 10.2 M€. Over the period 2017-2025, the company shows strong growth with a CAGR (compound annual growth rate) of +36.2%. Vs 2024, growth of +17% (8.7 M€ -> 10.2 M€). After deducting consumption (5.8 M€), gross margin stands at 4.4 M€, i.e. a rate of 43%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.7 M€, representing 16.9% of revenue. Positive scissor effect: EBITDA margin improves by +4.1 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 581 k€, i.e. 5.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 54%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 12%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.4 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 8.2% 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 112.33. 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 0.9x. 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: 23 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 115 days. Excellent situation: suppliers finance 92 days of the operating cycle (retail model). Inventory turnover is 66 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 91 days of revenue, i.e. 2.6 M€ to permanently finance. Over 2017-2025, WCR increased by +4979%, requiring additional financing.

Based on 239 transactions of similar company sales (all years), the value of HALL is estimated at 4 324 211 € (range 1 872 737€ - 7 550 068€). With an EBITDA of 1 723 884€, the sector multiple of 3.4x is applied. The price/revenue ratio is 0.28x (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.