HOLDING NORMAND MIKAEL : revenue, balance sheet and financial ratios

In 2025, HOLDING NORMAND MIKAEL achieves revenue of 923 k€. Activity remains stable over the period (CAGR: -0.1%). Vs 2024: +0%. After deducting consumption (739 k€), gross margin stands at 185 k€, i.e. a rate of 20%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 36 k€, representing 3.8% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 7 k€, i.e. 0.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 2657%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 3%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 47.4 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 1.8% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 914.92. 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 60.9x. 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: 25 days. Favorable situation: supplier credit is longer than customer credit by 21 days. Inventory turnover is 177 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 214 days of revenue, i.e. 549 k€ to permanently finance. Notable WCR improvement over the period (-31%), freeing up cash.

Based on 173 transactions of similar company sales (all years), the value of HOLDING NORMAND MIKAEL is estimated at 172 119 € (range 62 923€ - 371 150€). With an EBITDA of 35 502€, the sector multiple of 3.4x 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.