HORIZONS AQUITAINS : revenue, balance sheet and financial ratios

In 2024, HORIZONS AQUITAINS achieves revenue of 62 k€. Over the period 2017-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +55.2%. Significant drop of -22% vs 2023. After deducting consumption (36 k€), gross margin stands at 26 k€, i.e. a rate of 42%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 19 k€, representing 29.9% of revenue. Warning negative scissor effect: despite revenue change (-22%), EBITDA varies by -47%, reducing margin by 13.9 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 28 k€, i.e. 44.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 21%. This very low level reflects a solid financial structure, offering significant room for future investments or acquisitions. Financial autonomy (= Equity / Total assets x 100) reaches 76%. 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 44.6% 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 3897.22. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 0 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 162 days. Excellent situation: suppliers finance 162 days of the operating cycle (retail model). Inventory turnover is 1362 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 1315 days of revenue, i.e. 228 k€ to permanently finance.

Based on 169 transactions of similar company sales in 2024, the value of HORIZONS AQUITAINS is estimated at 105 129 € (range 30 963€ - 189 964€). With an EBITDA of 18 620€, the sector multiple of 5.6x is applied. The price/revenue ratio is 0.81x (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.