IMAGES DU MONDE : revenue, balance sheet and financial ratios

In 2024, IMAGES DU MONDE achieves revenue of 75 k€. Activity remains stable over the period (CAGR: -3.9%). Significant drop of -20% vs 2023. After deducting consumption (0 €), gross margin stands at 75 k€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 2 k€, representing 3.2% of revenue. Warning negative scissor effect: despite revenue change (-20%), EBITDA varies by -76%, reducing margin by 7.5 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 429 €, i.e. 0.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 11%. 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 9%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 2.9 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 2.5% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 615.91. 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 5.5x. 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: 198 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 21 days. The gap of 177 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Overall, WCR represents 165 days of revenue, i.e. 34 k€ to permanently finance. Over 2016-2024, WCR increased by +462%, requiring additional financing.

Based on 67 transactions of similar company sales (all years), the value of IMAGES DU MONDE is estimated at 5 464 € (range 3 354€ - 18 490€). With an EBITDA of 2 438€, the sector multiple of 1.1x is applied. The price/revenue ratio is 0.16x (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.