IMPRIMERIE TONNELLIER : revenue, balance sheet and financial ratios

In 2024, IMPRIMERIE TONNELLIER achieves revenue of 29.9 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +6.8%. Slight decline of -2% vs 2023. After deducting consumption (9.0 M€), gross margin stands at 20.9 M€, i.e. a rate of 70%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 2.5 M€, representing 8.3% of revenue. Positive scissor effect: EBITDA margin improves by +2.9 pts, sign of improved operational efficiency. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 1.5 M€, i.e. 5.0% 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 60%. 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 0.7 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 6.4% 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 264.11. 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 1.3x. Coverage is limited: any activity downturn would jeopardize interest payments.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 58 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 25 days. The gap of 33 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 25 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 74 days of revenue, i.e. 6.1 M€ to permanently finance. Notable WCR improvement over the period (-36%), freeing up cash.

Based on 72 transactions of similar company sales (all years), the value of IMPRIMERIE TONNELLIER is estimated at 10 481 826 € (range 5 338 519€ - 20 757 204€). With an EBITDA of 2 492 337€, the sector multiple of 4.9x is applied. The price/revenue ratio is 0.25x (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.