INSTITUT DU PATRIMOINE (IP) : revenue, balance sheet and financial ratios

In 2024, INSTITUT DU PATRIMOINE (IP) achieves revenue of 7.3 M€. Over the period 2018-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +13.4%. Slight decline of -0% vs 2023. After deducting consumption (0 €), gross margin stands at 7.3 M€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 2.1 M€, representing 28.2% of revenue. Warning negative scissor effect: despite revenue change (-0%), EBITDA varies by -12%, reducing margin by 3.8 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 1.4 M€, i.e. 18.8% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 14%. 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 65%. 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 0.5 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 20.9% 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 248.61. 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 0.2x. 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: 79 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 136 days. Excellent situation: suppliers finance 57 days of the operating cycle (retail model). Overall, WCR represents 137 days of revenue, i.e. 2.8 M€ to permanently finance. Over 2018-2024, WCR increased by +177%, requiring additional financing.

Based on 193 transactions of similar company sales (all years), the value of INSTITUT DU PATRIMOINE (IP) is estimated at 3 961 306 € (range 1 186 236€ - 12 923 608€). With an EBITDA of 2 067 536€, the sector multiple of 1.2x is applied. The price/revenue ratio is 0.98x (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.