INSTITUT SUPERIEUR DE FORMATION HAVRAIS : revenue, balance sheet and financial ratios

In 2024, INSTITUT SUPERIEUR DE FORMATION HAVRAIS achieves revenue of 1.7 M€. Over the period 2022-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +21.3%. Vs 2023, growth of +15% (1.5 M€ -> 1.7 M€). After deducting consumption (0 €), gross margin stands at 1.7 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 469 k€, representing 27.9% of revenue. Warning negative scissor effect: despite revenue change (+15%), EBITDA varies by -8%, reducing margin by 7.2 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 305 k€, i.e. 18.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 1%. 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 83%. 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 0.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 19.9% 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 539.09. 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 0.1x. 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: 77 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 36 days. The gap of 41 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 111 days of revenue, i.e. 517 k€ to permanently finance. Over 2022-2024, WCR increased by +137%, requiring additional financing.

Based on 134 transactions of similar company sales (all years), the value of INSTITUT SUPERIEUR DE FORMATION HAVRAIS is estimated at 867 287 € (range 311 030€ - 2 642 916€). With an EBITDA of 468 703€, the sector multiple of 2.2x is applied. The price/revenue ratio is 0.36x (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.