ISALP IMMOBILIER : revenue, balance sheet and financial ratios

In 2020, ISALP IMMOBILIER achieves revenue of 21 k€. Revenue is declining over the period 2016-2020 (CAGR: -40.8%). Significant drop of -61% vs 2019. After deducting consumption (0 €), gross margin stands at 21 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 7.8% of revenue. Warning negative scissor effect: despite revenue change (-61%), EBITDA varies by -89%, reducing margin by 20.6 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 45 k€, i.e. 217.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at -289%. 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 -51%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 767.2 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 5.7% 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 3404.36. 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 26.2x. 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: 327 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 288 days. The gap of 39 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 9851 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 10482 days of revenue, i.e. 604 k€ to permanently finance.

Based on 193 transactions of similar company sales in 2020, the value of ISALP IMMOBILIER is estimated at 56 031 € (range 22 297€ - 122 043€). With an EBITDA of 1 621€, the sector multiple of 6.2x is applied. The price/revenue ratio is 0.62x (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.