JOKEY FRANCE : revenue, balance sheet and financial ratios

In 2024, JOKEY FRANCE achieves revenue of 63.9 M€. Revenue is growing positively over 9 years (CAGR: +1.3%). Slight decline of -6% vs 2023. After deducting consumption (27.2 M€), gross margin stands at 36.7 M€, i.e. a rate of 57%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 8.0 M€, representing 12.5% of revenue. Warning negative scissor effect: despite revenue change (-6%), EBITDA varies by -37%, reducing margin by 6.2 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 2.6 M€, i.e. 4.1% 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 77%. 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 11.0% 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 379.25. 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 12.2x. 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: 39 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 27 days. The company must finance 12 days of gap between collections and payments. Inventory turnover is 48 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 88 days of revenue, i.e. 15.5 M€ to permanently finance.

Based on 76 transactions of similar company sales (all years), the value of JOKEY FRANCE is estimated at 9 859 288 € (range 4 160 624€ - 20 033 913€). With an EBITDA of 7 986 460€, the sector multiple of 1.3x is applied. The price/revenue ratio is 0.20x (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.