KUHLMANN FRANCE : revenue, balance sheet and financial ratios

In 2024, KUHLMANN FRANCE achieves revenue of 111.8 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +7.1%. Slight decline of -2% vs 2023. After deducting consumption (35.4 M€), gross margin stands at 76.4 M€, i.e. a rate of 68%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 13.9 M€, representing 12.4% of revenue. Warning negative scissor effect: despite revenue change (-2%), EBITDA varies by -30%, reducing margin by 4.9 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 8.6 M€, i.e. 7.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 0%. 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 57%. This high autonomy means the company finances most of its assets through equity, a sign of strength. Cash flow represents 11.9% 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 91.45. 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 0.5x. 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: 46 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 55 days. Favorable situation: supplier credit is longer than customer credit by 9 days. Inventory turnover is 27 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 17 days of revenue, i.e. 5.2 M€ to permanently finance. Notable WCR improvement over the period (-41%), freeing up cash.

Based on 74 transactions of similar company sales (all years), the value of KUHLMANN FRANCE is estimated at 8 937 583 € (range 4 131 372€ - 25 648 359€). With an EBITDA of 13 854 807€, the sector multiple of 0.6x is applied. The price/revenue ratio is 0.11x (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.