L ORIENT EXPRESS : revenue, balance sheet and financial ratios

In 2024, L ORIENT EXPRESS achieves revenue of 647 k€. Over the period 2020-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +45.4%. Vs 2023: +9%. After deducting consumption (30 k€), gross margin stands at 617 k€, i.e. a rate of 95%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 360 k€, representing 55.6% of revenue. Positive scissor effect: EBITDA margin improves by +6.6 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 215 k€, i.e. 33.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 65%. Debt remains under control: the company retains capacity to raise new debt if needed. 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. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 1.3 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 44.8% 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 774.50. 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 1.0x. 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: 4 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 53 days. Excellent situation: suppliers finance 49 days of the operating cycle (retail model). Inventory turnover is 7 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 179 days of revenue, i.e. 321 k€ to permanently finance. Over 2020-2024, WCR increased by +6464%, requiring additional financing.

Based on 147 transactions of similar company sales in 2024, the value of L ORIENT EXPRESS is estimated at 1 256 480 € (range 492 442€ - 2 184 555€). With an EBITDA of 359 889€, the sector multiple of 5.5x is applied. The price/revenue ratio is 0.35x (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.