LA BOUCHERIE DES HALLES : revenue, balance sheet and financial ratios

In 2021, LA BOUCHERIE DES HALLES achieves revenue of 568 k€. Revenue is growing positively over 4 years (CAGR: +4.1%). Vs 2020: +3%. After deducting consumption (352 k€), gross margin stands at 216 k€, i.e. a rate of 38%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 49 k€, representing 8.6% of revenue. Warning negative scissor effect: despite revenue change (+3%), EBITDA varies by -33%, reducing margin by 4.7 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 39 k€, i.e. 6.8% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 16%. 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 40%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.2 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 7.9% 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 153.35. 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 0.3x. 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: 0 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 36 days. Excellent situation: suppliers finance 36 days of the operating cycle (retail model). Inventory turnover is 6 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 21 days of revenue, i.e. 34 k€ to permanently finance. Over 2016-2021, WCR increased by +80%, requiring additional financing.

Based on 62 transactions of similar company sales in 2021, the value of LA BOUCHERIE DES HALLES is estimated at 221 091 € (range 149 412€ - 322 106€). With an EBITDA of 48 808€, the sector multiple of 5.1x is applied. The price/revenue ratio is 0.31x (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.