LABORDE GESTION : revenue, balance sheet and financial ratios

In 2024, LABORDE GESTION achieves revenue of 48.0 M€. Activity remains stable over the period (CAGR: -0.5%). Vs 2023: +5%. After deducting consumption (-67.1 M€), gross margin stands at 115.0 M€, i.e. a rate of 240%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 33.9 M€, representing 70.7% of revenue. Warning negative scissor effect: despite revenue change (+5%), EBITDA varies by -1%, reducing margin by 4.4 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 20.8 M€, i.e. 43.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 8%. 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 12%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 71.1% 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 97.31. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 246 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: -866 days. The gap of 1112 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Overall, WCR represents 134 days of revenue, i.e. 17.9 M€ to permanently finance. Over 2016-2024, WCR increased by +123%, requiring additional financing.

Based on 131 transactions of similar company sales (all years), the value of LABORDE GESTION is estimated at 101 142 341 € (range 31 377 488€ - 191 755 927€). With an EBITDA of 33 902 567€, the sector multiple of 4.8x is applied. The price/revenue ratio is 0.36x (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.