LCA DISTRIBUTION : revenue, balance sheet and financial ratios

In 2024, LCA DISTRIBUTION achieves revenue of 112.3 M€. Over the period 2014-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +52.5%. Vs 2023: +3%. After deducting consumption (90.2 M€), gross margin stands at 22.1 M€, i.e. a rate of 20%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 10.2 M€, representing 9.1% of revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 7.2 M€, i.e. 6.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 11%. 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 60%. 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 0.4 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 6.7% 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 297.04. 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 5.8x. 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: 33 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 37 days. Favorable situation: supplier credit is longer than customer credit by 4 days. Inventory turnover is 87 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 115 days of revenue, i.e. 35.8 M€ to permanently finance. Over 2014-2024, WCR increased by +9376%, requiring additional financing.

Based on 145 transactions of similar company sales (all years), the value of LCA DISTRIBUTION is estimated at 24 478 172 € (range 9 406 870€ - 62 215 581€). With an EBITDA of 10 159 251€, the sector multiple of 2.6x is applied. The price/revenue ratio is 0.19x (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.