LE GRENIER A PAIN : revenue, balance sheet and financial ratios

In 2024, LE GRENIER A PAIN achieves revenue of 1.1 M€. Revenue is growing positively over 9 years (CAGR: +5.0%). Slight decline of -5% vs 2023. After deducting consumption (45 k€), gross margin stands at 1.0 M€, i.e. a rate of 96%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 325 k€, representing 30.8% of revenue. Warning negative scissor effect: despite revenue change (-5%), EBITDA varies by -16%, reducing margin by 3.9 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 544 k€, i.e. 51.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 48%. Debt remains under control: the company retains capacity to raise new debt if needed. 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 2.9 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 73.4% 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 486.65. 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 88.9x. 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: 582 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 276 days. The gap of 306 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 9 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 1237 days of revenue, i.e. 3.6 M€ to permanently finance. Over 2016-2024, WCR increased by +199%, requiring additional financing.

Based on 134 transactions of similar company sales (all years), the value of LE GRENIER A PAIN is estimated at 785 562 € (range 284 834€ - 2 867 356€). With an EBITDA of 325 393€, the sector multiple of 2.2x 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.