LE PAIN DE BELLEDONNE : revenue, balance sheet and financial ratios

In 2024, LE PAIN DE BELLEDONNE achieves revenue of 19.9 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +7.5%. Vs 2023: +6%. After deducting consumption (6.9 M€), gross margin stands at 13.0 M€, i.e. a rate of 65%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 799 k€, representing 4.0% of revenue. Positive scissor effect: EBITDA margin improves by +4.5 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 11 k€, i.e. 0.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 583%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 8%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 9.0 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 2.8% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 156.58. 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 38.4x. 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: 19 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 64 days. Excellent situation: suppliers finance 45 days of the operating cycle (retail model). Inventory turnover is 31 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 36 days of revenue, i.e. 2.0 M€ to permanently finance. Over 2016-2024, WCR increased by +44%, requiring additional financing.

Based on 203 transactions of similar company sales in 2024, the value of LE PAIN DE BELLEDONNE is estimated at 6 021 983 € (range 3 511 532€ - 8 748 759€). With an EBITDA of 798 599€, the sector multiple of 6.7x is applied. The price/revenue ratio is 0.55x (in line with sector norms). 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.