LE SOURCIL PAR ANGELIK IFFENNECKER : revenue, balance sheet and financial ratios

In 2023, LE SOURCIL PAR ANGELIK IFFENNECKER achieves revenue of 135 k€. Over the period 2015-2023, the company shows strong growth with a CAGR (compound annual growth rate) of +13.5%. Slight decline of -4% vs 2022. After deducting consumption (24 k€), gross margin stands at 110 k€, i.e. a rate of 82%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 22 k€, representing 16.2% of revenue. Positive scissor effect: EBITDA margin improves by +8.1 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 24 k€, i.e. 18.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 49%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 23%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 1.9 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 19.3% 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 287.52. 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 0.9x. 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: 46 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 15 days. The gap of 31 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 336 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 181 days of revenue, i.e. 68 k€ to permanently finance. Over 2015-2023, WCR increased by +1184%, requiring additional financing.

Based on 64 transactions of similar company sales (all years), the value of LE SOURCIL PAR ANGELIK IFFENNECKER is estimated at 50 084 € (range 27 560€ - 203 889€). With an EBITDA of 21 867€, the sector multiple of 2.4x is applied. The price/revenue ratio is 0.38x (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.