LE TREMPLIN : revenue, balance sheet and financial ratios

In 2024, LE TREMPLIN achieves revenue of 8.3 M€. Revenue is growing positively over 9 years (CAGR: +4.0%). Vs 2023, growth of +18% (7.0 M€ -> 8.3 M€). After deducting consumption (1.9 M€), gross margin stands at 6.4 M€, i.e. a rate of 77%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.1 M€, representing 13.2% of revenue. Positive scissor effect: EBITDA margin improves by +2.1 pts, sign of improved operational efficiency. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 644 k€, i.e. 7.8% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 89%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 49%. 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 3.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 8.2% 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 201.77. 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 11.5x. 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: 0 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 25 days. Favorable situation: supplier credit is longer than customer credit by 25 days. Inventory turnover is 146 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 196 days of revenue, i.e. 4.5 M€ to permanently finance. Over 2016-2024, WCR increased by +64%, requiring additional financing.

Based on 169 transactions of similar company sales in 2024, the value of LE TREMPLIN is estimated at 5 940 798 € (range 1 838 915€ - 10 789 152€). With an EBITDA of 1 094 353€, the sector multiple of 5.6x is applied. The price/revenue ratio is 0.81x (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.