LEASEPLAN FRANCE SAS : revenue, balance sheet and financial ratios

In 2024, LEASEPLAN FRANCE SAS achieves revenue of 895.7 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +7.9%. Vs 2023, growth of +33% (675.8 M€ -> 895.7 M€). After deducting consumption (2.6 M€), gross margin stands at 893.1 M€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 687.0 M€, representing 76.7% of revenue. Positive scissor effect: EBITDA margin improves by +13.6 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 21.4 M€, i.e. 2.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 308%. 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 23%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 5.5 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 37.5% 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 356.40. 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 9.6x. 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: 137 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 60 days. The gap of 77 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. WCR is negative (-69 days): operations structurally generate cash. Over 2016-2024, WCR increased by +35%, requiring additional financing.

Based on 276 transactions of similar company sales (all years), the value of LEASEPLAN FRANCE SAS is estimated at 4 783 836 996 € (range 982 314 151€ - 6 554 709 800€). With an EBITDA of 686 991 955€, the sector multiple of 11.9x is applied. The price/revenue ratio is 2.33x (premium 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.