LEFORT : revenue, balance sheet and financial ratios

In 2021, LEFORT achieves revenue of 335 k€. Over the period 2016-2021, the company shows strong growth with a CAGR (compound annual growth rate) of +7.6%. Vs 2020, growth of +38% (242 k€ -> 335 k€). After deducting consumption (119 k€), gross margin stands at 216 k€, i.e. a rate of 65%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 118 k€, representing 35.1% of revenue. Positive scissor effect: EBITDA margin improves by +10.4 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 77 k€, i.e. 22.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 30%. This very low level reflects a solid financial structure, offering significant room for future investments or acquisitions. Financial autonomy (= Equity / Total assets x 100) reaches 54%. 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 0.8 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 23.8% 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 245.32. 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 0.4x. 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: 73 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 148 days. Excellent situation: suppliers finance 75 days of the operating cycle (retail model). Inventory turnover is 104 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 188 days of revenue, i.e. 175 k€ to permanently finance. Over 2016-2021, WCR increased by +198%, requiring additional financing.

Based on 138 transactions of similar company sales (all years), the value of LEFORT is estimated at 275 672 € (range 95 706€ - 487 228€). With an EBITDA of 117 553€, the sector multiple of 3.3x is applied. The price/revenue ratio is 0.41x (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.