LEMAITRE MENUISERIE : revenue, balance sheet and financial ratios

In 2024, LEMAITRE MENUISERIE achieves revenue of 1.8 M€. Activity remains stable over the period (CAGR: -0.2%). Slight decline of -10% vs 2023. After deducting consumption (972 k€), gross margin stands at 853 k€, i.e. a rate of 47%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 238 k€, representing 13.1% of revenue. Positive scissor effect: EBITDA margin improves by +6.3 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 120 k€, i.e. 6.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 13%. 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 55%. 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 0.4 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 11.2% 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 246.17. 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 1.0x. 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: 56 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 47 days. The company must finance 9 days of gap between collections and payments. Inventory turnover is 46 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 84 days of revenue, i.e. 428 k€ to permanently finance.

Based on 51 transactions of similar company sales in 2024, the value of LEMAITRE MENUISERIE is estimated at 344 789 € (range 175 414€ - 527 114€). With an EBITDA of 238 415€, the sector multiple of 1.6x is applied. The price/revenue ratio is 0.14x (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.