LES ACCESSOIRISTES : revenue, balance sheet and financial ratios

In 2022, LES ACCESSOIRISTES achieves revenue of 437 k€. Revenue is growing positively over 6 years (CAGR: +0.8%). Vs 2021: +1%. After deducting consumption (271 k€), gross margin stands at 165 k€, i.e. a rate of 38%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 802 €, representing 0.2% of revenue. Warning negative scissor effect: despite revenue change (+1%), EBITDA varies by -98%, reducing margin by 8.6 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 359 €, i.e. 0.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 11%. 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 62%. 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 68.3 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 0.1% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 129.63. 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 38.2x. 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: 6 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 102 days. Excellent situation: suppliers finance 96 days of the operating cycle (retail model). Inventory turnover is 39 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 40 days of revenue, i.e. 48 k€ to permanently finance. Over 2017-2022, WCR increased by +65%, requiring additional financing.

Based on 75 transactions of similar company sales in 2022, the value of LES ACCESSOIRISTES is estimated at 69 588 € (range 26 253€ - 123 534€). With an EBITDA of 802€, the sector multiple of 2.5x is applied. The price/revenue ratio is 0.52x (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.
Medium reliability: estimate to be confirmed with in-depth analysis.