LES HORBOUTS I : revenue, balance sheet and financial ratios

In 2024, LES HORBOUTS I achieves revenue of 9.2 M€. Activity remains stable over the period (CAGR: -4.0%). Significant drop of -34% vs 2023. After deducting consumption (0 €), gross margin stands at 9.2 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 3.3 M€, representing 35.5% of revenue. Warning negative scissor effect: despite revenue change (-34%), EBITDA varies by -55%, reducing margin by 16.0 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Net income is negative at -159 k€ (-1.7% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 17%. 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 83%. 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 5.0 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 29.3% 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 136.77. 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 19.5x. 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: 2 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 75 days. Excellent situation: suppliers finance 73 days of the operating cycle (retail model). WCR is negative (-70 days): operations structurally generate cash. Notable WCR improvement over the period (-458%), freeing up cash.

Based on 169 transactions of similar company sales in 2024, the value of LES HORBOUTS I is estimated at 14 154 259 € (range 4 072 050€ - 25 484 913€). With an EBITDA of 3 252 607€, 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.