LES MAZETS DES ROCHES : revenue, balance sheet and financial ratios

In 2022, LES MAZETS DES ROCHES achieves revenue of 641 k€. Activity remains stable over the period (CAGR: -3.6%). Vs 2021, growth of +42% (453 k€ -> 641 k€). After deducting consumption (138 k€), gross margin stands at 503 k€, i.e. a rate of 78%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 8 k€, representing 1.2% of revenue. Warning negative scissor effect: despite revenue change (+42%), EBITDA varies by -89%, reducing margin by 13.6 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 12 k€, i.e. 1.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 7%. 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 77%. 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 1.5 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 6.1% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 418.42. 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. Coverage is limited: any activity downturn would jeopardize interest payments.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 1 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 164 days. Excellent situation: suppliers finance 163 days of the operating cycle (retail model). Inventory turnover is 8 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 204 days of revenue, i.e. 364 k€ to permanently finance. Over 2016-2022, WCR increased by +230%, requiring additional financing.

Based on 164 transactions of similar company sales in 2022, the value of LES MAZETS DES ROCHES is estimated at 212 707 € (range 58 609€ - 399 655€). With an EBITDA of 7 546€, the sector multiple of 4.7x is applied. The price/revenue ratio is 0.96x (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.