LOGICOR (LOREN) GARONOR II SAS : revenue, balance sheet and financial ratios

In 2024, LOGICOR (LOREN) GARONOR II SAS achieves revenue of 34.9 M€. Revenue is growing positively over 9 years (CAGR: +3.2%). Vs 2023: +7%. After deducting consumption (0 €), gross margin stands at 34.9 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 17.7 M€, representing 50.6% of revenue. Positive scissor effect: EBITDA margin improves by +4.7 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Net income is negative at -1.7 M€ (-4.8% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 954%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 9%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 45.0 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 14.5% 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 164.03. 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 70.9x. 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: 118 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 70 days. The gap of 48 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. WCR is negative (-12 days): operations structurally generate cash. Notable WCR improvement over the period (-112%), freeing up cash.

Based on 169 transactions of similar company sales in 2024, the value of LOGICOR (LOREN) GARONOR II SAS is estimated at 72 418 818 € (range 20 411 109€ - 130 103 117€). With an EBITDA of 17 671 175€, 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.