LYCORE - LYONNAISE DE CONSTRUCTION ET DE RENOVATION : revenue, balance sheet and financial ratios

In 2025, LYCORE - LYONNAISE DE CONSTRUCTION ET DE RENOVATION achieves revenue of 89 k€. Revenue is declining over the period 2018-2025 (CAGR: -27.1%). Vs 2024, growth of +67% (53 k€ -> 89 k€). After deducting consumption (2 k€), gross margin stands at 87 k€, i.e. a rate of 98%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 9 k€, representing 10.4% of revenue. Warning negative scissor effect: despite revenue change (+67%), EBITDA varies by -44%, reducing margin by 20.7 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 14 k€, i.e. 15.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 2406%. 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 2%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 78.0 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 60.6% 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 274.48. 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 203.0x. 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: 5099 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 315 days. The gap of 4784 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 35726 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 24087 days of revenue, i.e. 5.9 M€ to permanently finance. Over 2018-2025, WCR increased by +13688%, requiring additional financing.

Based on 113 transactions of similar company sales (all years), the value of LYCORE - LYONNAISE DE CONSTRUCTION ET DE RENOVATION is estimated at 26 580 € (range 10 693€ - 56 804€). With an EBITDA of 9 213€, the sector multiple of 3.6x is applied. The price/revenue ratio is 0.11x (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.