MEUBLES MORIN : revenue, balance sheet and financial ratios

In 2023, MEUBLES MORIN achieves revenue of 3.4 M€. Revenue is growing positively over 8 years (CAGR: +4.3%). Significant drop of -21% vs 2022. After deducting consumption (82 k€), gross margin stands at 3.3 M€, i.e. a rate of 98%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 293 k€, representing 8.6% of revenue. Warning negative scissor effect: despite revenue change (-21%), EBITDA varies by -53%, reducing margin by 5.8 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 4.4 M€, i.e. 129.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 40%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 66%. 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 6.4 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 48.5% 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 926.68. 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 163.3x. 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: 1 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 27 days. Favorable situation: supplier credit is longer than customer credit by 26 days. WCR is negative (-190 days): operations structurally generate cash. Notable WCR improvement over the period (-319%), freeing up cash.

Based on 215 transactions of similar company sales in 2023, the value of MEUBLES MORIN is estimated at 6 258 566 € (range 2 254 962€ - 12 047 388€). With an EBITDA of 293 265€, the sector multiple of 5.2x is applied. The price/revenue ratio is 0.51x (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.