PAGE PARFUMS : revenue, balance sheet and financial ratios

In 2024, PAGE PARFUMS achieves revenue of 1.7 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +10.9%. Vs 2023, growth of +30% (1.3 M€ -> 1.7 M€). After deducting consumption (1.1 M€), gross margin stands at 548 k€, i.e. a rate of 33%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 26 k€, representing 1.6% of revenue. Warning negative scissor effect: despite revenue change (+30%), EBITDA varies by -53%, reducing margin by 2.8 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 22 k€, i.e. 1.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 55%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 28%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 28.7 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 0.4% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 172.56. 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 111.4x. 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: 123 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 176 days. Excellent situation: suppliers finance 53 days of the operating cycle (retail model). Inventory turnover is 170 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 330 days of revenue, i.e. 1.5 M€ to permanently finance. Over 2016-2024, WCR increased by +60%, requiring additional financing.

Based on 64 transactions of similar company sales (all years), the value of PAGE PARFUMS is estimated at 227 993 € (range 145 129€ - 501 048€). With an EBITDA of 25 950€, the sector multiple of 2.4x is applied. The price/revenue ratio is 0.38x (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.
Medium reliability: estimate to be confirmed with in-depth analysis.