PERIER VOYAGES 2 : revenue, balance sheet and financial ratios

In 2024, PERIER VOYAGES 2 achieves revenue of 356 k€. Revenue is growing positively over 9 years (CAGR: +2.0%). Significant drop of -21% vs 2023. After deducting consumption (0 €), gross margin stands at 356 k€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 89 k€, representing 25.1% of revenue. Warning negative scissor effect: despite revenue change (-21%), EBITDA varies by -48%, reducing margin by 13.5 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 231 k€, i.e. 65.0% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 2%. 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 50%. 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 0.1 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 9.5% 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 197.66. 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 1.5x. 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: 9 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 114 days. Excellent situation: suppliers finance 105 days of the operating cycle (retail model). Overall, WCR represents 97 days of revenue, i.e. 96 k€ to permanently finance. Over 2016-2024, WCR increased by +147%, requiring additional financing.

Based on 80 transactions of similar company sales (all years), the value of PERIER VOYAGES 2 is estimated at 178 161 € (range 90 093€ - 587 301€). With an EBITDA of 89 271€, the sector multiple of 1.6x 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.