PHARMACIE KALFON : revenue, balance sheet and financial ratios

In 2023, PHARMACIE KALFON achieves revenue of 1.3 M€. Vs 2022, growth of +18% (1.1 M€ -> 1.3 M€). After deducting consumption (967 k€), gross margin stands at 363 k€, i.e. a rate of 27%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 192 k€, representing 14.5% of revenue. Warning negative scissor effect: despite revenue change (+18%), EBITDA varies by -5%, reducing margin by 3.4 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 190 k€, i.e. 14.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 214%. 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 25%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 2.2 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 14.3% 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 65.78. 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 0.6x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 3 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 26 days. Favorable situation: supplier credit is longer than customer credit by 23 days. Inventory turnover is 13 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 0 days of revenue, i.e. 944 € to permanently finance.

Based on 220 transactions of similar company sales in 2023, the value of PHARMACIE KALFON is estimated at 1 680 715 € (range 1 044 785€ - 2 191 226€). With an EBITDA of 192 307€, the sector multiple of 10.0x is applied. The price/revenue ratio is 0.69x (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.