PLEIN AIR ATTITUDE : revenue, balance sheet and financial ratios

In 2024, PLEIN AIR ATTITUDE achieves revenue of 33 k€. Revenue is declining over the period 2016-2024 (CAGR: -14.9%). Significant drop of -80% vs 2023. After deducting consumption (0 €), gross margin stands at 33 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 7 k€, representing 22.5% of revenue. Warning negative scissor effect: despite revenue change (-80%), EBITDA varies by -85%, reducing margin by 7.9 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Net income is negative at -4 k€ (-11.5% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 41%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 29%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 10.5 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 65.0% 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 14700.49. 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 65.5x. 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: 0 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 41 days. Excellent situation: suppliers finance 41 days of the operating cycle (retail model). Inventory turnover is 4 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 43 days of revenue, i.e. 4 k€ to permanently finance. Over 2016-2024, WCR increased by +111%, requiring additional financing.

Based on 153 transactions of similar company sales (all years), the value of PLEIN AIR ATTITUDE is estimated at 53 534 € (range 30 186€ - 76 662€). With an EBITDA of 7 475€, the sector multiple of 7.1x is applied. The price/revenue ratio is 1.61x (premium 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.