PYRENEES 234 : revenue, balance sheet and financial ratios

In 2024, PYRENEES 234 achieves revenue of 3.1 M€. Revenue is growing positively over 5 years (CAGR: +1.2%). Significant drop of -13% vs 2021. After deducting consumption (2.1 M€), gross margin stands at 1.1 M€, i.e. a rate of 34%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 198 k€, representing 6.3% of revenue. Warning negative scissor effect: despite revenue change (-13%), EBITDA varies by -48%, reducing margin by 4.2 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 104 k€, i.e. 3.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 27%. 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 62%. 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 4.5 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 3.8% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 114.66. 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 3.9x. Financial charges are adequately covered by operations.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 2 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 85 days. Excellent situation: suppliers finance 83 days of the operating cycle (retail model). Inventory turnover is 58 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 55 days of revenue, i.e. 477 k€ to permanently finance. Over 2015-2024, WCR increased by +338%, requiring additional financing.

Based on 225 transactions of similar company sales in 2024, the value of PYRENEES 234 is estimated at 1 810 060 € (range 1 308 248€ - 2 619 305€). With an EBITDA of 198 273€, the sector multiple of 9.2x is applied. The price/revenue ratio is 0.64x (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.