ROBERT ET NICOLE : revenue, balance sheet and financial ratios

In 2020, ROBERT ET NICOLE achieves revenue of 605 k€. Revenue is growing positively over 6 years (CAGR: +1.5%). Significant drop of -39% vs 2019. After deducting consumption (179 k€), gross margin stands at 426 k€, i.e. a rate of 70%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 46 k€, representing 7.7% of revenue. Warning negative scissor effect: despite revenue change (-39%), EBITDA varies by -77%, reducing margin by 12.7 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 77 k€, i.e. 12.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 68%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 55%. 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 10.2 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 6.0% 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 835.59. 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 7.6x. 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: 38 days. Excellent situation: suppliers finance 38 days of the operating cycle (retail model). Inventory turnover is 18 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 248 days of revenue, i.e. 416 k€ to permanently finance. Over 2015-2020, WCR increased by +1798%, requiring additional financing.

Based on 719 transactions of similar company sales in 2020, the value of ROBERT ET NICOLE is estimated at 371 060 € (range 202 949€ - 633 618€). With an EBITDA of 46 393€, the sector multiple of 5.7x is applied. The price/revenue ratio is 0.62x (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.