ROGER RATHEAU : revenue, balance sheet and financial ratios

In 2023, ROGER RATHEAU achieves revenue of 1.9 M€. Revenue is growing positively over 8 years (CAGR: +2.1%). Significant drop of -12% vs 2022. After deducting consumption (0 €), gross margin stands at 1.9 M€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 152 k€, representing 8.0% of revenue. Warning negative scissor effect: despite revenue change (-12%), EBITDA varies by -61%, reducing margin by 10.0 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 1.3 M€, i.e. 70.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 9%. 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 90%. 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 1.6 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 78.1% 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 1887.69. 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 62.2x. 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: 1 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 70 days. Excellent situation: suppliers finance 69 days of the operating cycle (retail model). Overall, WCR represents 1430 days of revenue, i.e. 7.5 M€ to permanently finance. Over 2016-2023, WCR increased by +33%, requiring additional financing.

Based on 215 transactions of similar company sales in 2023, the value of ROGER RATHEAU is estimated at 2 180 499 € (range 780 764€ - 4 193 271€). With an EBITDA of 151 821€, the sector multiple of 5.2x is applied. The price/revenue ratio is 0.51x (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.