SABLIERES J. LEONHART : revenue, balance sheet and financial ratios

In 2022, SABLIERES J. LEONHART achieves revenue of 21.4 M€. Revenue is growing positively over 3 years (CAGR: +4.8%). Vs 2021: +1%. After deducting consumption (5.9 M€), gross margin stands at 15.5 M€, i.e. a rate of 72%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.7 M€, representing 8.1% of revenue. Warning negative scissor effect: despite revenue change (+1%), EBITDA varies by -42%, reducing margin by 6.0 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 1.8 M€, i.e. 8.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 97%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 45%. 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 7.4 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 13.2% 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 457.97. 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 11.5x. 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: 61 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 48 days. The company must finance 13 days of gap between collections and payments. Inventory turnover is 82 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 183 days of revenue, i.e. 10.9 M€ to permanently finance.

Based on 95 transactions of similar company sales (all years), the value of SABLIERES J. LEONHART is estimated at 2 759 309 € (range 1 028 455€ - 11 968 841€). With an EBITDA of 1 739 199€, the sector multiple of 1.4x is applied. The price/revenue ratio is 0.17x (conservative 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.
Medium reliability: estimate to be confirmed with in-depth analysis.