SAR LACHENAUD MECA : revenue, balance sheet and financial ratios

In 2024, SAR LACHENAUD MECA achieves revenue of 1.3 M€. Revenue is growing positively over 10 years (CAGR: +2.5%). Significant drop of -20% vs 2023. After deducting consumption (734 k€), gross margin stands at 569 k€, i.e. a rate of 44%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 124 k€, representing 9.5% of revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 74 k€, i.e. 5.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 21%. 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 71%. 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 1.3 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 7.6% 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 586.22. 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 6.0x. 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: 57 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 31 days. The company must finance 26 days of gap between collections and payments. Inventory turnover is 71 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 139 days of revenue, i.e. 503 k€ to permanently finance. Over 2015-2024, WCR increased by +101%, requiring additional financing.

Based on 104 transactions of similar company sales (all years), the value of SAR LACHENAUD MECA is estimated at 187 664 € (range 112 441€ - 542 941€). With an EBITDA of 123 526€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.27x (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.