SAS BEL AIR LAND : revenue, balance sheet and financial ratios

In 2024, SAS BEL AIR LAND achieves revenue of 1.5 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +7.0%. Slight decline of -5% vs 2023. After deducting consumption (46 k€), gross margin stands at 1.5 M€, i.e. a rate of 97%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 152 k€, representing 10.1% of revenue. Warning negative scissor effect: despite revenue change (-5%), EBITDA varies by -56%, reducing margin by 11.8 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Net income is negative at -169 k€ (-11.2% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 230%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 23%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 29.0 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 3.2% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 161.44. 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 0.8x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 81 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 126 days. Excellent situation: suppliers finance 45 days of the operating cycle (retail model). Inventory turnover is 5 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 147 days of revenue, i.e. 616 k€ to permanently finance. Over 2016-2024, WCR increased by +345%, requiring additional financing.

Based on 153 transactions of similar company sales (all years), the value of SAS BEL AIR LAND is estimated at 1 589 810 € (range 936 382€ - 2 237 153€). With an EBITDA of 152 211€, the sector multiple of 7.1x is applied. The price/revenue ratio is 1.61x (premium 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.