S.A.S BLONDEAU : revenue, balance sheet and financial ratios

In 2023, S.A.S BLONDEAU achieves revenue of 4.4 M€. Revenue is growing positively over 8 years (CAGR: +1.5%). Slight decline of -6% vs 2022. After deducting consumption (1.4 M€), gross margin stands at 3.0 M€, i.e. a rate of 68%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 426 k€, representing 9.6% of revenue. Positive scissor effect: EBITDA margin improves by +5.0 pts, sign of improved operational efficiency. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 253 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 12%. 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 62%. 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 0.6 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 442.82. 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 0.4x. 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: 67 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 25 days. The gap of 42 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 51 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 77 days of revenue, i.e. 951 k€ to permanently finance. Over 2016-2023, WCR increased by +27%, requiring additional financing.

Based on 56 transactions of similar company sales (all years), the value of S.A.S BLONDEAU is estimated at 488 690 € (range 302 464€ - 1 081 722€). With an EBITDA of 426 252€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.13x (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.