SAS FABRICE ROUSSON : revenue, balance sheet and financial ratios

In 2019, SAS FABRICE ROUSSON achieves revenue of 375 k€. Over the period 2016-2019, the company shows strong growth with a CAGR (compound annual growth rate) of +22.0%. Vs 2018: +1%. After deducting consumption (198 k€), gross margin stands at 177 k€, i.e. a rate of 47%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 30 k€, representing 8.0% of revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 27 k€, i.e. 7.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 23%. 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 13%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.5 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 12.4% 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 215.69. 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 1.0x. Coverage is limited: any activity downturn would jeopardize interest payments.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 72 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 22 days. The gap of 50 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 6 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 49 days of revenue, i.e. 52 k€ to permanently finance. Over 2016-2019, WCR increased by +193%, requiring additional financing.

Based on 145 transactions of similar company sales (all years), the value of SAS FABRICE ROUSSON is estimated at 79 013 € (range 30 067€ - 197 848€). With an EBITDA of 30 140€, the sector multiple of 2.6x is applied. The price/revenue ratio is 0.19x (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.