SAS G.H.V. : revenue, balance sheet and financial ratios

In 2024, SAS G.H.V. achieves revenue of 24.8 M€. Revenue is growing positively over 9 years (CAGR: +2.1%). Slight decline of -4% vs 2023. After deducting consumption (20.2 M€), gross margin stands at 4.6 M€, i.e. a rate of 19%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 639 k€, representing 2.6% of revenue. Warning negative scissor effect: despite revenue change (-4%), EBITDA varies by -46%, reducing margin by 2.0 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 322 k€, i.e. 1.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 29%. 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 23%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 2.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 1.6% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 132.44. 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 21.6x. 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: 20 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 125 days. Excellent situation: suppliers finance 105 days of the operating cycle (retail model). Inventory turnover is 129 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 155 days of revenue, i.e. 10.7 M€ to permanently finance. Over 2016-2024, WCR increased by +77%, requiring additional financing.

Based on 148 transactions of similar company sales in 2024, the value of SAS G.H.V. is estimated at 1 878 032 € (range 828 010€ - 3 408 616€). With an EBITDA of 639 068€, the sector multiple of 1.6x is applied. The price/revenue ratio is 0.16x (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.