SHURGARD FRANCE : revenue, balance sheet and financial ratios

In 2024, SHURGARD FRANCE achieves revenue of 89.5 M€. Revenue is growing positively over 9 years (CAGR: +4.5%). Vs 2023: +4%. After deducting consumption (484 k€), gross margin stands at 89.0 M€, i.e. a rate of 99%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 50.5 M€, representing 56.5% of revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 22.8 M€, i.e. 25.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 31%. Debt remains under control: the company retains capacity to raise new debt if needed. 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 2.9 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 43.7% 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 644.52. 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 6.3x. 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: 30 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 57 days. Favorable situation: supplier credit is longer than customer credit by 27 days. Inventory turnover is 1 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 369 days of revenue, i.e. 91.7 M€ to permanently finance. Over 2016-2024, WCR increased by +850%, requiring additional financing.

Based on 169 transactions of similar company sales in 2024, the value of SHURGARD FRANCE is estimated at 194 279 258 € (range 55 089 131€ - 349 411 001€). With an EBITDA of 50 535 345€, the sector multiple of 5.6x is applied. The price/revenue ratio is 0.81x (in line with sector norms). 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.