SOCIETE D'EXERCICE LIBERAL PAR ACTIONS SIMPLIFIEES DE PHARMACIENS D'OFFICINE PHARMACIE DES THERMES : revenue, balance sheet and financial ratios

In 2024, SOCIETE D'EXERCICE LIBERAL PAR ACTIONS SIMPLIFIEES DE PHARMACIENS D'OFFICINE PHARMACIE DES THERMES achieves revenue of 1.5 M€. Revenue is growing positively over 9 years (CAGR: +4.9%). Vs 2023: +1%. After deducting consumption (1.1 M€), gross margin stands at 385 k€, i.e. a rate of 26%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 58 k€, representing 3.9% of revenue. Warning negative scissor effect: despite revenue change (+1%), EBITDA varies by -54%, reducing margin by 4.6 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 22 k€, i.e. 1.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 82%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 49%. 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 19.4 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 2.0% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 143.19. 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 9.2x. 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: 22 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 44 days. Favorable situation: supplier credit is longer than customer credit by 22 days. Inventory turnover is 52 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 79 days of revenue, i.e. 327 k€ to permanently finance. Over 2016-2024, WCR increased by +193%, requiring additional financing.

Based on 225 transactions of similar company sales in 2024, the value of SOCIETE D'EXERCICE LIBERAL PAR ACTIONS SIMPLIFIEES DE PHARMACIENS D'OFFICINE PHARMACIE DES THERMES is estimated at 618 046 € (range 459 925€ - 872 796€). With an EBITDA of 58 309€, the sector multiple of 9.2x is applied. The price/revenue ratio is 0.64x (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.