SOCIETE FINANCIERE D'ACCOMPAGNEMENT DU TOURISME : revenue, balance sheet and financial ratios

In 2024, SOCIETE FINANCIERE D'ACCOMPAGNEMENT DU TOURISME achieves revenue of 840 k€. Activity remains stable over the period (CAGR: -4.2%). Significant drop of -41% vs 2023. After deducting consumption (82 k€), gross margin stands at 758 k€, i.e. a rate of 90%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 387 k€, representing 46.1% of revenue. Positive scissor effect: EBITDA margin improves by +28.9 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 32 k€, i.e. 3.8% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 42%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 57%. 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 3.4 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 42.2% 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 191.80. 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 9.0x. 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: 308 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 269 days. The gap of 39 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 57 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 426 days of revenue, i.e. 994 k€ to permanently finance. Over 2016-2024, WCR increased by +277%, requiring additional financing.

Based on 103 transactions of similar company sales (all years), the value of SOCIETE FINANCIERE D'ACCOMPAGNEMENT DU TOURISME is estimated at 591 687 € (range 268 443€ - 1 237 929€). With an EBITDA of 387 218€, the sector multiple of 2.5x is applied. The price/revenue ratio is 0.30x (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.