SOCIETE IMMOBILIERE AJORIC : revenue, balance sheet and financial ratios

In 2024, SOCIETE IMMOBILIERE AJORIC achieves revenue of 982 k€. Activity remains stable over the period (CAGR: -0.3%). Slight decline of -5% vs 2023. After deducting consumption (-671 €), gross margin stands at 983 k€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 666 k€, representing 67.8% 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 853 k€, i.e. 86.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 17%. 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 85%. 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 2.7 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 103.5% 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 16342.48. 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: 5 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 55 days. Excellent situation: suppliers finance 50 days of the operating cycle (retail model). Inventory turnover is 461 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 2697 days of revenue, i.e. 7.4 M€ to permanently finance. Over 2016-2024, WCR increased by +1080%, requiring additional financing.

Based on 169 transactions of similar company sales in 2024, the value of SOCIETE IMMOBILIERE AJORIC is estimated at 3 265 389 € (range 934 106€ - 5 881 557€). With an EBITDA of 665 961€, 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.