SOCIETE PUBLIQUE LOCALE D'EXPLOITATION DES THERMES DE BALARUC LES BAINS : revenue, balance sheet and financial ratios

In 2024, SOCIETE PUBLIQUE LOCALE D'EXPLOITATION DES THERMES DE BALARUC LES BAINS achieves revenue of 39.5 M€. Revenue is growing positively over 9 years (CAGR: +2.4%). Vs 2023: +8%. After deducting consumption (897 k€), gross margin stands at 38.6 M€, i.e. a rate of 98%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 3.1 M€, representing 7.9% of revenue. Positive scissor effect: EBITDA margin improves by +4.7 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 3.3 M€, i.e. 8.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 6%. 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 78%. 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 1.2 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 7.5% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 200.77. 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 0.8x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 2 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 64 days. Excellent situation: suppliers finance 62 days of the operating cycle (retail model). Inventory turnover is 15 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. WCR is negative (-43 days): operations structurally generate cash.

Based on 77 transactions of similar company sales (all years), the value of SOCIETE PUBLIQUE LOCALE D'EXPLOITATION DES THERMES DE BALARUC LES BAINS is estimated at 17 875 351 € (range 9 820 288€ - 38 416 034€). With an EBITDA of 3 123 373€, the sector multiple of 5.4x is applied. The price/revenue ratio is 0.53x (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.
Medium reliability: estimate to be confirmed with in-depth analysis.