S.P.A. - SPAS PISCINES AUVERGNE : revenue, balance sheet and financial ratios

In 2024, S.P.A. - SPAS PISCINES AUVERGNE achieves revenue of 2.5 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +18.9%. Significant drop of -16% vs 2023. After deducting consumption (1.8 M€), gross margin stands at 676 k€, i.e. a rate of 27%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 102 k€, representing 4.1% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 936 k€, i.e. 37.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 25%. 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 76%. 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 1.1 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 37.4% 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 1781.80. 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 24.6x. 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: 138 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 28 days. The gap of 110 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 12 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 494 days of revenue, i.e. 3.4 M€ to permanently finance. Over 2016-2024, WCR increased by +157%, requiring additional financing.

Based on 62 transactions of similar company sales in 2024, the value of S.P.A. - SPAS PISCINES AUVERGNE is estimated at 1 855 794 € (range 586 695€ - 3 925 591€). With an EBITDA of 102 255€, the sector multiple of 4.8x 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.
Medium reliability: estimate to be confirmed with in-depth analysis.