SPIRIT PROMOTION TERTIAIRE : revenue, balance sheet and financial ratios

In 2024, SPIRIT PROMOTION TERTIAIRE achieves revenue of 23.3 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +13.0%. Slight decline of -2% vs 2023. After deducting consumption (0 €), gross margin stands at 23.3 M€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 227 k€, representing 1.0% of revenue. Warning negative scissor effect: despite revenue change (-2%), EBITDA varies by -77%, reducing margin by 3.2 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 10.2 M€, i.e. 43.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 234%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 20%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 5.7 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 36.1% 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 226.00. 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 1357.5x. 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: 91 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 287 days. Excellent situation: suppliers finance 196 days of the operating cycle (retail model). Overall, WCR represents 652 days of revenue, i.e. 42.3 M€ to permanently finance. Over 2016-2024, WCR increased by +262%, requiring additional financing.

Based on 80 transactions of similar company sales (all years), the value of SPIRIT PROMOTION TERTIAIRE is estimated at 6 879 933 € (range 2 244 726€ - 18 390 643€). With an EBITDA of 227 317€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.28x (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.