STOELZLE MASNIERES PARFUMERIE : revenue, balance sheet and financial ratios

In 2024, STOELZLE MASNIERES PARFUMERIE achieves revenue of 60.0 M€. Revenue is growing positively over 6 years (CAGR: +3.1%). Significant drop of -19% vs 2023. After deducting consumption (37.9 M€), gross margin stands at 22.1 M€, i.e. a rate of 37%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.0 M€, representing 1.7% of revenue. Warning negative scissor effect: despite revenue change (-19%), EBITDA varies by -91%, reducing margin by 13.4 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Net income is negative at -854 k€ (-1.4% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 136%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 25%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 28.9 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 0.9% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 131.30. 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 71.7x. 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: 69 days. Excellent situation: suppliers finance 64 days of the operating cycle (retail model). Inventory turnover is 143 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 65 days of revenue, i.e. 10.9 M€ to permanently finance. Notable WCR improvement over the period (-48%), freeing up cash.

Based on 228 transactions of similar company sales (all years), the value of STOELZLE MASNIERES PARFUMERIE is estimated at 3 885 583 € (range 2 300 738€ - 11 167 985€). With an EBITDA of 1 042 897€, the sector multiple of 1.5x is applied. The price/revenue ratio is 0.13x (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.