SUN CAMPING : revenue, balance sheet and financial ratios

In 2017, SUN CAMPING achieves revenue of 209 k€. Over the period 2015-2017, the company shows strong growth with a CAGR (compound annual growth rate) of +8.5%. Vs 2016, growth of +11% (188 k€ -> 209 k€). After deducting consumption (8 k€), gross margin stands at 201 k€, i.e. a rate of 96%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 46 k€, representing 22.2% of revenue. Warning negative scissor effect: despite revenue change (+11%), EBITDA varies by -23%, reducing margin by 9.5 pts. This reflects costs rising faster than 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 18 k€, i.e. 8.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 18%. 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 58%. 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 0.8 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 19.6% 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 229.16. 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 1.2x. Coverage is limited: any activity downturn would jeopardize interest payments.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 33 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 179 days. Excellent situation: suppliers finance 146 days of the operating cycle (retail model). Inventory turnover is 4 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 205 days of revenue, i.e. 119 k€ to permanently finance. Over 2015-2017, WCR increased by +2250%, requiring additional financing.

Based on 153 transactions of similar company sales (all years), the value of SUN CAMPING is estimated at 291 897 € (range 157 870€ - 442 244€). With an EBITDA of 46 271€, the sector multiple of 7.1x is applied. The price/revenue ratio is 1.61x (premium 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.