TARTINE ET CHOCOLAT : revenue, balance sheet and financial ratios

In 2024, TARTINE ET CHOCOLAT achieves revenue of 16.7 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +5.1%. Vs 2023: +1%. After deducting consumption (7.3 M€), gross margin stands at 9.4 M€, i.e. a rate of 56%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.9 M€, representing 11.3% of revenue. Positive scissor effect: EBITDA margin improves by +4.5 pts, sign of improved operational efficiency. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 320 k€, i.e. 1.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 106%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 40%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 13.2 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 4.3% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 416.64. 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 13.4x. 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: 55 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 58 days. Favorable situation: supplier credit is longer than customer credit by 3 days. Inventory turnover is 161 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 290 days of revenue, i.e. 13.5 M€ to permanently finance. Over 2016-2024, WCR increased by +76%, requiring additional financing.

Based on 124 transactions of similar company sales (all years), the value of TARTINE ET CHOCOLAT is estimated at 3 307 110 € (range 1 428 829€ - 7 507 313€). With an EBITDA of 1 888 724€, the sector multiple of 2.4x is applied. The price/revenue ratio is 0.17x (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.