TERITORIA VOYAGES : revenue, balance sheet and financial ratios

In 2024, TERITORIA VOYAGES achieves revenue of 1.4 M€. Activity remains stable over the period (CAGR: -3.8%). Significant drop of -15% vs 2023. After deducting consumption (-37 k€), gross margin stands at 1.5 M€, i.e. a rate of 103%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 435 k€, representing 30.2% of revenue. Warning negative scissor effect: despite revenue change (-15%), EBITDA varies by -25%, reducing margin by 4.0 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 317 k€, i.e. 22.0% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 227%. 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 15%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 5.3 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 23.5% 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 186.35. 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 16.6x. 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: 78 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 209 days. Excellent situation: suppliers finance 131 days of the operating cycle (retail model). Inventory turnover is 18 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 668 days of revenue, i.e. 2.7 M€ to permanently finance. Over 2015-2024, WCR increased by +245%, requiring additional financing.

Based on 80 transactions of similar company sales (all years), the value of TERITORIA VOYAGES is estimated at 606 668 € (range 292 421€ - 1 683 435€). With an EBITDA of 434 968€, the sector multiple of 1.6x is applied. The price/revenue ratio is 0.38x (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.