THERMES NATIONAUX D'AIX LES BAINS : revenue, balance sheet and financial ratios

In 2024, THERMES NATIONAUX D'AIX LES BAINS achieves revenue of 17.4 M€. Activity remains stable over the period (CAGR: -0.7%). Vs 2023: +5%. After deducting consumption (374 k€), gross margin stands at 17.0 M€, i.e. a rate of 98%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 3.2 M€, representing 18.3% of revenue. Warning negative scissor effect: despite revenue change (+5%), EBITDA varies by -13%, reducing margin by 3.8 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 3.2 M€, i.e. 18.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 1%. 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 86%. 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 0.1 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 18.1% 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 486.93. 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 0.0x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 3 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 59 days. Excellent situation: suppliers finance 56 days of the operating cycle (retail model). Inventory turnover is 5 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 263 days of revenue, i.e. 12.7 M€ to permanently finance. Over 2016-2024, WCR increased by +230%, requiring additional financing.

Based on 77 transactions of similar company sales (all years), the value of THERMES NATIONAUX D'AIX LES BAINS is estimated at 14 426 148 € (range 7 659 360€ - 33 431 270€). With an EBITDA of 3 172 989€, the sector multiple of 5.4x is applied. The price/revenue ratio is 0.53x (in line with sector norms). 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.