TJMAX : revenue, balance sheet and financial ratios

In 2023, TJMAX achieves revenue of 42.5 M€. Over the period 2016-2023, the company shows strong growth with a CAGR (compound annual growth rate) of +27.1%. Vs 2022, growth of +17% (36.4 M€ -> 42.5 M€). After deducting consumption (18.4 M€), gross margin stands at 24.1 M€, i.e. a rate of 57%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 8.0 M€, representing 18.9% of revenue. Positive scissor effect: EBITDA margin improves by +4.0 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 6.0 M€, i.e. 14.0% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 19%. 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 26%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.3 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 14.6% 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 136.83. 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 3.0x. Financial charges are adequately covered by operations.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 126 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 235 days. Excellent situation: suppliers finance 109 days of the operating cycle (retail model). Inventory turnover is 127 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 275 days of revenue, i.e. 32.5 M€ to permanently finance. Over 2016-2023, WCR increased by +1789%, requiring additional financing.

Based on 124 transactions of similar company sales (all years), the value of TJMAX is estimated at 14 687 970 € (range 5 872 047€ - 31 384 562€). With an EBITDA of 8 040 440€, 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.