TROUILLET RENT : revenue, balance sheet and financial ratios

In 2023, TROUILLET RENT achieves revenue of 17.1 M€. Over the period 2016-2023, the company shows strong growth with a CAGR (compound annual growth rate) of +14.1%. Slight decline of -6% vs 2022. After deducting consumption (8.0 M€), gross margin stands at 9.2 M€, i.e. a rate of 53%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 4.9 M€, representing 28.5% of revenue. Warning negative scissor effect: despite revenue change (-6%), EBITDA varies by -23%, reducing margin by 6.4 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 2.6 M€, i.e. 15.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 228%. 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 24%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 5.0 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 22.0% 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 280.55. 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 4.9x. 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: 73 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 110 days. Excellent situation: suppliers finance 37 days of the operating cycle (retail model). Inventory turnover is 100 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 249 days of revenue, i.e. 11.9 M€ to permanently finance. Over 2016-2023, WCR increased by +434%, requiring additional financing.

Based on 292 transactions of similar company sales (all years), the value of TROUILLET RENT is estimated at 38 037 644 € (range 8 107 572€ - 72 834 788€). With an EBITDA of 4 891 062€, the sector multiple of 9.5x is applied. The price/revenue ratio is 2.04x (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.