TVI LOCATIONS : revenue, balance sheet and financial ratios

In 2024, TVI LOCATIONS achieves revenue of 10.4 M€. Activity remains stable over the period (CAGR: -2.1%). Vs 2023: +0%. After deducting consumption (3.7 M€), gross margin stands at 6.7 M€, i.e. a rate of 65%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 257 k€, representing 2.5% of revenue. Warning negative scissor effect: despite revenue change (+0%), EBITDA varies by -70%, reducing margin by 5.8 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 127 k€, i.e. 1.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 7%. 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 72%. 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 0.6 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 2.4% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 368.91. 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 8.0x. 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: 54 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 3 days. The gap of 51 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 3 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 66 days of revenue, i.e. 1.9 M€ to permanently finance. Over 2016-2024, WCR increased by +66%, requiring additional financing.

Based on 292 transactions of similar company sales (all years), the value of TVI LOCATIONS is estimated at 7 794 616 € (range 1 627 608€ - 12 331 276€). With an EBITDA of 257 151€, 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.