VAGLIO : revenue, balance sheet and financial ratios

In 2024, VAGLIO achieves revenue of 11.2 M€. Activity remains stable over the period (CAGR: -1.2%). Significant drop of -13% vs 2023. After deducting consumption (1.5 M€), gross margin stands at 9.7 M€, i.e. a rate of 86%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 634 k€, representing 5.7% of revenue. Warning negative scissor effect: despite revenue change (-13%), EBITDA varies by -65%, reducing margin by 8.6 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 670 k€, i.e. 6.0% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 193%. 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 16%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 6.6 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 5.3% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 187.63. 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 44.5x. 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: 49 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 88 days. Excellent situation: suppliers finance 39 days of the operating cycle (retail model). Inventory turnover is 56 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 156 days of revenue, i.e. 4.9 M€ to permanently finance. Over 2016-2024, WCR increased by +40%, requiring additional financing.

Based on 95 transactions of similar company sales (all years), the value of VAGLIO is estimated at 1 188 692 € (range 477 807€ - 4 769 466€). With an EBITDA of 634 060€, the sector multiple of 1.4x 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.
Medium reliability: estimate to be confirmed with in-depth analysis.