VALLAIR CAPITAL : revenue, balance sheet and financial ratios

In 2024, VALLAIR CAPITAL achieves revenue of 4.6 M€. Revenue is declining over the period 2016-2024 (CAGR: -11.8%). Significant drop of -67% vs 2023. After deducting consumption (1.4 M€), gross margin stands at 3.2 M€, i.e. a rate of 69%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches -1.0 M€, representing -21.9% of revenue. Warning negative scissor effect: despite revenue change (-67%), EBITDA varies by -681%, reducing margin by 23.1 pts. This reflects costs rising faster than revenue. Negative EBITDA means operations do not cover current expenses: concerning situation. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 344 k€, i.e. 7.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 128%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 41%. 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 20.2 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 19.2% 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 1046.72. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 513 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 153 days. The gap of 360 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 1046 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 2035 days of revenue, i.e. 25.9 M€ to permanently finance. Over 2016-2024, WCR increased by +36%, requiring additional financing.

Based on 197 transactions of similar company sales (all years), the value of VALLAIR CAPITAL is estimated at 1 060 272 € (range 509 970€ - 2 124 747€). The price/revenue ratio is 0.28x (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.