VAUBAN AUTOMOBILE : revenue, balance sheet and financial ratios

In 2024, VAUBAN AUTOMOBILE achieves revenue of 240.8 M€. Revenue is growing positively over 9 years (CAGR: +4.6%). Vs 2023: +2%. After deducting consumption (202.3 M€), gross margin stands at 38.6 M€, i.e. a rate of 16%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 5.3 M€, representing 2.2% of revenue. Positive scissor effect: EBITDA margin improves by +2.8 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 155 k€, i.e. 0.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 24%. 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 19%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 2.5 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 1.0% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 115.35. 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 49.9x. 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: 33 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 159 days. Excellent situation: suppliers finance 126 days of the operating cycle (retail model). Inventory turnover is 114 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 157 days of revenue, i.e. 105.1 M€ to permanently finance. Over 2015-2024, WCR increased by +176%, requiring additional financing.

Based on 148 transactions of similar company sales in 2024, the value of VAUBAN AUTOMOBILE is estimated at 15 920 317 € (range 6 918 087€ - 27 033 791€). With an EBITDA of 5 270 508€, the sector multiple of 1.6x is applied. The price/revenue ratio is 0.16x (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.