VAUCHE : revenue, balance sheet and financial ratios

In 2024, VAUCHE achieves revenue of 24.4 M€. Revenue is growing positively over 8 years (CAGR: +4.7%). Significant drop of -17% vs 2023. After deducting consumption (7.3 M€), gross margin stands at 17.1 M€, i.e. a rate of 70%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 2.7 M€, representing 11.2% of revenue. Warning negative scissor effect: despite revenue change (-17%), EBITDA varies by -33%, reducing margin by 2.7 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 2.2 M€, i.e. 8.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 5%. 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 30%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.2 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 5.7% 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 209.98. 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 1.7x. Coverage is limited: any activity downturn would jeopardize interest payments.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 185 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 104 days. The gap of 81 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 9 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 121 days of revenue, i.e. 8.2 M€ to permanently finance. Over 2016-2024, WCR increased by +33%, requiring additional financing.

Based on 98 transactions of similar company sales (all years), the value of VAUCHE is estimated at 3 849 123 € (range 1 744 339€ - 8 521 260€). With an EBITDA of 2 730 839€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.18x (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.