VENSAC VACANCES : revenue, balance sheet and financial ratios

In 2024, VENSAC VACANCES achieves revenue of 1.9 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +13.5%. Vs 2023: +3%. After deducting consumption (103 k€), gross margin stands at 1.8 M€, i.e. a rate of 95%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 229 k€, representing 12.1% of revenue. Warning negative scissor effect: despite revenue change (+3%), EBITDA varies by -42%, reducing margin by 9.2 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Net income is negative at -184 k€ (-9.8% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 98%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 46%. 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 9.2 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 12.0% 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 73.85. 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 19.6x. 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: 2 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 85 days. Excellent situation: suppliers finance 83 days of the operating cycle (retail model). Overall, WCR represents 72 days of revenue, i.e. 378 k€ to permanently finance. Over 2016-2024, WCR increased by +109%, requiring additional financing.

Based on 153 transactions of similar company sales (all years), the value of VENSAC VACANCES is estimated at 2 167 535 € (range 1 264 141€ - 3 062 486€). With an EBITDA of 229 384€, the sector multiple of 7.1x is applied. The price/revenue ratio is 1.61x (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.