SHISEIDO INTERNATIONAL FRANCE : revenue, balance sheet and financial ratios

In 2024, SHISEIDO INTERNATIONAL FRANCE achieves revenue of 217.6 M€. Revenue is growing positively over 9 years (CAGR: +0.2%). Significant drop of -14% vs 2023. After deducting consumption (130.1 M€), gross margin stands at 87.5 M€, i.e. a rate of 40%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 17.6 M€, representing 8.1% of revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 9.1 M€, i.e. 4.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 0%. 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 63%. 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 0.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 6.8% 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 229.60. 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 0.2x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 48 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 63 days. Favorable situation: supplier credit is longer than customer credit by 15 days. Inventory turnover is 93 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 136 days of revenue, i.e. 82.2 M€ to permanently finance.

Based on 64 transactions of similar company sales (all years), the value of SHISEIDO INTERNATIONAL FRANCE is estimated at 49 017 414 € (range 28 527 399€ - 159 516 567€). With an EBITDA of 17 627 104€, the sector multiple of 2.4x is applied. The price/revenue ratio is 0.38x (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.