Altea Patrimoine

Presentation of the company

Created in 2006, Altea Patrimoine is active in the wealth management sector. The company, managed by Bruno Belas, has 6 employees and is based in Saint-Lô.

The company is also present in Tours, Paris, Reims and Nantes.

The firm specialises in advising private clients on all aspects of their assets (taxation, investments, loans, etc.). It receives recurring fees and commissions when products are marketed, but also on the basis of the outstanding amounts held by clients (particularly in life insurance). The firm also receives one-time fees for the marketing of real estate.

The company works with 30 financial partners (banks, insurance companies, investment funds) for a total outstanding amount of 100 million euros spread over 550 individual clients.

Project Description

As part of its development,the company wishes to borrow 166 000 € over 36 months to finance the recruitment of two collaborators. This project will be realised in the next few months.

The amount offered on the platform is limited to 81 340€, which is in line with the regulatory limits.

Analyst’s Opinion

With a turnover of 1 232 856 € in 2017 and an experienced team, the company has a good track record combined with a two-digits operating margin.

The forecast is based on the historical performance and includes savings on executive compensation.

The borrower has a correct repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,14 and an excellent financial structure, with a forecast net debt / ebitda ratio of 0,4 and a net debt / shareholder equity of 44%.

The analysis of the project leads to a credit rating of B and a 5,05% annual interest rate.

Strong points:

• Good historical performance based on diversified client base.
• Correct repayment ability with a forecasted FCCR of 1,14 reinforced by the support of the banking pool and the shareolders.
• High recurrence of turnover with an experienced team

Point of vigilence:

• Regulatory developments

*The multiple of FCCR at 1,14 means that the company has a safety margin of 14% relative to its ability to repay its credit maturities.

The expert opinion is given as an indication on the basis of the elements provided by the project holder and information from our databases (Scores & Decisions, Corporate Banking File). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.