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Ballenoil

presented by October Spain

€500,000

6.95%

72 months

B

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location

Location

Alcobendas, Spain

activity

Activity

Commerce

Presentation of the company

Created in 2010, BALLENOIL SL is active in the Commercialization of Fuel sector. The company, managed by David Querejeta Luccioni, has 60 employees and is based in Alcobendas.

The company’s main activity is to purchase, sale and distribute fuel through 98 petrol stations.

The company works with a diversified customer base.

Project Description

The company requests a loan of 500.000 € over 72 months to finance its expansion with the creation of a new petrol station. This project will be realised in the next few months.

The amount offered on the platform is limited to 245.000€, which is in line with the regulatory limits.

Analyst’s Opinion

The borrower is the main operating company of the group with 87% of the sales at group level, 93% of the debts and 49% of the profitability. 

With a turnover of 160 540 464 € in 2017 and an experienced team, the company has a good track record combined with an acceptable operating margin.

The increase of turnover is related to the opening of new service stations, approximately 15 new each year. The forecast is based on the performance in 2018 and considers the opening of 15 new services stations.

The borrower has a correct repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,15 and an excellent financial structure, with a forecast net debt / ebitda ratio of 1,43 and a net debt / shareholder equity of 40%.

The analysis of the project leads to a credit rating of B and a 6,95% annual interest rate.

*The multiple of FCCR at 1,15 means that the company has a safety margin of 15% 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 (external data provider). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.

Strong points:

  • Good historical performance based on diversified client base
  • Correct repayment ability with a forecasted FCCR of 1,15 reinforced by the support of banking pool
  • Light cost structure and recognized brand name

Points of caution:

  • Bad reputation of ‘low-cost’ petrol stations