Intégrale

Presentation of the company

Created in 2008, Intégrale is active in the construction and renovation sector. The company, managed by Jean-Philippe Le Calvé, has 12 employees and is based in Limonest. Intégrale is a key general contractor throughout the Auvergne Rhône-Alpes region and its neighbouring departments.

The company’s main activities are:

• Construction of industrial, commercial and tertiary buildings
• Rehabilitation of business premises and warehouses
• Technical and regulatory diagnostics
• Renovation and office equipment

The company works with a diversify client base mainly composed of french SME.

Project Description

The company requests a loan of 60 000 € over 24 months to finance the furnishing of its premises and its software renewal. This project will be realised by the end of the year.

This project is a Flexible Bridge Loan, an amortizable loan with a standard commitment for the first months and the possibility of early repayment at no cost for the remainder of the loan term, even in the event of refinancing by other financial institutions.

The amount offered on the platform is limited to 29 400€, which is in line with the regulatory limits.

Like all projects presented to individual lenders on October, it is co-financed with institutional investors, sophisticated investors, and the management of October, subscribers to the October Fund.

Analyst’s Opinion

With a turnover of 9 377 000 € in 2017 and an experienced team, the company has a good track record combined with an acceptable operating margin.

Turnover stable around 8.3 million€ since 2014. In 2016, the decrease in turnover is mainly driven by the office relocation. The forecast is based on 2017 historical performance.

The borrower has a solid repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,52 and an excellent financial structure, with a forecast net debt / ebitda ratio of 0,09 and a net debt / shareholder equity of 5%.

The analysis of the project leads to a credit rating of B+ and a 4,6% annual interest rate.

*The multiple of FCCR at 1,52 means that the company has a safety margin of 52% 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.

Strong points:

• Good historical performance based on diversified client base.
• Solid repayment ability with a forecasted FCCR of 1,52
• Strong manager network and complementary teams.

Point of caution:

• Cyclical market with high client payment terms.