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Saint Exupéry #2

presented by October France

€156,000

3.6%

18 months

B+

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location

Location

Goussainville, France

activity

Activity

Restaurants and catering services

Presentation of the company

Created in 2014, Saint-Exupéry is active in the hotel sector. The company, managed by David Dassin, has 6 employees and is based in Goussainville (95).

Hotel is located 8 km from Roissy Charles de Gaulle airport. It is classified 2-star and is part of the Ibis budget hotel franchise (Accor group) and has 75 rooms. The hotel has a business and tourist clientele, and welcomes its customers 24 hours a day. In 2018 its occupancy rate is 86%.

Project Description

The company requests a loan of 156 000 € for 18 months to finance the construction of 10 new bedrooms. This project will be realised this quarter.

As a reminder, in July 2016, October’s lending community financed Saint-Exupéry over 48 months for 280 000 € as well as David Dassin’s companies: Saint-Maur Styles in June 2018 and Trappes Enzo in May 2019.

The amount offered on the platform is limited to 76 440€, which is in line with the regulatory limits.

Analyst’s Opinion

With a turnover of 1 348 000 € in 2018 and an experienced team, the company has a good track record combined with a two-digits operating margin.

In 2018 the increase in turnover is due to a better occupancy rate and a increase of the average price of room. 2019 will be in line with last year.

The forecast is based on the 2018 performance.

The borrower has a good repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,39 and an excellent financial structure, with a forecast net debt / ebitda ratio of 0,6 and a net debt / shareholder equity of 8%.

The analysis of the project leads to a credit rating of B+ and a 3,6% annual interest rate.

*The multiple of FCCR at 1,39 means that the company has a safety margin of 39% 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.
  • Good repayment ability with a forecasted FCCR of 1,39.
  • Strong support of the shareholder and good location of the hotel.

Point of caution:

  • Competitive sector.