BAIE D'ARMOR TRANSPORTS : revenue, balance sheet and financial ratios

In 2024, BAIE D'ARMOR TRANSPORTS achieves revenue of 20.3 M€. Revenue is growing positively over 10 years (CAGR: +4.0%). Vs 2023: +9%. After deducting consumption (1.6 M€), gross margin stands at 18.7 M€, i.e. a rate of 92%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 130 k€, representing 0.6% of revenue. Positive scissor effect: EBITDA margin improves by +6.1 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 30 k€, i.e. 0.1% 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 9%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Cash flow represents 0.9% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 109.48. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 37 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 61 days. Favorable situation: supplier credit is longer than customer credit by 24 days. Inventory turnover is 3 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 9 days of revenue, i.e. 498 k€ to permanently finance. Notable WCR improvement over the period (-28%), freeing up cash.

Based on 206 transactions of similar company sales (all years), the value of BAIE D'ARMOR TRANSPORTS is estimated at 3 228 763 € (range 1 308 747€ - 5 777 242€). With an EBITDA of 130 225€, the sector multiple of 4.2x is applied. The price/revenue ratio is 0.48x (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.