E.S.I. FRANCE : revenue, balance sheet and financial ratios

In 2023, E.S.I. FRANCE achieves revenue of 77.9 M€. Revenue is growing positively over 7 years (CAGR: +0.6%). Vs 2021: +1%. After deducting consumption (62.1 M€), gross margin stands at 15.7 M€, i.e. a rate of 20%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 2.6 M€, representing 3.4% of revenue. Warning negative scissor effect: despite revenue change (+1%), EBITDA varies by -43%, reducing margin by 2.7 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 830 k€, i.e. 1.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 20%. 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 60%. This high autonomy means the company finances most of its assets through equity, a sign of strength. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 4.6 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 1.8% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 208.37. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months. The interest coverage ratio (= EBIT / Interest expenses) is 13.2x. Operating income very largely covers interest expenses: high safety margin.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 56 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 64 days. Favorable situation: supplier credit is longer than customer credit by 8 days. Inventory turnover is 40 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 108 days of revenue, i.e. 23.4 M€ to permanently finance.

Based on 61 transactions of similar company sales (all years), the value of E.S.I. FRANCE is estimated at 11 565 203 € (range 3 103 449€ - 18 224 728€). With an EBITDA of 2 646 537€, the sector multiple of 2.5x is applied. The price/revenue ratio is 0.33x (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.
Medium reliability: estimate to be confirmed with in-depth analysis.