PHILIPPE ETUDES ET ANALYSES : revenue, balance sheet and financial ratios

In 2024, PHILIPPE ETUDES ET ANALYSES achieves revenue of 21 k€. Revenue is declining over the period 2016-2024 (CAGR: -24.1%). Significant drop of -60% vs 2022. After deducting consumption (0 €), gross margin stands at 21 k€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 12 k€, representing 58.3% of revenue. Warning negative scissor effect: despite revenue change (-60%), EBITDA varies by -69%, reducing margin by 18.5 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 3 k€, i.e. 13.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 1%. 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 1%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.2 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 55.5% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

The liquidity ratio (= Current assets / Current liabilities) stands at 930.69. 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 3.2x. Financial charges are adequately covered by operations.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 81 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 0 days. The gap of 81 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Overall, WCR represents 15 days of revenue, i.e. 854 € to permanently finance. Notable WCR improvement over the period (-99%), freeing up cash.

Based on 69 transactions of similar company sales in 2024, the value of PHILIPPE ETUDES ET ANALYSES is estimated at 34 079 € (range 9 060€ - 56 026€). With an EBITDA of 12 228€, the sector multiple of 4.3x is applied. The price/revenue ratio is 0.66x (in line with sector norms). 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.