PIERRES & TERRITOIRES DE FRANCE : revenue, balance sheet and financial ratios

In 2024, PIERRES & TERRITOIRES DE FRANCE achieves revenue of 26.9 M€. Activity remains stable over the period (CAGR: -1.2%). Significant drop of -28% vs 2023. After deducting consumption (-964 €), gross margin stands at 26.9 M€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.3 M€, representing 5.0% of revenue. Warning negative scissor effect: despite revenue change (-28%), EBITDA varies by -58%, reducing margin by 3.6 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 1.5 M€, i.e. 5.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 64%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 25%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 3.6 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 7.9% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 367.70. 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 8.1x. 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: 86 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 176 days. Excellent situation: suppliers finance 90 days of the operating cycle (retail model). Inventory turnover is 338 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 363 days of revenue, i.e. 27.2 M€ to permanently finance. Over 2016-2024, WCR increased by +103%, requiring additional financing.

Based on 80 transactions of similar company sales (all years), the value of PIERRES & TERRITOIRES DE FRANCE is estimated at 3 617 701 € (range 1 303 081€ - 9 488 075€). With an EBITDA of 1 336 556€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.28x (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.