SOCIETE CORSE DE TRAVAUX PUBLICS : revenue, balance sheet and financial ratios

In 2022, SOCIETE CORSE DE TRAVAUX PUBLICS achieves revenue of 263 k€. Revenue is declining over the period 2017-2022 (CAGR: -5.2%). Slight decline of -9% vs 2021. After deducting consumption (27 k€), gross margin stands at 236 k€, i.e. a rate of 90%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 20 k€, representing 7.7% of revenue. Positive scissor effect: EBITDA margin improves by +11.0 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 15 k€, i.e. 5.8% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 1676%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 2%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 14.9 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 6.1% 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 137.04. 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: 331 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 94 days. The gap of 237 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 380 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 254 days of revenue, i.e. 185 k€ to permanently finance. Over 2017-2022, WCR increased by +354%, requiring additional financing.

Based on 76 transactions of similar company sales (all years), the value of SOCIETE CORSE DE TRAVAUX PUBLICS is estimated at 18 379 € (range 10 928€ - 53 120€). With an EBITDA of 20 149€, the sector multiple of 0.6x is applied. The price/revenue ratio is 0.13x (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.