SOCIETE D'ENRICHISSEMENT DU TRICASTIN : revenue, balance sheet and financial ratios

In 2024, SOCIETE D'ENRICHISSEMENT DU TRICASTIN achieves revenue of 1.0 Bn€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +5.6%. Vs 2022, growth of +36% (738.6 M€ -> 1.0 Bn€). After deducting consumption (169.0 M€), gross margin stands at 836.8 M€, i.e. a rate of 83%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 572.3 M€, representing 56.9% of 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 306.0 M€, i.e. 30.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 91%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 48%. 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 4.0 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 37.2% 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 464.14. 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 16.4x. 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: 41 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 30 days. The company must finance 11 days of gap between collections and payments. Inventory turnover is 28 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. WCR is negative (-93 days): operations structurally generate cash. Notable WCR improvement over the period (-28%), freeing up cash.

Based on 74 transactions of similar company sales (all years), the value of SOCIETE D'ENRICHISSEMENT DU TRICASTIN is estimated at 244 908 270 € (range 90 625 652€ - 747 083 271€). With an EBITDA of 572 294 000€, the sector multiple of 0.6x is applied. The price/revenue ratio is 0.11x (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.