TRANSPORT EXPRESS ICARE : revenue, balance sheet and financial ratios

In 2021, TRANSPORT EXPRESS ICARE achieves revenue of 3.7 M€. Over the period 2016-2021, the company shows strong growth with a CAGR (compound annual growth rate) of +22.3%. Vs 2020, growth of +57% (2.4 M€ -> 3.7 M€). After deducting consumption (86 €), gross margin stands at 3.7 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 249 k€, representing 6.7% of revenue. Positive scissor effect: EBITDA margin improves by +10.8 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 206 k€, i.e. 5.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 47%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 39%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 2.4 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 3.3% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 206.34. 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 2.1x. 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: 63 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 28 days. The gap of 35 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 28 days of revenue, i.e. 287 k€ to permanently finance. Over 2016-2021, WCR increased by +69%, requiring additional financing.

Based on 63 transactions of similar company sales in 2021, the value of TRANSPORT EXPRESS ICARE is estimated at 450 041 € (range 244 979€ - 1 441 875€). With an EBITDA of 249 444€, the sector multiple of 1.5x is applied. The price/revenue ratio is 0.14x (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.