ACCOMPAGNEMENT - SOLUTIONS - BATIMENT : revenue, balance sheet and financial ratios

In 2023, ACCOMPAGNEMENT - SOLUTIONS - BATIMENT achieves revenue of 157 k€. Over the period 2016-2023, the company shows strong growth with a CAGR (compound annual growth rate) of +48.9%. Significant drop of -74% vs 2022. After deducting consumption (15 k€), gross margin stands at 142 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 16 k€, representing 10.2% of revenue. Positive scissor effect: EBITDA margin improves by +10.0 pts, sign of improved operational efficiency. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 6 k€, i.e. 3.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 687%. 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 9%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 28.8 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 3.6% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 268.90. 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 52.1x. 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: 328 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 148 days. The gap of 180 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 152 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 496 days of revenue, i.e. 216 k€ to permanently finance. Over 2016-2023, WCR increased by +2328%, requiring additional financing.

Indicative estimate only : the number of comparable transactions in this sector is limited (21 transactions). This range of 103 352€ to 277 196€ is provided for information purposes only and requires in-depth analysis to be confirmed.