ADENES SERVICES ET SOLUTIONS D'EXPERTISES AUTO : revenue, balance sheet and financial ratios

In 2024, ADENES SERVICES ET SOLUTIONS D'EXPERTISES AUTO achieves revenue of 9.8 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +26.9%. Vs 2023, growth of +55% (6.3 M€ -> 9.8 M€). After deducting consumption (6 k€), gross margin stands at 9.8 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 122 k€, representing 1.2% of revenue. Warning negative scissor effect: despite revenue change (+55%), EBITDA varies by -73%, reducing margin by 5.9 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 521 k€, i.e. 5.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 197%. 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 32%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 64.6 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 6.8% 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 358.27. 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 1068.1x. 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: 135 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 56 days. The gap of 79 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 2 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 321 days of revenue, i.e. 8.7 M€ to permanently finance. Over 2016-2024, WCR increased by +7693%, requiring additional financing.

Based on 209 transactions of similar company sales (all years), the value of ADENES SERVICES ET SOLUTIONS D'EXPERTISES AUTO is estimated at 2 819 515 € (range 894 678€ - 6 511 855€). With an EBITDA of 121 596€, the sector multiple of 1.1x is applied. The price/revenue ratio is 0.87x (in line with sector norms). 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.