AEROPORTS DE PARIS : revenue, balance sheet and financial ratios

In 2024, AEROPORTS DE PARIS achieves revenue of 3.4 Bn€. Revenue is growing positively over 8 years (CAGR: +2.8%). Vs 2023: +7%. After deducting consumption (0 €), gross margin stands at 3.4 Bn€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.4 Bn€, representing 40.5% of revenue. Warning negative scissor effect: despite revenue change (+7%), EBITDA varies by -73%, reducing margin by 119.1 pts. This reflects costs rising faster than 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 3.0 Bn€, i.e. 87.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 108%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 42%. 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 5.8 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 40.1% 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 186.63. 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 27.9x. 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: 75 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 79 days. Favorable situation: supplier credit is longer than customer credit by 4 days. Inventory turnover is 1 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. WCR is negative (-160 days): operations structurally generate cash.

Based on 205 transactions of similar company sales (all years), the value of AEROPORTS DE PARIS is estimated at 1 258 430 003 € (range 495 652 654€ - 3 507 410 820€). With an EBITDA of 1 386 000 000€, the sector multiple of 0.9x is applied. The price/revenue ratio is 0.15x (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.