ALPES COMMUNICATION SYSTEMS : revenue, balance sheet and financial ratios

In 2025, ALPES COMMUNICATION SYSTEMS achieves revenue of 7.3 M€. Over the period 2017-2025, the company shows strong growth with a CAGR (compound annual growth rate) of +6.8%. Vs 2024: +6%. After deducting consumption (3.2 M€), gross margin stands at 4.1 M€, i.e. a rate of 56%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 325 k€, representing 4.4% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 250 k€, i.e. 3.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 17%. This very low level reflects a solid financial structure, offering significant room for future investments or acquisitions. Financial autonomy (= Equity / Total assets x 100) reaches 51%. 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 1.4 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 2.8% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 227.86. 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 2.7x. 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: 47 days. The company must finance 16 days of gap between collections and payments. Inventory turnover is 17 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 74 days of revenue, i.e. 1.5 M€ to permanently finance. Over 2017-2025, WCR increased by +97%, requiring additional financing.

Based on 104 transactions of similar company sales (all years), the value of ALPES COMMUNICATION SYSTEMS is estimated at 821 631 € (range 472 478€ - 2 276 148€). With an EBITDA of 324 994€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.27x (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.