ALTERNAE : revenue, balance sheet and financial ratios

In 2025, ALTERNAE achieves revenue of 137.9 M€. Revenue is growing positively over 10 years (CAGR: +0.0%). Slight decline of -5% vs 2024. After deducting consumption (116.5 M€), gross margin stands at 21.4 M€, i.e. a rate of 15%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 3.8 M€, representing 2.8% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 2.1 M€, i.e. 1.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 215%. 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 20%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 13.3 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 1.7% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 247.10. 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 30.2x. 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: 87 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 61 days. The company must finance 26 days of gap between collections and payments. Inventory turnover is 61 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 163 days of revenue, i.e. 62.3 M€ to permanently finance. Over 2016-2025, WCR increased by +162%, requiring additional financing.

Based on 94 transactions of similar company sales (all years), the value of ALTERNAE is estimated at 7 776 469 € (range 5 032 220€ - 12 718 299€). With an EBITDA of 3 834 322€, the sector multiple of 0.5x 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.
Medium reliability: estimate to be confirmed with in-depth analysis.