ALU RENNAIS : revenue, balance sheet and financial ratios

In 2024, ALU RENNAIS achieves revenue of 18.1 M€. Revenue is growing positively over 9 years (CAGR: +2.7%). Slight decline of -8% vs 2023. After deducting consumption (6.6 M€), gross margin stands at 11.5 M€, i.e. a rate of 64%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 778 k€, representing 4.3% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 274 k€, 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 94%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 35%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 4.7 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 3.1% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 271.63. 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 11.1x. 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: 46 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 36 days. The company must finance 10 days of gap between collections and payments. Inventory turnover is 42 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 78 days of revenue, i.e. 3.9 M€ to permanently finance. Over 2015-2024, WCR increased by +22%, requiring additional financing.

Based on 51 transactions of similar company sales in 2024, the value of ALU RENNAIS is estimated at 1 564 992 € (range 811 964€ - 2 152 242€). With an EBITDA of 777 710€, the sector multiple of 1.6x is applied. The price/revenue ratio is 0.14x (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.