ASSAINISSEMENT ANDRE BERTRAND : revenue, balance sheet and financial ratios

In 2024, ASSAINISSEMENT ANDRE BERTRAND achieves revenue of 2.9 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +7.9%. Vs 2023, growth of +21% (2.4 M€ -> 2.9 M€). After deducting consumption (550 k€), gross margin stands at 2.4 M€, i.e. a rate of 81%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.1 M€, representing 36.9% of revenue. Positive scissor effect: EBITDA margin improves by +9.0 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 631 k€, i.e. 21.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 80%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 45%. 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 1.2 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 29.4% 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 363.62. 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 1.1x. Coverage is limited: any activity downturn would jeopardize interest payments.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 90 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 40 days. The gap of 50 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 63 days of revenue, i.e. 510 k€ to permanently finance. Over 2016-2024, WCR increased by +76%, requiring additional financing.

Based on 84 transactions of similar company sales (all years), the value of ASSAINISSEMENT ANDRE BERTRAND is estimated at 1 871 109 € (range 458 499€ - 6 395 163€). With an EBITDA of 1 077 079€, the sector multiple of 2.9x is applied. The price/revenue ratio is 0.11x (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.