ASSISTANCE TECHNIQUE MAINTENANCE : revenue, balance sheet and financial ratios

In 2019, ASSISTANCE TECHNIQUE MAINTENANCE achieves revenue of 375 k€. Revenue is growing positively over 3 years (CAGR: +5.0%). Slight decline of -4% vs 2018. After deducting consumption (194 k€), gross margin stands at 182 k€, i.e. a rate of 48%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 25 k€, representing 6.6% of revenue. Positive scissor effect: EBITDA margin improves by +6.5 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 20 k€, i.e. 5.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 24%. 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 8%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.3 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 6.2% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 186.26. 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 3.6x. 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: 49 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 46 days. The company must finance 3 days of gap between collections and payments. Inventory turnover is 28 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 30 days of revenue, i.e. 31 k€ to permanently finance. Over 2017-2019, WCR increased by +262%, requiring additional financing.

Based on 104 transactions of similar company sales (all years), the value of ASSISTANCE TECHNIQUE MAINTENANCE is estimated at 48 067 € (range 28 264€ - 136 688€). With an EBITDA of 24 600€, 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.