A&T COMMERCES : revenue, balance sheet and financial ratios

In 2024, A&T COMMERCES achieves revenue of 2.3 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +30.5%. Vs 2023, growth of +15% (2.0 M€ -> 2.3 M€). After deducting consumption (0 €), gross margin stands at 2.3 M€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.5 M€, representing 65.2% of revenue. Warning negative scissor effect: despite revenue change (+15%), EBITDA varies by -1%, reducing margin by 11.0 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Net income is negative at -179 k€ (-7.8% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 120%. 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 13.7 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 62.7% 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 798.40. 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 34.3x. 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: 170 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 43 days. The gap of 127 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Overall, WCR represents 130 days of revenue, i.e. 835 k€ to permanently finance. Over 2016-2024, WCR increased by +713%, requiring additional financing.

Based on 169 transactions of similar company sales in 2024, the value of A&T COMMERCES is estimated at 5 969 528 € (range 1 662 236€ - 10 710 696€). With an EBITDA of 1 505 954€, the sector multiple of 5.6x is applied. The price/revenue ratio is 0.81x (in line with sector norms). 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.