A.T.P. ENVIRONNEMENT : revenue, balance sheet and financial ratios

In 2024, A.T.P. ENVIRONNEMENT achieves revenue of 3.6 M€. Revenue is growing positively over 8 years (CAGR: +3.4%). Significant drop of -21% vs 2023. After deducting consumption (950 k€), gross margin stands at 2.6 M€, i.e. a rate of 73%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 169 k€, representing 4.7% of revenue. Warning negative scissor effect: despite revenue change (-21%), EBITDA varies by -66%, reducing margin by 6.1 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 101 k€, i.e. 2.8% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 69%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 30%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 3.5 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 3.5% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 210.18. 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 7.7x. 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: 61 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 76 days. Favorable situation: supplier credit is longer than customer credit by 15 days. Inventory turnover is 9 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 58 days of revenue, i.e. 571 k€ to permanently finance.

Based on 125 transactions of similar company sales (all years), the value of A.T.P. ENVIRONNEMENT is estimated at 675 868 € (range 288 695€ - 1 108 409€). With an EBITDA of 168 906€, the sector multiple of 2.8x is applied. The price/revenue ratio is 0.35x (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.