AVENIR ET TERRITOIRES III : revenue, balance sheet and financial ratios

In 2024, AVENIR ET TERRITOIRES III achieves revenue of 1.1 M€. Over the period 2022-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +895.3%. Vs 2023, growth of +191% (388 k€ -> 1.1 M€). After deducting consumption (0 €), gross margin stands at 1.1 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 838 k€, representing 74.2% of revenue. Positive scissor effect: EBITDA margin improves by +58.6 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Net income is negative at -592 k€ (-52.5% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 168%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 37%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 42.6 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 31.6% 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 1178.44. 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 58.5x. 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: 89 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 6 days. The gap of 83 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. WCR is negative (-20 days): operations structurally generate cash.

Based on 169 transactions of similar company sales in 2024, the value of AVENIR ET TERRITOIRES III is estimated at 3 274 122 € (range 906 776€ - 5 871 179€). With an EBITDA of 837 931€, 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.