BRETAGNE ELECTRICITE ET SERVICES : revenue, balance sheet and financial ratios

In 2025, BRETAGNE ELECTRICITE ET SERVICES achieves revenue of 1.3 M€. Over the period 2016-2025, the company shows strong growth with a CAGR (compound annual growth rate) of +6.1%. Vs 2024: +7%. After deducting consumption (451 k€), gross margin stands at 848 k€, i.e. a rate of 65%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 133 k€, representing 10.3% of revenue. Warning negative scissor effect: despite revenue change (+7%), EBITDA varies by -22%, reducing margin by 3.7 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 82 k€, i.e. 6.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 17%. 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 74%. 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 1.5 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 8.2% 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 490.58. 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 1.7x. 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: 48 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 20 days. The company must finance 28 days of gap between collections and payments. Inventory turnover is 45 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 71 days of revenue, i.e. 258 k€ to permanently finance. Over 2016-2025, WCR increased by +1213%, requiring additional financing.

Based on 283 transactions of similar company sales (all years), the value of BRETAGNE ELECTRICITE ET SERVICES is estimated at 163 446 € (range 76 441€ - 470 870€). With an EBITDA of 133 265€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.18x (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.