CARRIERES DE CONDAT : revenue, balance sheet and financial ratios

In 2024, CARRIERES DE CONDAT achieves revenue of 12.4 M€. Revenue is growing positively over 9 years (CAGR: +1.7%). Slight decline of -7% vs 2023. After deducting consumption (2.4 M€), gross margin stands at 10.0 M€, i.e. a rate of 81%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.2 M€, representing 10.1% of revenue. Warning negative scissor effect: despite revenue change (-7%), EBITDA varies by -24%, reducing margin by 2.3 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Net income is negative at -141 k€ (-1.1% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 936%. 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 5%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 8.8 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 6.7% 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 361.02. 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 25.6x. 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: 32 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 50 days. Favorable situation: supplier credit is longer than customer credit by 18 days. Inventory turnover is 230 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 173 days of revenue, i.e. 5.9 M€ to permanently finance.

Based on 95 transactions of similar company sales (all years), the value of CARRIERES DE CONDAT is estimated at 1 910 343 € (range 713 131€ - 9 444 247€). With an EBITDA of 1 248 011€, the sector multiple of 1.4x is applied. The price/revenue ratio is 0.17x (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.
Medium reliability: estimate to be confirmed with in-depth analysis.