CARRIERES MBTP : revenue, balance sheet and financial ratios

In 2024, CARRIERES MBTP achieves revenue of 2.9 M€. Revenue is growing positively over 9 years (CAGR: +0.0%). Significant drop of -14% vs 2023. After deducting consumption (285 k€), gross margin stands at 2.6 M€, i.e. a rate of 90%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 20 k€, representing 0.7% of revenue. Warning negative scissor effect: despite revenue change (-14%), EBITDA varies by -93%, reducing margin by 8.2 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Net income is negative at -144 k€ (-5.0% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 66%. Debt remains under control: the company retains capacity to raise new debt if needed. 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 64.2 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 0.3% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 201.58. 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 48.4x. 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: 33 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 53 days. Favorable situation: supplier credit is longer than customer credit by 20 days. Inventory turnover is 64 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 131 days of revenue, i.e. 1.1 M€ to permanently finance. Notable WCR improvement over the period (-27%), freeing up cash.

Based on 95 transactions of similar company sales (all years), the value of CARRIERES MBTP is estimated at 207 045 € (range 112 157€ - 544 886€). With an EBITDA of 20 499€, 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.