CENTRE PHOTOVOLTAIQUE DE BOULOC : revenue, balance sheet and financial ratios

In 2024, CENTRE PHOTOVOLTAIQUE DE BOULOC achieves revenue of 4.0 M€. Activity remains stable over the period (CAGR: -0.7%). Vs 2023, growth of +13% (3.5 M€ -> 4.0 M€). After deducting consumption (25 k€), gross margin stands at 4.0 M€, i.e. a rate of 99%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 3.2 M€, representing 80.2% of revenue. Warning negative scissor effect: despite revenue change (+13%), EBITDA varies by +10%, reducing margin by 2.2 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 2.0 M€, i.e. 50.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 47%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 68%. 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 2.9 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 53.0% 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 4506.32. 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 11.8x. 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: 59 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 24 days. The gap of 35 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 3 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. WCR is negative (-999 days): operations structurally generate cash. Over 2016-2024, WCR increased by +42%, requiring additional financing.

Based on 85 transactions of similar company sales (all years), the value of CENTRE PHOTOVOLTAIQUE DE BOULOC is estimated at 5 874 941 € (range 885 180€ - 23 067 402€). With an EBITDA of 3 205 943€, the sector multiple of 2.4x is applied. The price/revenue ratio is 0.69x (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.
Medium reliability: estimate to be confirmed with in-depth analysis.