CENTRE PHOTOVOLTAIQUE DE SAINT MARCEL SUR AUDE : revenue, balance sheet and financial ratios

In 2024, CENTRE PHOTOVOLTAIQUE DE SAINT MARCEL SUR AUDE achieves revenue of 5.1 M€. Activity remains stable over the period (CAGR: -0.9%). Significant drop of -43% vs 2023. After deducting consumption (0 €), gross margin stands at 5.1 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 4.3 M€, representing 84.7% of revenue. Warning negative scissor effect: despite revenue change (-43%), EBITDA varies by -47%, reducing margin by 6.2 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 1.5 M€, i.e. 29.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 108%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 48%. 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 2.3 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 72.0% 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 1790.83. 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 16.1x. 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: 29 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 29 days. Inventory turnover is 145 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 64 days of revenue, i.e. 911 k€ to permanently finance. Over 2016-2024, WCR increased by +20%, requiring additional financing.

Based on 85 transactions of similar company sales (all years), the value of CENTRE PHOTOVOLTAIQUE DE SAINT MARCEL SUR AUDE is estimated at 7 129 644 € (range 997 830€ - 28 095 841€). With an EBITDA of 4 312 108€, 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.