COLLIN ETANCHEITE : revenue, balance sheet and financial ratios

In 2024, COLLIN ETANCHEITE achieves revenue of 26.6 M€. Over the period 2015-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +22.8%. Significant drop of -33% vs 2023. After deducting consumption (20.1 M€), gross margin stands at 6.4 M€, i.e. a rate of 24%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 2.7 M€, representing 10.3% of revenue. Positive scissor effect: EBITDA margin improves by +2.8 pts, sign of improved operational efficiency. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 1.9 M€, i.e. 7.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 0%. 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 14%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 8.6% 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 116.06. 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 0.7x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 192 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 88 days. The gap of 104 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 342 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 201 days of revenue, i.e. 14.9 M€ to permanently finance. Over 2015-2024, WCR increased by +1032%, requiring additional financing.

Indicative estimate only : the number of comparable transactions in this sector is limited (25 transactions). This range of 4 140 910€ to 12 026 827€ is provided for information purposes only and requires in-depth analysis to be confirmed.