COMPAGNIE DES TRANSPORTS DU BOULONNAIS - CTB : revenue, balance sheet and financial ratios

In 2024, COMPAGNIE DES TRANSPORTS DU BOULONNAIS - CTB achieves revenue of 2.2 M€. Revenue is growing positively over 9 years (CAGR: +0.4%). Slight decline of -2% vs 2023. After deducting consumption (696 k€), gross margin stands at 1.5 M€, i.e. a rate of 68%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 113 k€, representing 5.2% of revenue. Warning negative scissor effect: despite revenue change (-2%), EBITDA varies by -81%, reducing margin by 21.7 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 383 k€, i.e. 17.6% 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 35%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.4 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 0.1% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 148.25. 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 1.3x. Coverage is limited: any activity downturn would jeopardize interest payments.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 122 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 56 days. The gap of 66 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 28 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 484 days of revenue, i.e. 2.9 M€ to permanently finance. Over 2016-2024, WCR increased by +71%, requiring additional financing.

Based on 206 transactions of similar company sales (all years), the value of COMPAGNIE DES TRANSPORTS DU BOULONNAIS - CTB is estimated at 825 537 € (range 341 372€ - 1 661 402€). With an EBITDA of 113 217€, the sector multiple of 4.2x is applied. The price/revenue ratio is 0.48x (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.