EIFFAGE RAIL : revenue, balance sheet and financial ratios

In 2024, EIFFAGE RAIL achieves revenue of 330.3 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +33.8%. Significant drop of -25% vs 2023. After deducting consumption (37.7 M€), gross margin stands at 292.6 M€, i.e. a rate of 89%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 12.5 M€, representing 3.8% of revenue. Warning negative scissor effect: despite revenue change (-25%), EBITDA varies by -59%, reducing margin by 3.1 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 10.8 M€, i.e. 3.3% 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 3%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.8 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 3.8% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 101.91. 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 23.9x. 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: 197 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 162 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. Overall, WCR represents 73 days of revenue, i.e. 66.6 M€ to permanently finance. Over 2016-2024, WCR increased by +2631%, requiring additional financing.

Based on 76 transactions of similar company sales (all years), the value of EIFFAGE RAIL is estimated at 18 337 418 € (range 11 651 910€ - 46 098 853€). With an EBITDA of 12 545 906€, the sector multiple of 0.6x is applied. The price/revenue ratio is 0.13x (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.