ENGIE FLEXIBLE GENERATION FRANCE : revenue, balance sheet and financial ratios

In 2024, ENGIE FLEXIBLE GENERATION FRANCE achieves revenue of 194.6 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +7.6%. Vs 2023: +10%. After deducting consumption (17.9 M€), gross margin stands at 176.6 M€, i.e. a rate of 91%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 32.9 M€, representing 16.9% of revenue. Positive scissor effect: EBITDA margin improves by +5.5 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 35.4 M€, i.e. 18.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 170%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 25%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 7.7 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 14.8% 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 152.53. 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 14.3x. 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: 86 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 100 days. Favorable situation: supplier credit is longer than customer credit by 14 days. Inventory turnover is 101 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. WCR is negative (-208 days): operations structurally generate cash.

Based on 85 transactions of similar company sales (all years), the value of ENGIE FLEXIBLE GENERATION FRANCE is estimated at 100 570 099 € (range 17 494 023€ - 429 471 475€). With an EBITDA of 32 899 587€, 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.