EQUIPAGES : revenue, balance sheet and financial ratios

In 2024, EQUIPAGES achieves revenue of 6.3 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +6.7%. Slight decline of -1% vs 2023. After deducting consumption (2.4 M€), gross margin stands at 3.9 M€, i.e. a rate of 62%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 448 k€, representing 7.1% of revenue. Positive scissor effect: EBITDA margin improves by +5.1 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 334 k€, i.e. 5.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 34%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 37%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 1.3 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 5.2% 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 188.71. 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 8.5x. 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: 58 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 49 days. The company must finance 9 days of gap between collections and payments. Inventory turnover is 11 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 88 days of revenue, i.e. 1.5 M€ to permanently finance. Over 2016-2024, WCR increased by +154%, requiring additional financing.

Based on 215 transactions of similar company sales (all years), the value of EQUIPAGES is estimated at 622 227 € (range 288 752€ - 1 813 249€). With an EBITDA of 448 041€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.16x (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.