ESBTP GRANULATS : revenue, balance sheet and financial ratios

In 2024, ESBTP GRANULATS achieves revenue of 5.7 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +9.0%. Vs 2023: +1%. After deducting consumption (342 k€), gross margin stands at 5.3 M€, i.e. a rate of 94%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 735 k€, representing 12.9% of revenue. Positive scissor effect: EBITDA margin improves by +4.2 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 296 k€, i.e. 5.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 848%. 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 8%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 7.0 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 9.4% 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 202.63. 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 11.6x. 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: 114 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 127 days. Favorable situation: supplier credit is longer than customer credit by 13 days. Inventory turnover is 136 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 282 days of revenue, i.e. 4.4 M€ to permanently finance. Over 2016-2024, WCR increased by +30%, requiring additional financing.

Based on 95 transactions of similar company sales (all years), the value of ESBTP GRANULATS is estimated at 885 489 € (range 306 441€ - 4 426 076€). With an EBITDA of 735 471€, the sector multiple of 1.4x is applied. The price/revenue ratio is 0.17x (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.