E.T.A.. MOREAU : revenue, balance sheet and financial ratios

In 2025, E.T.A.. MOREAU achieves revenue of 1.5 M€. Over the period 2021-2025, the company shows strong growth with a CAGR (compound annual growth rate) of +8.5%. Vs 2024, growth of +22% (1.2 M€ -> 1.5 M€). After deducting consumption (0 €), gross margin stands at 1.5 M€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 164 k€, representing 10.8% of revenue. Warning negative scissor effect: despite revenue change (+22%), EBITDA varies by -20%, reducing margin by 5.7 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 228 k€, i.e. 15.0% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 111%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 41%. This high autonomy means the company finances most of its assets through equity, a sign of strength. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 18.5 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 4.1% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 324.35. 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 23.1x. 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: 124 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 43 days. The gap of 81 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 21 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 206 days of revenue, i.e. 867 k€ to permanently finance.

Based on 50 transactions of similar company sales (all years), the value of E.T.A.. MOREAU is estimated at 470 796 € (range 173 868€ - 894 423€). With an EBITDA of 163 628€, the sector multiple of 2.7x is applied. The price/revenue ratio is 0.37x (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.