ETABLISSEMENT THERMAL D'URIAGE - ETU : revenue, balance sheet and financial ratios

In 2024, ETABLISSEMENT THERMAL D'URIAGE - ETU achieves revenue of 4.0 M€. Revenue is growing positively over 9 years (CAGR: +2.4%). Vs 2023: +9%. After deducting consumption (45 k€), gross margin stands at 3.9 M€, i.e. a rate of 99%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 532 k€, representing 13.4% of revenue. Warning negative scissor effect: despite revenue change (+9%), EBITDA varies by -20%, reducing margin by 4.9 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 55 k€, i.e. 1.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 0%. This very low level reflects a solid financial structure, offering significant room for future investments or acquisitions. Financial autonomy (= Equity / Total assets x 100) reaches 35%. The balance between equity and debt is satisfactory. Cash flow represents 13.0% 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 43.36. 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 14.2x. 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: 0 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 161 days. Excellent situation: suppliers finance 161 days of the operating cycle (retail model). Inventory turnover is 8 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. WCR is negative (-211 days): operations structurally generate cash.

Based on 77 transactions of similar company sales (all years), the value of ETABLISSEMENT THERMAL D'URIAGE - ETU is estimated at 2 130 103 € (range 1 152 603€ - 3 827 652€). With an EBITDA of 532 187€, the sector multiple of 5.4x is applied. The price/revenue ratio is 0.53x (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.