ETABLISSEMENTS P. L. MAITRE : revenue, balance sheet and financial ratios

In 2023, ETABLISSEMENTS P. L. MAITRE achieves revenue of 52.9 M€. Over the period 2016-2023, the company shows strong growth with a CAGR (compound annual growth rate) of +18.9%. Vs 2021, growth of +158% (20.5 M€ -> 52.9 M€). After deducting consumption (18.6 M€), gross margin stands at 34.3 M€, i.e. a rate of 65%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 6.6 M€, representing 12.6% of revenue. Positive scissor effect: EBITDA margin improves by +13.3 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 4.2 M€, i.e. 7.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 24%. 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 49%. 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 0.9 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 10.5% 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 210.63. 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 2.3x. Financial charges are adequately covered by operations.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 129 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 69 days. The gap of 60 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 36 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 132 days of revenue, i.e. 19.4 M€ to permanently finance. Over 2016-2023, WCR increased by +72%, requiring additional financing.

Based on 56 transactions of similar company sales (all years), the value of ETABLISSEMENTS P. L. MAITRE is estimated at 7 097 372 € (range 4 459 792€ - 16 435 010€). With an EBITDA of 6 641 792€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.13x (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.