ETS PHILIPPE LEFEBVRE : revenue, balance sheet and financial ratios

In 2023, ETS PHILIPPE LEFEBVRE achieves revenue of 14.1 M€. Over the period 2016-2023, the company shows strong growth with a CAGR (compound annual growth rate) of +6.5%. Slight decline of -9% vs 2022. After deducting consumption (12.2 M€), gross margin stands at 1.9 M€, i.e. a rate of 13%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 600 k€, representing 4.3% of revenue. Warning negative scissor effect: despite revenue change (-9%), EBITDA varies by -45%, reducing margin by 2.8 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 299 k€, i.e. 2.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 13%. 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 60%. 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 3.7% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 272.47. 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 5.0x. 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: 29 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 29 days. Inventory turnover is 99 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 82 days of revenue, i.e. 3.2 M€ to permanently finance. Over 2016-2023, WCR increased by +61%, requiring additional financing.

Based on 94 transactions of similar company sales (all years), the value of ETS PHILIPPE LEFEBVRE is estimated at 869 678 € (range 554 312€ - 1 578 315€). With an EBITDA of 600 063€, the sector multiple of 0.5x is applied. The price/revenue ratio is 0.15x (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.