ETS TETARD G. : revenue, balance sheet and financial ratios

In 2024, ETS TETARD G. achieves revenue of 2.2 M€. Revenue is growing positively over 8 years (CAGR: +2.3%). Slight decline of -1% vs 2022. After deducting consumption (485 k€), gross margin stands at 1.7 M€, i.e. a rate of 78%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 88 k€, representing 4.0% of revenue. Warning negative scissor effect: despite revenue change (-1%), EBITDA varies by -57%, reducing margin by 5.2 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 80 k€, i.e. 3.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 14%. 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 33%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.6 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 4.2% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 153.07. 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 0.3x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 107 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 65 days. The gap of 42 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 4 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 68 days of revenue, i.e. 416 k€ to permanently finance. Over 2016-2024, WCR increased by +77%, requiring additional financing.

Indicative estimate only : the number of comparable transactions in this sector is limited (25 transactions). This range of 196 132€ to 583 754€ is provided for information purposes only and requires in-depth analysis to be confirmed.