ETUDE CONSTRUCT INDUSTRIELLE METALLIQUE : revenue, balance sheet and financial ratios

In 2024, ETUDE CONSTRUCT INDUSTRIELLE METALLIQUE achieves revenue of 5.9 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +8.7%. Vs 2023, growth of +28% (4.6 M€ -> 5.9 M€). After deducting consumption (1.7 M€), gross margin stands at 4.1 M€, i.e. a rate of 70%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 226 k€, representing 3.9% of revenue. Warning negative scissor effect: despite revenue change (+28%), EBITDA varies by -46%, 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 337 k€, i.e. 5.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at -30%. 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 -58%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 1.1 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 3.8% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 59.41. 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 1.9x. Coverage is limited: any activity downturn would jeopardize interest payments.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 120 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 37 days. The gap of 83 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 30 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. WCR is negative (-56 days): operations structurally generate cash. Notable WCR improvement over the period (-185%), freeing up cash.

Based on 56 transactions of similar company sales (all years), the value of ETUDE CONSTRUCT INDUSTRIELLE METALLIQUE is estimated at 472 988 € (range 288 679€ - 1 030 415€). With an EBITDA of 226 413€, 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.