ETUDES TECHNIQUE CONSEIL - ETC : revenue, balance sheet and financial ratios

In 2024, ETUDES TECHNIQUE CONSEIL - ETC achieves revenue of 8.0 M€. Revenue is growing positively over 9 years (CAGR: +4.2%). Slight decline of -4% vs 2023. After deducting consumption (3.5 M€), gross margin stands at 4.6 M€, i.e. a rate of 57%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 916 k€, representing 11.4% of revenue. Warning negative scissor effect: despite revenue change (-4%), EBITDA varies by -28%, reducing margin by 3.8 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 559 k€, i.e. 7.0% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 2%. 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 68%. 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 0.1 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 8.5% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 306.98. 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 2.6x. 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: 14 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 64 days. Excellent situation: suppliers finance 50 days of the operating cycle (retail model). Inventory turnover is 109 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 121 days of revenue, i.e. 2.7 M€ to permanently finance. Over 2016-2024, WCR increased by +89%, requiring additional financing.

Based on 61 transactions of similar company sales (all years), the value of ETUDES TECHNIQUE CONSEIL - ETC is estimated at 1 333 521 € (range 730 749€ - 3 755 776€). With an EBITDA of 915 637€, the sector multiple of 1.1x is applied. The price/revenue ratio is 0.30x (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.