GROUPE ATLAS : revenue, balance sheet and financial ratios

In 2024, GROUPE ATLAS achieves revenue of 133 k€. Activity remains stable over the period (CAGR: -1.5%). Significant drop of -43% vs 2023. After deducting consumption (0 €), gross margin stands at 133 k€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 61 k€, representing 45.5% of revenue. Positive scissor effect: EBITDA margin improves by +74.7 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 47 k€, i.e. 35.0% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 182%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 34%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 18.9 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 36.0% 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 1336.03. 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 5.6x. 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: 526 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 109 days. The gap of 417 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Overall, WCR represents 1300 days of revenue, i.e. 481 k€ to permanently finance. Over 2017-2024, WCR increased by +3739%, requiring additional financing.

Based on 50 transactions of similar company sales (all years), the value of GROUPE ATLAS is estimated at 82 758 € (range 45 465€ - 262 695€). With an EBITDA of 60 579€, the sector multiple of 1.8x is applied. The price/revenue ratio is 0.32x (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.