HOLDING DE PARTICIPATION DANS LES CENTRALES PHOTOVOLTAIQUES 1 SAS (HPCP 1) : revenue, balance sheet and financial ratios

In 2024, HOLDING DE PARTICIPATION DANS LES CENTRALES PHOTOVOLTAIQUES 1 SAS (HPCP 1) achieves revenue of 1.0 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +11.5%. Vs 2023, growth of +91% (542 k€ -> 1.0 M€). After deducting consumption (0 €), gross margin stands at 1.0 M€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 249 k€, representing 24.1% of revenue. Positive scissor effect: EBITDA margin improves by +26.8 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 1.4 M€, i.e. 137.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 407%. 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 20%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 32.8 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 396.7% 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 9113.24. 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 2345.0x. 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: 183 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 107 days. The gap of 76 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 31317 days of revenue, i.e. 89.8 M€ to permanently finance. Notable WCR improvement over the period (-49%), freeing up cash.

Based on 54 transactions of similar company sales in 2024, the value of HOLDING DE PARTICIPATION DANS LES CENTRALES PHOTOVOLTAIQUES 1 SAS (HPCP 1) is estimated at 1 199 491 € (range 480 315€ - 3 379 329€). With an EBITDA of 248 800€, the sector multiple of 4.8x is applied. The price/revenue ratio is 0.59x (in line with sector norms). 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.