HURSIN ET FILS SA : revenue, balance sheet and financial ratios

In 2024, HURSIN ET FILS SA achieves revenue of 10.8 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +5.4%. Vs 2022: +10%. After deducting consumption (5 k€), gross margin stands at 10.8 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 4.8 M€, representing 44.8% of revenue. Warning negative scissor effect: despite revenue change (+10%), EBITDA varies by +5%, reducing margin by 2.0 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 6.0 M€, i.e. 55.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 24%. 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 77%. 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 1.9 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 81.3% 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 1482.83. 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 7.4x. 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: 74 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 53 days. The company must finance 21 days of gap between collections and payments. Overall, WCR represents 391 days of revenue, i.e. 11.7 M€ to permanently finance. Over 2016-2024, WCR increased by +147%, requiring additional financing.

Based on 103 transactions of similar company sales in 2024, the value of HURSIN ET FILS SA is estimated at 24 734 271 € (range 6 571 545€ - 53 138 302€). With an EBITDA of 4 838 922€, the sector multiple of 5.0x is applied. The price/revenue ratio is 0.38x (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.