IMMOBILIERE SERVICES : revenue, balance sheet and financial ratios

In 2023, IMMOBILIERE SERVICES achieves revenue of 403 k€. Over the period 2016-2023, the company shows strong growth with a CAGR (compound annual growth rate) of +18.7%. Vs 2022: +5%. After deducting consumption (102 k€), gross margin stands at 301 k€, i.e. a rate of 75%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 45 k€, representing 11.2% of revenue. Warning negative scissor effect: despite revenue change (+5%), EBITDA varies by -48%, reducing margin by 11.2 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 20 k€, i.e. 5.0% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at -317%. 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 -29%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 10.3 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 7.7% 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 244.28. 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 35.6x. 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: 54 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 11 days. The gap of 43 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 213 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 166 days of revenue, i.e. 186 k€ to permanently finance. Over 2016-2023, WCR increased by +235%, requiring additional financing.

Indicative estimate only : the number of comparable transactions in this sector is limited (47 transactions). This range of 36 205€ to 115 019€ is provided for information purposes only and requires in-depth analysis to be confirmed.