KEC CONSEIL ET PARTICIPATION : revenue, balance sheet and financial ratios

In 2022, KEC CONSEIL ET PARTICIPATION achieves revenue of 77 k€. Over the period 2017-2022, the company shows strong growth with a CAGR (compound annual growth rate) of +10.2%. Vs 2020, growth of +128% (34 k€ -> 77 k€). After deducting consumption (0 €), gross margin stands at 77 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 33 k€, representing 42.8% of revenue. Positive scissor effect: EBITDA margin improves by +52.4 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 613 k€, i.e. 793.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 1%. 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 99%. 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 822.3% 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 8183.88. 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 309.2x. 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: 172 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 0 days. The gap of 172 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 1672 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 10762 days of revenue, i.e. 2.3 M€ to permanently finance. Over 2017-2022, WCR increased by +137%, requiring additional financing.

Based on 98 transactions of similar company sales in 2022, the value of KEC CONSEIL ET PARTICIPATION is estimated at 271 705 € (range 141 633€ - 662 756€). With an EBITDA of 33 043€, the sector multiple of 0.8x 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.