KEOLIS LILLE METROPOLE : revenue, balance sheet and financial ratios

In 2024, KEOLIS LILLE METROPOLE achieves revenue of 367.1 M€. Over the period 2018-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +8.3%. Vs 2023: +8%. After deducting consumption (8.9 M€), gross margin stands at 358.2 M€, i.e. a rate of 98%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 14.7 M€, representing 4.0% of revenue. Positive scissor effect: EBITDA margin improves by +4.2 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Net income is negative at -1.7 M€ (-0.4% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 14955%. 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 0%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 7.1 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 3.0% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 144.04. 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 13.7x. 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: 46 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 80 days. Excellent situation: suppliers finance 34 days of the operating cycle (retail model). Inventory turnover is 4 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 69 days of revenue, i.e. 70.7 M€ to permanently finance. Over 2018-2024, WCR increased by +71%, requiring additional financing.

Based on 206 transactions of similar company sales (all years), the value of KEOLIS LILLE METROPOLE is estimated at 104 987 175 € (range 44 922 336€ - 190 189 730€). With an EBITDA of 14 692 712€, the sector multiple of 4.2x is applied. The price/revenue ratio is 0.48x (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.