KEOLIS PAYS D'AIX : revenue, balance sheet and financial ratios

In 2024, KEOLIS PAYS D'AIX achieves revenue of 9.7 M€. Revenue is declining over the period 2016-2024 (CAGR: -15.1%). Vs 2023: +1%. After deducting consumption (2.7 M€), gross margin stands at 7.0 M€, i.e. a rate of 72%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 4.2 M€, representing 43.5% of revenue. Positive scissor effect: EBITDA margin improves by +5.2 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 2.7 M€, i.e. 27.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 34%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 22%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 1.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 7.2% 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 173.65. 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 2.7x. Financial charges are adequately covered by operations.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 59 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 95 days. Excellent situation: suppliers finance 36 days of the operating cycle (retail model). Inventory turnover is 11 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 746 days of revenue, i.e. 20.2 M€ to permanently finance. Over 2016-2024, WCR increased by +581%, requiring additional financing.

Based on 206 transactions of similar company sales (all years), the value of KEOLIS PAYS D'AIX is estimated at 12 234 323 € (range 5 537 232€ - 23 780 297€). With an EBITDA of 4 239 710€, 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.