MACONNERIE D'HIER ET D'AUJOURDHUI (MHA) : revenue, balance sheet and financial ratios

In 2024, MACONNERIE D'HIER ET D'AUJOURDHUI (MHA) achieves revenue of 1.4 M€. Revenue is growing positively over 9 years (CAGR: +4.4%). Vs 2023, growth of +11% (1.2 M€ -> 1.4 M€). After deducting consumption (397 k€), gross margin stands at 993 k€, i.e. a rate of 71%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 91 k€, representing 6.5% 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. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 3 k€, i.e. 0.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 52%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 54%. 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 6.2% 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 491.21. 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 4.3x. 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: 5 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 20 days. Favorable situation: supplier credit is longer than customer credit by 15 days. Inventory turnover is 80 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 73 days of revenue, i.e. 281 k€ to permanently finance. Over 2016-2024, WCR increased by +146%, requiring additional financing.

Based on 113 transactions of similar company sales (all years), the value of MACONNERIE D'HIER ET D'AUJOURDHUI (MHA) is estimated at 212 909 € (range 94 812€ - 413 659€). With an EBITDA of 90 740€, the sector multiple of 3.6x is applied. The price/revenue ratio is 0.11x (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.