MAINTENANCE D'EQUIPEMENTS INDUSTRIELS SERVICES : revenue, balance sheet and financial ratios

In 2022, MAINTENANCE D'EQUIPEMENTS INDUSTRIELS SERVICES achieves revenue of 193 k€. Over the period 2019-2022, the company shows strong growth with a CAGR (compound annual growth rate) of +28.1%. Significant drop of -31% vs 2021. After deducting consumption (4 k€), gross margin stands at 189 k€, i.e. a rate of 98%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 3 k€, representing 1.7% of revenue. Warning negative scissor effect: despite revenue change (-31%), EBITDA varies by -93%, reducing margin by 14.3 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Net income is negative at -3 k€ (-1.7% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 164%. 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 41%. 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 21.1 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 1.1% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 200.21. 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 30.9x. 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: 102 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 1 days. The gap of 101 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 70 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 109 days of revenue, i.e. 59 k€ to permanently finance. Over 2019-2022, WCR increased by +418%, requiring additional financing.

Based on 98 transactions of similar company sales (all years), the value of MAINTENANCE D'EQUIPEMENTS INDUSTRIELS SERVICES is estimated at 15 083 € (range 6 825€ - 26 488€). With an EBITDA of 3 335€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.18x (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.