MAINTENANCE INDUSTRIELLE MAHORAISE : revenue, balance sheet and financial ratios

In 2024, MAINTENANCE INDUSTRIELLE MAHORAISE achieves revenue of 8.6 M€. Activity remains stable over the period (CAGR: -2.9%). Vs 2023, growth of +74% (5.0 M€ -> 8.6 M€). After deducting consumption (5.3 M€), gross margin stands at 3.4 M€, i.e. a rate of 39%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 392 k€, representing 4.5% of revenue. Positive scissor effect: EBITDA margin improves by +17.2 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 300 k€, i.e. 3.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 92%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 31%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 6.0 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 9.4% 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 139.17. 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 56.0x. 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: 307 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 247 days. The gap of 60 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 121 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 280 days of revenue, i.e. 6.7 M€ to permanently finance. Over 2016-2024, WCR increased by +47%, requiring additional financing.

Based on 104 transactions of similar company sales (all years), the value of MAINTENANCE INDUSTRIELLE MAHORAISE is estimated at 974 233 € (range 560 865€ - 2 702 321€). With an EBITDA of 391 572€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.27x (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.