MAUDET S.A.S : revenue, balance sheet and financial ratios

In 2024, MAUDET S.A.S achieves revenue of 43.8 M€. Over the period 2017-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +10.4%. Significant drop of -14% vs 2023. After deducting consumption (37.6 M€), gross margin stands at 6.2 M€, i.e. a rate of 14%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 444 k€, representing 1.0% of revenue. Warning negative scissor effect: despite revenue change (-14%), EBITDA varies by -87%, reducing margin by 5.9 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 381 k€, i.e. 0.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 114%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 37%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 3.1 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 1.6% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 162.36. 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 125.3x. 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: 79 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 19 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 24 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 93 days of revenue, i.e. 11.3 M€ to permanently finance. Over 2017-2024, WCR increased by +40%, requiring additional financing.

Based on 94 transactions of similar company sales (all years), the value of MAUDET S.A.S is estimated at 2 198 335 € (range 1 453 109€ - 3 018 500€). With an EBITDA of 444 374€, the sector multiple of 0.5x is applied. The price/revenue ratio is 0.15x (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.