MAZAN MARINE DEVELOPPEMENT : revenue, balance sheet and financial ratios

In 2020, MAZAN MARINE DEVELOPPEMENT achieves revenue of 360 k€. Over the period 2016-2020, the company shows strong growth with a CAGR (compound annual growth rate) of +27.6%. Vs 2019, growth of +262% (99 k€ -> 360 k€). After deducting consumption (265 k€), gross margin stands at 94 k€, i.e. a rate of 26%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 26 k€, representing 7.3% of revenue. Warning negative scissor effect: despite revenue change (+262%), EBITDA varies by +62%, reducing margin by 9.1 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 1 k€, i.e. 0.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 21%. This very low level reflects a solid financial structure, offering significant room for future investments or acquisitions. Financial autonomy (= Equity / Total assets x 100) reaches 82%. 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 21.8 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 6.1% 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 5929.83. 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 22.6x. 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: 253 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 5 days. The gap of 248 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 5 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 630 days of revenue, i.e. 629 k€ to permanently finance. Over 2016-2020, WCR increased by +35%, requiring additional financing.

Based on 71 transactions of similar company sales in 2020, the value of MAZAN MARINE DEVELOPPEMENT is estimated at 132 268 € (range 61 008€ - 246 552€). With an EBITDA of 26 373€, the sector multiple of 5.0x is applied. The price/revenue ratio is 0.60x (in line with sector norms). 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.