MIDI PYRENEES ANTENNES : revenue, balance sheet and financial ratios

In 2024, MIDI PYRENEES ANTENNES achieves revenue of 6.8 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +7.7%. Significant drop of -27% vs 2023. After deducting consumption (1.3 M€), gross margin stands at 5.5 M€, i.e. a rate of 81%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 733 k€, representing 10.8% of revenue. Warning negative scissor effect: despite revenue change (-27%), EBITDA varies by -65%, reducing margin by 12.1 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 2.5 M€, i.e. 37.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 2%. 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 67%. 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 0.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 37.4% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

The liquidity ratio (= Current assets / Current liabilities) stands at 304.00. 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 0.2x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 65 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 55 days. The company must finance 10 days of gap between collections and payments. Inventory turnover is 64 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 110 days of revenue, i.e. 2.1 M€ to permanently finance. Over 2016-2024, WCR increased by +87%, requiring additional financing.

Based on 56 transactions of similar company sales (all years), the value of MIDI PYRENEES ANTENNES is estimated at 1 614 850 € (range 1 089 534€ - 4 770 081€). With an EBITDA of 732 942€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.13x (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.