MILLET PAYSAGE-ENVIRONNEMENT : revenue, balance sheet and financial ratios

In 2024, MILLET PAYSAGE-ENVIRONNEMENT achieves revenue of 14.7 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +18.2%. Vs 2023, growth of +10% (13.3 M€ -> 14.7 M€). After deducting consumption (4.8 M€), gross margin stands at 9.9 M€, i.e. a rate of 67%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 335 k€, representing 2.3% of revenue. Warning negative scissor effect: despite revenue change (+10%), EBITDA varies by -49%, reducing margin by 2.6 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 118 k€, i.e. 0.8% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 33%. Debt remains under control: the company retains capacity to raise new debt if needed. 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 3.2 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 1.8% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 167.11. 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 7.4x. 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: 81 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 50 days. The gap of 31 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 11 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 59 days of revenue, i.e. 2.4 M€ to permanently finance.

Based on 125 transactions of similar company sales (all years), the value of MILLET PAYSAGE-ENVIRONNEMENT is estimated at 2 097 338 € (range 972 649€ - 3 229 869€). With an EBITDA of 335 408€, the sector multiple of 2.8x is applied. The price/revenue ratio is 0.35x (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.