MOULIN ENVIRONNEMENT : revenue, balance sheet and financial ratios

In 2024, MOULIN ENVIRONNEMENT achieves revenue of 5.8 M€. Revenue is declining over the period 2016-2024 (CAGR: -11.3%). Significant drop of -71% vs 2023. After deducting consumption (2.0 M€), gross margin stands at 3.8 M€, i.e. a rate of 66%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 860 k€, representing 14.8% of revenue. Positive scissor effect: EBITDA margin improves by +6.6 pts, sign of improved operational efficiency. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 331 k€, i.e. 5.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 47%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 57%. 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 2.7 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 13.6% 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 206.01. 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 5.7x. 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: 67 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 53 days. The company must finance 14 days of gap between collections and payments. Inventory turnover is 38 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 109 days of revenue, i.e. 1.8 M€ to permanently finance. Notable WCR improvement over the period (-62%), freeing up cash.

Based on 85 transactions of similar company sales (all years), the value of MOULIN ENVIRONNEMENT is estimated at 2 440 714 € (range 400 682€ - 10 745 534€). With an EBITDA of 860 237€, the sector multiple of 2.4x is applied. The price/revenue ratio is 0.69x (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.