ORANO RECYCLAGE : revenue, balance sheet and financial ratios

In 2024, ORANO RECYCLAGE achieves revenue of 2.0 Bn€. Over the period 2020-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +19.7%. Vs 2023, growth of +36% (1.5 Bn€ -> 2.0 Bn€). After deducting consumption (71.5 M€), gross margin stands at 2.0 Bn€, i.e. a rate of 96%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 456.9 M€, representing 22.6% of revenue. Positive scissor effect: EBITDA margin improves by +8.4 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 100.1 M€, i.e. 4.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 0%. 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 1%. Low autonomy: the company heavily depends on external financing (banks, suppliers). 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 7.8% 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 284.27. 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 112.3x. 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: 61 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 57 days. The company must finance 4 days of gap between collections and payments. Inventory turnover is 26 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. WCR is negative (-52 days): operations structurally generate cash.

Based on 74 transactions of similar company sales (all years), the value of ORANO RECYCLAGE is estimated at 220 175 780 € (range 91 582 836€ - 565 648 031€). With an EBITDA of 456 873 000€, the sector multiple of 0.6x is applied. The price/revenue ratio is 0.11x (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.