PASSENAUD HENRI RECUPERATION : revenue, balance sheet and financial ratios

In 2025, PASSENAUD HENRI RECUPERATION achieves revenue of 6.3 M€. Over the period 2017-2025, the company shows strong growth with a CAGR (compound annual growth rate) of +6.4%. Significant drop of -21% vs 2022. After deducting consumption (3.6 M€), gross margin stands at 2.6 M€, i.e. a rate of 42%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 180 k€, representing 2.9% of revenue. Warning negative scissor effect: despite revenue change (-21%), EBITDA varies by -73%, reducing margin by 5.6 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Net income is negative at -146 k€ (-2.3% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 102%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 33%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 8.5 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 1.7% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 189.48. 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 12.4x. 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: 55 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 42 days. The company must finance 13 days of gap between collections and payments. Inventory turnover is 20 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 69 days of revenue, i.e. 1.2 M€ to permanently finance. Over 2017-2025, WCR increased by +46%, requiring additional financing.

Based on 85 transactions of similar company sales (all years), the value of PASSENAUD HENRI RECUPERATION is estimated at 537 040 € (range 358 948€ - 1 039 956€). With an EBITDA of 180 092€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.18x (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.