PCH IMMOBILIER : revenue, balance sheet and financial ratios

In 2025, PCH IMMOBILIER achieves revenue of 1.1 M€. Activity remains stable over the period (CAGR: -3.7%). Significant drop of -42% vs 2024. After deducting consumption (571 k€), gross margin stands at 535 k€, i.e. a rate of 48%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 138 k€, representing 12.4% of revenue. Warning negative scissor effect: despite revenue change (-42%), EBITDA varies by -52%, reducing margin by 2.5 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 13 k€, i.e. 1.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 4194%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 2%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 242.3 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 1.2% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 1425.72. 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 87.5x. 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: 0 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 84 days. Excellent situation: suppliers finance 84 days of the operating cycle (retail model). Inventory turnover is 1013 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 1140 days of revenue, i.e. 3.5 M€ to permanently finance. Over 2019-2025, WCR increased by +1804%, requiring additional financing.

Based on 258 transactions of similar company sales (all years), the value of PCH IMMOBILIER is estimated at 570 160 € (range 241 345€ - 1 047 505€). With an EBITDA of 137 605€, the sector multiple of 4.9x is applied. The price/revenue ratio is 0.65x (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.