PHOCEENNE DE SOUDURE : revenue, balance sheet and financial ratios

In 2024, PHOCEENNE DE SOUDURE achieves revenue of 975 k€. Over the period 2021-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +32.0%. Vs 2023, growth of +21% (804 k€ -> 975 k€). After deducting consumption (189 k€), gross margin stands at 786 k€, i.e. a rate of 81%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 121 k€, representing 12.4% of revenue. Positive scissor effect: EBITDA margin improves by +10.9 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 73 k€, i.e. 7.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 7%. 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 33%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.1 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 10.4% 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 142.89. 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 0.3x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 119 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 75 days. The gap of 44 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 4 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 68 days of revenue, i.e. 184 k€ to permanently finance. Over 2021-2024, WCR increased by +367%, requiring additional financing.

Based on 98 transactions of similar company sales (all years), the value of PHOCEENNE DE SOUDURE is estimated at 151 754 € (range 70 269€ - 343 677€). With an EBITDA of 120 922€, 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.