PISCINES-ARROSAGES-MACONNERIES : revenue, balance sheet and financial ratios

In 2024, PISCINES-ARROSAGES-MACONNERIES achieves revenue of 538 k€. Activity remains stable over the period (CAGR: -4.0%). Significant drop of -22% vs 2023. After deducting consumption (150 k€), gross margin stands at 388 k€, i.e. a rate of 72%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 24 k€, representing 4.4% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 19 k€, i.e. 3.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 19%. 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 41%. 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 5.0 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 3.7% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 176.92. 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 1.9x. Coverage is limited: any activity downturn would jeopardize interest payments.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 128 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 13 days. The gap of 115 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 466 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 297 days of revenue, i.e. 444 k€ to permanently finance. Over 2016-2024, WCR increased by +50%, requiring additional financing.

Based on 65 transactions of similar company sales in 2024, the value of PISCINES-ARROSAGES-MACONNERIES is estimated at 54 387 € (range 28 222€ - 84 129€). With an EBITDA of 23 877€, the sector multiple of 1.6x is applied. The price/revenue ratio is 0.15x (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.