REVAL BTP : revenue, balance sheet and financial ratios

In 2024, REVAL BTP achieves revenue of 2.5 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +17.5%. Vs 2023, growth of +20% (2.1 M€ -> 2.5 M€). After deducting consumption (843 k€), gross margin stands at 1.7 M€, i.e. a rate of 67%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 373 k€, representing 14.8% of revenue. Positive scissor effect: EBITDA margin improves by +2.7 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 32 k€, i.e. 1.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 263%. 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 24%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 11.6 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 11.5% 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 329.14. 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 24.3x. 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: 125 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 79 days. The gap of 46 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 36 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 213 days of revenue, i.e. 1.5 M€ to permanently finance. Over 2016-2024, WCR increased by +385%, requiring additional financing.

Based on 85 transactions of similar company sales (all years), the value of REVAL BTP is estimated at 337 157 € (range 147 456€ - 703 097€). With an EBITDA of 372 693€, 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.