RTE RESEAU DE TRANSPORT D ELECTRICITE : revenue, balance sheet and financial ratios

In 2024, RTE RESEAU DE TRANSPORT D ELECTRICITE achieves revenue of 5.5 Bn€. Revenue is growing positively over 8 years (CAGR: +2.7%). Vs 2022, growth of +13% (4.9 Bn€ -> 5.5 Bn€). After deducting consumption (99.4 M€), gross margin stands at 5.4 Bn€, i.e. a rate of 98%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.5 Bn€, representing 27.2% of revenue. Warning negative scissor effect: despite revenue change (+13%), EBITDA varies by -16%, reducing margin by 9.2 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Net income is negative at -1.2 M€ (-0.0% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 172%. 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 30%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 11.5 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 22.0% 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 129.18. 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 22.9x. 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: 83 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 176 days. Excellent situation: suppliers finance 93 days of the operating cycle (retail model). Inventory turnover is 13 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. WCR is negative (-75 days): operations structurally generate cash. Notable WCR improvement over the period (-73%), freeing up cash.

Based on 93 transactions of similar company sales (all years), the value of RTE RESEAU DE TRANSPORT D ELECTRICITE is estimated at 3 319 594 549 € (range 429 735 133€ - 13 390 076 287€). With an EBITDA of 1 488 467 000€, the sector multiple of 2.3x is applied. The price/revenue ratio is 0.59x (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.
Medium reliability: estimate to be confirmed with in-depth analysis.