SAEM DU P DE C OUEST SEMPACO : revenue, balance sheet and financial ratios

In 2018, SAEM DU P DE C OUEST SEMPACO achieves revenue of 1.2 M€. Activity remains stable over the period (CAGR: -4.2%). Slight decline of -5% vs 2017. After deducting consumption (0 €), gross margin stands at 1.2 M€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 23 k€, representing 1.9% of revenue. Warning negative scissor effect: despite revenue change (-5%), EBITDA varies by -74%, reducing margin by 5.0 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 17 k€, i.e. 1.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 176%. 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 22%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 217.3 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 0.2% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 230.76. 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 82.3x. 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: 227 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 70 days. The gap of 157 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 156 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 289 days of revenue, i.e. 972 k€ to permanently finance.

Based on 69 transactions of similar company sales in 2018, the value of SAEM DU P DE C OUEST SEMPACO is estimated at 171 381 € (range 95 205€ - 322 503€). With an EBITDA of 23 228€, the sector multiple of 3.1x is applied. The price/revenue ratio is 0.33x (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.