SARP-OSIS SUD EST : revenue, balance sheet and financial ratios

In 2024, SARP-OSIS SUD EST achieves revenue of 58.5 M€. Revenue is declining over the period 2017-2024 (CAGR: -7.6%). Significant drop of -18% vs 2023. After deducting consumption (1.8 M€), gross margin stands at 56.8 M€, i.e. a rate of 97%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.3 M€, representing 2.1% of revenue. Positive scissor effect: EBITDA margin improves by +4.8 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 1.8 M€, i.e. 3.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 336%. 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 11%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 12.7 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 2.1% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 116.16. 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 58.5x. 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: 109 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 101 days. The company must finance 8 days of gap between collections and payments. Inventory turnover is 11 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 79 days of revenue, i.e. 12.9 M€ to permanently finance. Notable WCR improvement over the period (-31%), freeing up cash.

Based on 84 transactions of similar company sales (all years), the value of SARP-OSIS SUD EST is estimated at 4 354 473 € (range 1 917 592€ - 14 944 652€). With an EBITDA of 1 254 470€, the sector multiple of 2.9x is applied. The price/revenue ratio is 0.11x (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.