SAS MINAGE TRAVAUX PUBLICS & SPECIAUX : revenue, balance sheet and financial ratios

In 2025, SAS MINAGE TRAVAUX PUBLICS & SPECIAUX achieves revenue of 7.4 M€. Over the period 2017-2025, the company shows strong growth with a CAGR (compound annual growth rate) of +11.6%. Slight decline of -10% vs 2024. After deducting consumption (1.4 M€), gross margin stands at 6.0 M€, i.e. a rate of 81%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 759 k€, representing 10.3% of revenue. Positive scissor effect: EBITDA margin improves by +5.6 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 377 k€, i.e. 5.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 960%. 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 6%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 8.5 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 7.6% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 254.70. 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 16.0x. 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: 77 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 61 days. The company must finance 16 days of gap between collections and payments. Inventory turnover is 9 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 17 days of revenue, i.e. 343 k€ to permanently finance. Notable WCR improvement over the period (-32%), freeing up cash.

Based on 120 transactions of similar company sales (all years), the value of SAS MINAGE TRAVAUX PUBLICS & SPECIAUX is estimated at 1 282 097 € (range 464 047€ - 3 197 087€). With an EBITDA of 758 687€, the sector multiple of 1.4x is applied. The price/revenue ratio is 0.22x (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.