SAS RECHERCHES ET HORIZONS : revenue, balance sheet and financial ratios

SAS RECHERCHES ET HORIZONS is a French company founded 11 years ago, specialized in the sector Conseil pour les affaires et autres conseils de gestion. Based in MONTPELLIER (34000), this company of category PME shows in 2020 a revenue of 447 k€. Find below the complete financial statements, solvency ratios, working capital requirements and sector comparison.

Data updated on 2026-04-25

Sources : INPI & INSEE SIRENE - Processing : Ministry of Economy

Financial history - SAS RECHERCHES ET HORIZONS (SIREN 809152770)
Indicator 2020 2019 2017
Revenue 447 168 € 365 319 € 139 609 €
Net income 7 338 € 63 204 € 26 654 €
EBITDA -3 857 € 70 632 € 23 875 €
Net margin 1.6% 17.3% 19.1%

Revenue and income statement

In 2020, SAS RECHERCHES ET HORIZONS achieves revenue of 447 k€. Over the period 2017-2020, the company shows strong growth with a CAGR (compound annual growth rate) of +47.4%. Vs 2019, growth of +22% (365 k€ -> 447 k€). After deducting consumption (0 €), gross margin stands at 447 k€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches -4 k€, representing -0.9% of revenue. Warning negative scissor effect: despite revenue change (+22%), EBITDA varies by -105%, reducing margin by 20.2 pts. This reflects costs rising faster than revenue. Negative EBITDA means operations do not cover current expenses: concerning situation. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 7 k€, i.e. 1.6% of revenue. This profit can be retained or distributed to shareholders.

Revenue (2020) ?
Revenue
Definition
Total amount of sales of goods and services made by the company.
Formula
Sales of goods + Sold production

447 168 €

Gross margin (2020) ?
Gross margin
Definition
Difference between revenue and cost of goods sold.
Formula
Revenue - Cost of goods consumed

447 168 €

EBITDA (2020) ?
Gross Operating Surplus (EBITDA)
Definition
Resources generated by current operations, before depreciation and financial expenses.
Formula
Value added - Personnel expenses - Taxes
Interpretation
Positive = profitable activity

-3 857 €

EBIT (2020) ?
EBIT (Operating Income)
Definition
Operating income, including depreciation and provisions.
Formula
EBITDA - Depreciation and provisions + Reversals

-904 €

Net income (2020) ?
Net income
Definition
Profit or loss after all expenses, including taxes and exceptional items.
Formula
Current income + Exceptional income - Income tax

7 338 €

EBITDA margin (2020) ?
EBITDA margin
Definition
Measures the company's operating profitability.
Formula
(EBE / CA) x 100
Interpretation
> 10% : Good profitability
5-10% : Average
< 5% : Low

-0.9%

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Chart evolution

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Assets

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Liabilities

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Solvency and debt ratios

The debt ratio (= Financial debt / Equity x 100) stands at 297%. 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 37%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 7.4 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 2.5% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

Debt ratio (2020) ?
Debt ratio
Definition
Measures the proportion of debt to equity.
Formula
(Financial debt / Equity) x 100
Interpretation
< 50% : Low
50-100% : Moderate
> 100% : High

296.646%

Financial autonomy (2020) ?
Financial autonomy
Definition
Share of equity in the company's total financing.
Formula
(Equity / Total assets) x 100
Interpretation
> 30% : Good autonomy
20-30% : Average
< 20% : Low

36.505%

Cash flow / Revenue (2020) ?
Cash flow / Revenue
Definition
Self-financing capacity relative to revenue.
Formula
(CAF / CA) x 100
Interpretation
The higher the ratio, the more cash the company generates

2.452%

Repayment capacity (2020) ?
Repayment capacity
Definition
Number of years needed to repay debts with cash flow.
Formula
Financial debt / Cash flow
Interpretation
< 3 years : Excellent
3-5 years : Fair
> 5 years : Warning

7.441

Asset age ratio (2020) ?
Asset age ratio
Definition
Measures the degree of wear of tangible assets.
Formula
Accumulated depreciation / Gross fixed assets x 100
Interpretation
< 50% : Recent assets
50-70% : Normal wear
> 70% : Aging assets

75.8%

Solvency indicators evolution
SAS RECHERCHES ET HORIZONS

Sector positioning

Debt ratio
296.65 2020
2017
2019
2020
Q1: 0.0
Med: 5.56
Q3: 57.97
Average +48 pts over 3 years

In 2020, the debt ratio of SAS RECHERCHES ET HORIZONS (296.65) ranks above the median of the sector. This ratio measures the weight of debt relative to equity. A reduction effort could improve financial strength.

Financial autonomy
36.51% 2020
2017
2019
2020
Q1: 5.51%
Med: 38.11%
Q3: 73.12%
Average +24 pts over 3 years

In 2020, the financial autonomy of SAS RECHERCHES ET HORIZONS (36.5%) ranks below the median of the sector. This ratio represents the share of equity in total financing. An improvement would strengthen the competitive position.

Repayment capacity
7.44 years 2020
2017
2019
2020
Q1: 0.0 years
Med: 0.0 years
Q3: 0.94 years
Average +25 pts over 3 years

In 2020, the repayment capacity of SAS RECHERCHES ET HORIZONS (7.44) ranks above the median of the sector. This ratio indicates the number of years needed to repay debt with cash flow. A reduction effort could improve financial strength.

Liquidity ratios

The liquidity ratio (= Current assets / Current liabilities) stands at 171.82. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months.

Liquidity ratio (2020) ?
Liquidity ratio
Definition
Ability to meet short-term debts with current assets.
Formula
Current assets / Current liabilities
Interpretation
> 1.5 : Very good
1-1.5 : Fair
< 1 : Liquidity risk

171.825

Interest coverage (2020) ?
Interest coverage
Definition
Ability to cover interest charges with operating income.
Formula
EBIT / Interest expenses
Interpretation
> 3 : Comfortable
1.5-3 : Acceptable
< 1.5 : Risk

-9.204

Liquidity indicators evolution
SAS RECHERCHES ET HORIZONS

Sector positioning

Liquidity ratio
171.82 2020
2017
2019
2020
Q1: 139.95
Med: 286.59
Q3: 705.54
Average

In 2020, the liquidity ratio of SAS RECHERCHES ET HORIZONS (171.82) ranks below the median of the sector. This ratio measures the ability to cover short-term debt with current assets. An improvement would strengthen the competitive position.

Interest coverage
-9.2x 2020
2017
2019
2020
Q1: 0.0x
Med: 0.0x
Q3: 0.11x
Average

In 2020, the interest coverage of SAS RECHERCHES ET HORIZONS (-9.2x) ranks below the median of the sector. This ratio indicates how many times operating income covers interest expenses. An improvement would strengthen the competitive position.

Working capital requirement (WCR) and payment terms

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 108 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 25 days. The gap of 83 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Overall, WCR represents 55 days of revenue, i.e. 68 k€ to permanently finance. Over 2017-2020, WCR increased by +208%, requiring additional financing.

Operating WCR (2020) ?
Operating WCR
Definition
Financing requirement generated by the operating cycle (inventory + receivables - trade payables).
Formula
Inventory + Customer receivables - Trade payables
Interpretation
Negative = cash released
Positive = financing needed

68 139 €

Customer credit (2020) ?
Customer credit (days)
Definition
Average payment term granted to customers.
Formula
(Customer receivables / Revenue incl. VAT) x 360
Interpretation
< 45j : Good
45-60j : Average
> 60j : Long

108 j

Supplier credit (2020) ?
Supplier credit (days)
Definition
Average payment term obtained from suppliers.
Formula
(Trade payables / Purchases incl. VAT) x 360
Interpretation
The longer the term, the better for cash flow

25 j

Inventory turnover (2020) ?
Inventory turnover (days)
Definition
Average storage duration for goods or materials.
Formula
(Inventory / Cost of goods) x 360
Interpretation
The lower the ratio, the faster the turnover

0 j

WCR in days of revenue (2020) ?
WCR in days of revenue
Definition
Expresses working capital requirement in days of revenue.
Formula
(Operating WCR / Revenue) x 360
Interpretation
The fewer days, the better the working capital management

55 j

WCR and payment terms evolution
SAS RECHERCHES ET HORIZONS

Positioning of SAS RECHERCHES ET HORIZONS in its sector

Comparison with sector Conseil pour les affaires et autres conseils de gestion

Valuation estimate

Based on 53 transactions of similar company sales in 2020, the value of SAS RECHERCHES ET HORIZONS is estimated at 134 377 € (range 58 174€ - 181 172€). The price/revenue ratio is 0.45x (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.

Estimated enterprise value 2020
53 tx
58k€ 134k€ 181k€
134 377 € Range: 58 174€ - 181 172€
NAF 5 année 2020

Valuation detail by method

Ajustez les pondérations selon votre analyse

Revenue Multiple 30%
447 168 € × 0.45x
Estimation 202 840 €
89 776€ - 242 283€
Net Income Multiple 20%
7 338 € × 4.3x
Estimation 31 683 €
10 772€ - 89 508€

Valuation evolution

How is this estimate calculated?

This estimate is based on the analysis of 53 actual transactions of similar company sales (same NAF code) registered with BODACC between 2016 and 2025.

  • EBITDA Multiple: Preferred method for profitable SMEs. EBITDA reflects the ability to generate cash.
  • Revenue Multiple: Used for growing companies or those with low profitability. Reflects commercial potential.
  • Net Income Multiple: Relevant for mature companies with stable results.

This estimate is provided for information purposes only. A precise valuation requires in-depth analysis (assets, liabilities, prospects, market...).

Similar companies (Conseil pour les affaires et autres conseils de gestion)

Compare SAS RECHERCHES ET HORIZONS with other companies in the same sector:

Voir toutes les statistiques du secteur Conseil pour les affaires et autres conseils de gestion

Frequently asked questions about SAS RECHERCHES ET HORIZONS

What is the revenue of SAS RECHERCHES ET HORIZONS ?

The revenue of SAS RECHERCHES ET HORIZONS in 2020 is 447 k€.

Is SAS RECHERCHES ET HORIZONS profitable?

Yes, SAS RECHERCHES ET HORIZONS generated a net profit of 7 k€ in 2020.

Where is the headquarters of SAS RECHERCHES ET HORIZONS ?

The headquarters of SAS RECHERCHES ET HORIZONS is located in MONTPELLIER (34000), in the department Herault.

Where to find the tax return of SAS RECHERCHES ET HORIZONS ?

The tax return of SAS RECHERCHES ET HORIZONS is available on this page. Click on a year in the 'Data by year' section to view the account details (assets, liabilities, income statement). Data comes from INPI (National Institute of Industrial Property).

In which sector does SAS RECHERCHES ET HORIZONS operate?

SAS RECHERCHES ET HORIZONS operates in the sector Conseil pour les affaires et autres conseils de gestion (NAF code 70.22Z). See the 'Sector positioning' section above to compare the company with its competitors.