S.E.A. SOCIETE D'ETUDES AZUREENNE : revenue, balance sheet and financial ratios

In 2024, S.E.A. SOCIETE D'ETUDES AZUREENNE achieves revenue of 930 k€. Revenue is declining over the period 2016-2024 (CAGR: -15.3%). Significant drop of -70% vs 2023. After deducting consumption (296 k€), gross margin stands at 634 k€, i.e. a rate of 68%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 144 k€, representing 15.5% of revenue. Positive scissor effect: EBITDA margin improves by +12.1 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 222 k€, i.e. 23.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 77%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 49%. This high autonomy means the company finances most of its assets through equity, a sign of strength. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 4.3 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 25.9% 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 780.84. 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 20.5x. 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: 0 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 36 days. Excellent situation: suppliers finance 36 days of the operating cycle (retail model). Inventory turnover is 577 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 913 days of revenue, i.e. 2.4 M€ to permanently finance. Over 2016-2024, WCR increased by +48%, requiring additional financing.

Based on 80 transactions of similar company sales (all years), the value of S.E.A. SOCIETE D'ETUDES AZUREENNE is estimated at 254 333 € (range 90 204€ - 697 905€). With an EBITDA of 143 752€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.28x (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.