SECP CHEMIN CANAL : revenue, balance sheet and financial ratios

In 2024, SECP CHEMIN CANAL achieves revenue of 1.3 M€. Activity remains stable over the period (CAGR: -3.5%). Significant drop of -20% vs 2023. After deducting consumption (-5 k€), gross margin stands at 1.3 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 977 k€, representing 73.3% of revenue. Warning negative scissor effect: despite revenue change (-20%), EBITDA varies by -23%, reducing margin by 3.0 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Net income is negative at -265 k€ (-19.9% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 654%. 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 13%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 5.5 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 62.4% 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 1390.34. 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 14.9x. 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: 74 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 19 days. The gap of 55 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 14 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. WCR is negative (-144 days): operations structurally generate cash.

Based on 85 transactions of similar company sales (all years), the value of SECP CHEMIN CANAL is estimated at 1 824 006 € (range 230 284€ - 7 301 278€). With an EBITDA of 977 475€, the sector multiple of 2.4x is applied. The price/revenue ratio is 0.69x (in line with sector norms). 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.