SEGRO URBAN LOGISTICS PR1 : revenue, balance sheet and financial ratios

In 2024, SEGRO URBAN LOGISTICS PR1 achieves revenue of 7.4 M€. Over the period 2018-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +50.9%. Slight decline of -6% vs 2023. After deducting consumption (0 €), gross margin stands at 7.4 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 5.4 M€, representing 72.7% of revenue. Positive scissor effect: EBITDA margin improves by +2.6 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 6.9 M€, i.e. 92.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 737%. 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 17.6 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 40.5% 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 163.57. 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 43.4x. 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: 117 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 201 days. Excellent situation: suppliers finance 84 days of the operating cycle (retail model). Overall, WCR represents 21 days of revenue, i.e. 431 k€ to permanently finance. Notable WCR improvement over the period (-90%), freeing up cash.

Based on 169 transactions of similar company sales in 2024, the value of SEGRO URBAN LOGISTICS PR1 is estimated at 26 309 095 € (range 7 513 051€ - 47 378 694€). With an EBITDA of 5 400 406€, the sector multiple of 5.6x is applied. The price/revenue ratio is 0.81x (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.