SEM DE CONSTR & GESTION LOGEMENTS : revenue, balance sheet and financial ratios

In 2024, SEM DE CONSTR & GESTION LOGEMENTS achieves revenue of 35.2 M€. Revenue is growing positively over 8 years (CAGR: +2.6%). Vs 2023: +3%. After deducting consumption (290 k€), gross margin stands at 34.9 M€, i.e. a rate of 99%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 9.5 M€, representing 26.9% of revenue. Warning negative scissor effect: despite revenue change (+3%), EBITDA varies by -9%, reducing margin by 3.6 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 5.0 M€, i.e. 14.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 143%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 39%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 12.3 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 41.2% 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 159.01. 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 41.7x. 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: 50 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 53 days. Favorable situation: supplier credit is longer than customer credit by 3 days. Inventory turnover is 23 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 85 days of revenue, i.e. 8.3 M€ to permanently finance.

Based on 169 transactions of similar company sales in 2024, the value of SEM DE CONSTR & GESTION LOGEMENTS is estimated at 41 790 543 € (range 12 306 413€ - 75 471 013€). With an EBITDA of 9 468 195€, 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.