SNC ALPES : revenue, balance sheet and financial ratios

In 2024, SNC ALPES achieves revenue of 4.7 M€. Revenue is declining over the period 2014-2024 (CAGR: -8.7%). Significant drop of -56% vs 2023. After deducting consumption (6.2 M€), gross margin stands at -1.5 M€, i.e. a rate of -31%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 98 k€, representing 2.1% of revenue. Warning negative scissor effect: despite revenue change (-56%), EBITDA varies by -91%, reducing margin by 7.9 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 601 k€, i.e. 12.8% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 225%. 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 10%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 11.7 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.

The liquidity ratio (= Current assets / Current liabilities) stands at 443.81. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 102 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 64 days. The gap of 38 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 209 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 181 days of revenue, i.e. 2.4 M€ to permanently finance. Notable WCR improvement over the period (-32%), freeing up cash.

Based on 80 transactions of similar company sales (all years), the value of SNC ALPES is estimated at 726 403 € (range 249 997€ - 1 897 536€). With an EBITDA of 97 720€, 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.