SNCF CONNECT : revenue, balance sheet and financial ratios

In 2024, SNCF CONNECT achieves revenue of 264.6 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +6.5%. Vs 2023: +8%. After deducting consumption (0 €), gross margin stands at 264.6 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 45.3 M€, representing 17.1% of revenue. Warning negative scissor effect: despite revenue change (+8%), EBITDA varies by -6%, reducing margin by 2.4 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 22.2 M€, i.e. 8.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 11%. This very low level reflects a solid financial structure, offering significant room for future investments or acquisitions. Financial autonomy (= Equity / Total assets x 100) reaches 41%. 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 0.2 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 10.2% 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 174.50. 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 0.1x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 58 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 64 days. Favorable situation: supplier credit is longer than customer credit by 6 days. Overall, WCR represents 114 days of revenue, i.e. 83.9 M€ to permanently finance. Over 2016-2024, WCR increased by +58%, requiring additional financing.

Based on 163 transactions of similar company sales (all years), the value of SNCF CONNECT is estimated at 89 948 289 € (range 35 315 759€ - 180 869 496€). With an EBITDA of 45 268 816€, the sector multiple of 2.4x is applied. The price/revenue ratio is 0.38x (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.