SOC CONCEPTION APPLICAT TECHN ELECTRONIQ : revenue, balance sheet and financial ratios

In 2024, SOC CONCEPTION APPLICAT TECHN ELECTRONIQ achieves revenue of 49.2 M€. Revenue is growing positively over 9 years (CAGR: +1.2%). Slight decline of -8% vs 2023. After deducting consumption (9.3 M€), gross margin stands at 39.9 M€, i.e. a rate of 81%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 10.2 M€, representing 20.8% of revenue. Warning negative scissor effect: despite revenue change (-8%), EBITDA varies by -35%, reducing margin by 8.6 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 10.1 M€, i.e. 20.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 129%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 30%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 1.5 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 20.2% 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 196.21. 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 1.7x. Coverage is limited: any activity downturn would jeopardize interest payments.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 41 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 80 days. Excellent situation: suppliers finance 39 days of the operating cycle (retail model). Inventory turnover is 59 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 133 days of revenue, i.e. 18.2 M€ to permanently finance. Over 2017-2024, WCR increased by +4884%, requiring additional financing.

Based on 57 transactions of similar company sales (all years), the value of SOC CONCEPTION APPLICAT TECHN ELECTRONIQ is estimated at 22 501 836 € (range 5 541 062€ - 43 182 375€). With an EBITDA of 10 231 455€, the sector multiple of 2.5x is applied. The price/revenue ratio is 0.23x (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.