SOCIETE ANNEMASSIENNE DE TRANSPORTS : revenue, balance sheet and financial ratios

In 2024, SOCIETE ANNEMASSIENNE DE TRANSPORTS achieves revenue of 5.8 M€. Revenue is declining over the period 2016-2024 (CAGR: -5.7%). Significant drop of -13% vs 2023. After deducting consumption (960 k€), gross margin stands at 4.9 M€, i.e. a rate of 84%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 535 k€, representing 9.1% of revenue. Warning negative scissor effect: despite revenue change (-13%), EBITDA varies by -36%, reducing margin by 3.2 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 129 k€, i.e. 2.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 77%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 16%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 1.4 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 7.1% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 104.15. 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 8.9x. 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: 153 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 165 days. Favorable situation: supplier credit is longer than customer credit by 12 days. Inventory turnover is 5 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 79 days of revenue, i.e. 1.3 M€ to permanently finance. Over 2016-2024, WCR increased by +22%, requiring additional financing.

Based on 85 transactions of similar company sales (all years), the value of SOCIETE ANNEMASSIENNE DE TRANSPORTS is estimated at 687 416 € (range 310 514€ - 1 759 601€). With an EBITDA of 534 565€, the sector multiple of 1.4x is applied. The price/revenue ratio is 0.14x (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.