SOCIETE D'ECONOMIE MIXTE DE L'AEROPORT DU TOUQUET-COTE D'OPALE- S.E.M.A.T. : revenue, balance sheet and financial ratios

In 2022, SOCIETE D'ECONOMIE MIXTE DE L'AEROPORT DU TOUQUET-COTE D'OPALE- S.E.M.A.T. achieves revenue of 889 k€. Revenue is growing positively over 7 years (CAGR: +4.9%). Vs 2021, growth of +79% (498 k€ -> 889 k€). After deducting consumption (270 k€), gross margin stands at 619 k€, i.e. a rate of 70%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 65 k€, representing 7.4% of revenue. Warning negative scissor effect: despite revenue change (+79%), EBITDA varies by +12%, reducing margin by 4.3 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 4 k€, i.e. 0.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 38%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 50%. 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 4.3 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 5.4% 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 185.51. 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 12.9x. 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: 12 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 115 days. Excellent situation: suppliers finance 103 days of the operating cycle (retail model). Inventory turnover is 7 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. WCR is negative (-7 days): operations structurally generate cash. Notable WCR improvement over the period (-113%), freeing up cash.

Based on 205 transactions of similar company sales (all years), the value of SOCIETE D'ECONOMIE MIXTE DE L'AEROPORT DU TOUQUET-COTE D'OPALE- S.E.M.A.T. is estimated at 70 787 € (range 36 528€ - 196 112€). With an EBITDA of 65 412€, the sector multiple of 0.9x is applied. The price/revenue ratio is 0.15x (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.