SOCIETE DES AUTOBUS BASTIAIS : revenue, balance sheet and financial ratios

In 2023, SOCIETE DES AUTOBUS BASTIAIS achieves revenue of 685 k€. Activity remains stable over the period (CAGR: -1.5%). Slight decline of -3% vs 2022. After deducting consumption (722 k€), gross margin stands at -37 k€, i.e. a rate of -5%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 702 k€, representing 102.4% of revenue. Positive scissor effect: EBITDA margin improves by +70.6 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 317 k€, i.e. 46.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 29%. 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 46%. 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 1.2 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 9.5% 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 243.95. 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 6.4x. 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: 0 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 70 days. Excellent situation: suppliers finance 70 days of the operating cycle (retail model). Inventory turnover is 29 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 1551 days of revenue, i.e. 3.0 M€ to permanently finance. Over 2015-2023, WCR increased by +149%, requiring additional financing.

Based on 206 transactions of similar company sales (all years), the value of SOCIETE DES AUTOBUS BASTIAIS is estimated at 1 801 384 € (range 829 564€ - 3 481 737€). With an EBITDA of 701 873€, the sector multiple of 4.2x is applied. The price/revenue ratio is 0.48x (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.