SOCIETE D'EXPLOITATION DE CARRIERES ET MATERIAUX (S.E.C.M) : revenue, balance sheet and financial ratios

In 2024, SOCIETE D'EXPLOITATION DE CARRIERES ET MATERIAUX (S.E.C.M) achieves revenue of 8.6 M€. Revenue is growing positively over 9 years (CAGR: +0.7%). Significant drop of -18% vs 2023. After deducting consumption (1.7 M€), gross margin stands at 6.9 M€, i.e. a rate of 80%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 480 k€, representing 5.6% of revenue. Warning negative scissor effect: despite revenue change (-18%), EBITDA varies by -53%, 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 456 k€, i.e. 5.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 31%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 42%. 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 5.6 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 1.8% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 173.67. 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 3.5x. Financial charges are adequately covered by operations.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 108 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 71 days. The gap of 37 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 9 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 116 days of revenue, i.e. 2.8 M€ to permanently finance. Over 2016-2024, WCR increased by +41%, requiring additional financing.

Based on 95 transactions of similar company sales (all years), the value of SOCIETE D'EXPLOITATION DE CARRIERES ET MATERIAUX (S.E.C.M) is estimated at 895 101 € (range 362 600€ - 3 599 040€). With an EBITDA of 480 074€, the sector multiple of 1.4x is applied. The price/revenue ratio is 0.17x (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.