SOCIETE D'EXPLOITATION MUTUALISEE ISEROISE DE DISTRIBUTION D'EAU, D'ASSAINISSEMENT ET D'ORDURES MENAGERES : revenue, balance sheet and financial ratios

In 2023, SOCIETE D'EXPLOITATION MUTUALISEE ISEROISE DE DISTRIBUTION D'EAU, D'ASSAINISSEMENT ET D'ORDURES MENAGERES achieves revenue of 16.7 M€. Over the period 2016-2023, the company shows strong growth with a CAGR (compound annual growth rate) of +5.6%. Significant drop of -36% vs 2022. After deducting consumption (326 k€), gross margin stands at 16.4 M€, i.e. a rate of 98%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 3.7 M€, representing 22.4% of revenue. Warning negative scissor effect: despite revenue change (-36%), EBITDA varies by -74%, reducing margin by 32.9 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 188 k€, i.e. 1.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 5%. 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 57%. 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 1.6 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 7.2% 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 134.79. 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 0.4x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 176 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 107 days. The gap of 69 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 8 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. WCR is negative (-12 days): operations structurally generate cash. Over 2016-2023, WCR increased by +65%, requiring additional financing.

Based on 84 transactions of similar company sales (all years), the value of SOCIETE D'EXPLOITATION MUTUALISEE ISEROISE DE DISTRIBUTION D'EAU, D'ASSAINISSEMENT ET D'ORDURES MENAGERES is estimated at 5 945 999 € (range 1 502 541€ - 18 725 474€). With an EBITDA of 3 746 616€, the sector multiple of 2.9x is applied. The price/revenue ratio is 0.11x (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.