SOCIETE IMMOBILIER AMENAGEMENT : revenue, balance sheet and financial ratios

In 2021, SOCIETE IMMOBILIER AMENAGEMENT achieves revenue of 74 k€. Revenue is declining over the period 2016-2021 (CAGR: -37.4%). Significant drop of -97% vs 2020. After deducting consumption (0 €), gross margin stands at 74 k€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 49 k€, representing 65.4% of revenue. Positive scissor effect: EBITDA margin improves by +49.5 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 31 k€, i.e. 42.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 46%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 63%. 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 21.2 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 42.0% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

The liquidity ratio (= Current assets / Current liabilities) stands at 1180.86. 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 26.1x. 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: 4132 days. Excellent situation: suppliers finance 4132 days of the operating cycle (retail model). Inventory turnover is 5087 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 7663 days of revenue, i.e. 1.6 M€ to permanently finance.

Based on 58 transactions of similar company sales in 2021, the value of SOCIETE IMMOBILIER AMENAGEMENT is estimated at 85 249 € (range 27 607€ - 146 349€). With an EBITDA of 48 625€, the sector multiple of 0.6x is applied. The price/revenue ratio is 1.47x (premium 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.