SOCIETE NATIONALE D'ESPACES FERROVIAIRES : revenue, balance sheet and financial ratios

In 2024, SOCIETE NATIONALE D'ESPACES FERROVIAIRES achieves revenue of 10.1 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +9.2%. Vs 2023: +1%. After deducting consumption (0 €), gross margin stands at 10.1 M€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches -1.6 M€, representing -16.2% of revenue. Warning negative scissor effect: despite revenue change (+1%), EBITDA varies by -441%, reducing margin by 21.0 pts. This reflects costs rising faster than revenue. Negative EBITDA means operations do not cover current expenses: concerning situation. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 147 k€, i.e. 1.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 27%. 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 74%. 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 18.2 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 6.2% 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 467.13. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 157 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 46 days. The gap of 111 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 121 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 443 days of revenue, i.e. 12.4 M€ to permanently finance. Notable WCR improvement over the period (-31%), freeing up cash.

Based on 80 transactions of similar company sales (all years), the value of SOCIETE NATIONALE D'ESPACES FERROVIAIRES is estimated at 1 834 852 € (range 653 031€ - 4 553 039€). The price/revenue ratio is 0.28x (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.