SOCIETE PUBLIQUE LOCALE BASSIN DE THAU : revenue, balance sheet and financial ratios

In 2024, SOCIETE PUBLIQUE LOCALE BASSIN DE THAU achieves revenue of 3.9 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +6.2%. Significant drop of -59% vs 2023. After deducting consumption (0 €), gross margin stands at 3.9 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 1.4 M€, representing 35.1% of revenue. Positive scissor effect: EBITDA margin improves by +23.2 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 945 k€, i.e. 24.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 98%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 40%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 75.2 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 10.8% 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 592.75. 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 43.3x. 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: 101 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 57 days. The gap of 44 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 1097 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 1632 days of revenue, i.e. 17.6 M€ to permanently finance. Over 2016-2024, WCR increased by +5866%, requiring additional financing.

Based on 169 transactions of similar company sales in 2024, the value of SOCIETE PUBLIQUE LOCALE BASSIN DE THAU is estimated at 6 040 793 € (range 1 755 738€ - 10 895 091€). With an EBITDA of 1 361 805€, the sector multiple of 5.6x is applied. The price/revenue ratio is 0.81x (in line with sector norms). 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.