STE ETUDES REALIS GARNIT ETANC : revenue, balance sheet and financial ratios

In 2025, STE ETUDES REALIS GARNIT ETANC achieves revenue of 1.5 M€. Over the period 2016-2025, the company shows strong growth with a CAGR (compound annual growth rate) of +5.2%. Significant drop of -11% vs 2024. After deducting consumption (350 k€), gross margin stands at 1.2 M€, i.e. a rate of 77%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 504 k€, representing 33.2% of revenue. Warning negative scissor effect: despite revenue change (-11%), EBITDA varies by -18%, reducing margin by 3.0 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 122 k€, i.e. 8.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 307%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 22%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 2.5 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 26.8% 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 433.14. 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 10.1x. 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: 37 days. Excellent situation: suppliers finance 37 days of the operating cycle (retail model). Inventory turnover is 56 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 50 days of revenue, i.e. 212 k€ to permanently finance. Over 2016-2025, WCR increased by +983%, requiring additional financing.

Based on 80 transactions of similar company sales (all years), the value of STE ETUDES REALIS GARNIT ETANC is estimated at 455 596 € (range 185 057€ - 992 582€). With an EBITDA of 503 793€, the sector multiple of 1.3x is applied. The price/revenue ratio is 0.21x (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.