STE INFRA-SPE : revenue, balance sheet and financial ratios

In 2024, STE INFRA-SPE achieves revenue of 39.8 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +13.3%. Vs 2023, growth of +11% (35.9 M€ -> 39.8 M€). After deducting consumption (389 k€), gross margin stands at 39.4 M€, i.e. a rate of 99%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.6 M€, representing 4.0% of revenue. Warning negative scissor effect: despite revenue change (+11%), EBITDA varies by -42%, reducing margin by 3.6 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 747 k€, i.e. 1.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 616%. 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 5%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 12.9 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 1.9% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 197.91. 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 19.3x. 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: 230 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 58 days. The gap of 172 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 4 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 143 days of revenue, i.e. 15.8 M€ to permanently finance. Over 2016-2024, WCR increased by +392%, requiring additional financing.

Indicative estimate only : the number of comparable transactions in this sector is limited (37 transactions). This range of 275 713€ to 861 540€ is provided for information purposes only and requires in-depth analysis to be confirmed.