T.C.F TECHNIQUE CHAUD ET FROID : revenue, balance sheet and financial ratios

In 2024, T.C.F TECHNIQUE CHAUD ET FROID achieves revenue of 1.1 M€. Over the period 2015-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +12.4%. Vs 2023, growth of +10% (978 k€ -> 1.1 M€). After deducting consumption (373 k€), gross margin stands at 704 k€, i.e. a rate of 65%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 127 k€, representing 11.8% of revenue. Warning negative scissor effect: despite revenue change (+10%), EBITDA varies by -37%, reducing margin by 8.8 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 99 k€, i.e. 9.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 4%. 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 79%. 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 0.2 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 12.7% 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 485.33. 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 0.2x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 128 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 28 days. The gap of 100 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 29 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 204 days of revenue, i.e. 612 k€ to permanently finance. Over 2015-2024, WCR increased by +811%, requiring additional financing.

Based on 104 transactions of similar company sales (all years), the value of T.C.F TECHNIQUE CHAUD ET FROID is estimated at 177 625 € (range 108 163€ - 525 372€). With an EBITDA of 126 840€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.27x (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.