THEOBALD TRUCKS : revenue, balance sheet and financial ratios

In 2024, THEOBALD TRUCKS achieves revenue of 29.3 M€. Revenue is growing positively over 8 years (CAGR: +1.7%). Vs 2023: +4%. After deducting consumption (15.6 M€), gross margin stands at 13.7 M€, i.e. a rate of 47%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 414 k€, representing 1.4% of revenue. Warning negative scissor effect: despite revenue change (+4%), EBITDA varies by -70%, reducing margin by 3.4 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 342 k€, i.e. 1.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 18%. 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 44%. 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 5.6 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 0.6% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 166.23. 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 50.6x. 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: 51 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 63 days. Favorable situation: supplier credit is longer than customer credit by 12 days. Inventory turnover is 62 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 106 days of revenue, i.e. 8.6 M€ to permanently finance. Over 2016-2024, WCR increased by +23%, requiring additional financing.

Based on 56 transactions of similar company sales (all years), the value of THEOBALD TRUCKS is estimated at 1 322 479 € (range 841 073€ - 4 805 333€). With an EBITDA of 413 954€, the sector multiple of 0.8x is applied. The price/revenue ratio is 0.13x (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.