TI AUTOMOTIVE FUEL SYSTEMS SAS : revenue, balance sheet and financial ratios

In 2024, TI AUTOMOTIVE FUEL SYSTEMS SAS achieves revenue of 136.8 M€. Revenue is growing positively over 9 years (CAGR: +0.9%). Slight decline of -2% vs 2023. After deducting consumption (77.7 M€), gross margin stands at 59.1 M€, i.e. a rate of 43%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 17.2 M€, representing 12.6% of revenue. Warning negative scissor effect: despite revenue change (-2%), EBITDA varies by -19%, reducing margin by 2.7 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 10.6 M€, i.e. 7.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 1%. 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 80%. 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 0.1 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 9.1% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 547.12. 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 0.5x. 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: 43 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 48 days. Favorable situation: supplier credit is longer than customer credit by 5 days. Inventory turnover is 25 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 302 days of revenue, i.e. 114.7 M€ to permanently finance. Over 2016-2024, WCR increased by +709%, requiring additional financing.

Indicative estimate only : the number of comparable transactions in this sector is limited (37 transactions). This range of 10 521 808€ to 49 255 581€ is provided for information purposes only and requires in-depth analysis to be confirmed.