TRAMWAY ENERGIE DIJON : revenue, balance sheet and financial ratios

In 2024, TRAMWAY ENERGIE DIJON achieves revenue of 11.3 M€. Revenue is growing positively over 9 years (CAGR: +2.7%). Vs 2023, growth of +67% (6.8 M€ -> 11.3 M€). After deducting consumption (0 €), gross margin stands at 11.3 M€, i.e. a rate of 100%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 3.8 M€, representing 33.3% of revenue. Warning negative scissor effect: despite revenue change (+67%), EBITDA varies by -2%, reducing margin by 23.7 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 152 k€, i.e. 1.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 664%. 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 21.3% 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 530.59. 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 34.7x. 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: 1284 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 98 days. The gap of 1186 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 203 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 223 days of revenue, i.e. 7.0 M€ to permanently finance. Notable WCR improvement over the period (-36%), freeing up cash.

Based on 76 transactions of similar company sales (all years), the value of TRAMWAY ENERGIE DIJON is estimated at 1 606 811 € (range 865 985€ - 5 892 803€). With an EBITDA of 3 764 702€, the sector multiple of 0.6x 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.