TRX AGENCEMENT : revenue, balance sheet and financial ratios

In 2024, TRX AGENCEMENT achieves revenue of 17.7 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +18.8%. Significant drop of -24% vs 2023. After deducting consumption (5.4 M€), gross margin stands at 12.3 M€, i.e. a rate of 69%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 2.0 M€, representing 11.1% of revenue. Warning negative scissor effect: despite revenue change (-24%), EBITDA varies by -39%, reducing margin by 2.8 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Net income is negative at -57 k€ (-0.3% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 28%. 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 25%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.6 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 8.4% 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 256.25. 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 0.4x. 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: 132 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 67 days. The gap of 65 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 5 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 64 days of revenue, i.e. 3.2 M€ to permanently finance. Over 2016-2024, WCR increased by +1105%, requiring additional financing.

Based on 113 transactions of similar company sales (all years), the value of TRX AGENCEMENT is estimated at 5 198 964 € (range 2 192 529€ - 9 045 837€). With an EBITDA of 1 959 419€, the sector multiple of 3.6x is applied. The price/revenue ratio is 0.11x (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.