TUYAUTERIE CHAUDRONNERIE MACONNAISE : revenue, balance sheet and financial ratios

In 2024, TUYAUTERIE CHAUDRONNERIE MACONNAISE achieves revenue of 2.5 M€. Revenue is declining over the period 2017-2024 (CAGR: -8.2%). Significant drop of -50% vs 2024. After deducting consumption (490 k€), gross margin stands at 2.0 M€, i.e. a rate of 80%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 217 k€, representing 8.8% of revenue. Positive scissor effect: EBITDA margin improves by +9.9 pts, sign of improved operational efficiency. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 171 k€, i.e. 6.9% 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 73%. 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 8.2% 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 314.27. 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: 201 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 96 days. The gap of 105 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 31 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 293 days of revenue, i.e. 2.0 M€ to permanently finance. Over 2017-2024, WCR increased by +34%, requiring additional financing.

Based on 56 transactions of similar company sales (all years), the value of TUYAUTERIE CHAUDRONNERIE MACONNAISE is estimated at 273 354 € (range 170 176€ - 620 607€). With an EBITDA of 217 140€, the sector multiple of 1.0x 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.