VEOLIA ASSAINISSEMENT & MAINTENANCE FRANCE : revenue, balance sheet and financial ratios

In 2024, VEOLIA ASSAINISSEMENT & MAINTENANCE FRANCE achieves revenue of 47.7 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +14.3%. Vs 2023: +4%. After deducting consumption (16 k€), gross margin stands at 47.7 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 100 k€, representing 0.2% of revenue. Positive scissor effect: EBITDA margin improves by +6.8 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Net income is negative at -339 k€ (-0.7% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 1801%. 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 24.3 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 21.0% 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 90.21. 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 37630.2x. 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: 43 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 119 days. Excellent situation: suppliers finance 76 days of the operating cycle (retail model). Inventory turnover is 2 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 72 days of revenue, i.e. 9.5 M€ to permanently finance. Notable WCR improvement over the period (-63%), freeing up cash.

Based on 84 transactions of similar company sales (all years), the value of VEOLIA ASSAINISSEMENT & MAINTENANCE FRANCE is estimated at 2 080 240 € (range 1 392 228€ - 6 246 332€). With an EBITDA of 99 956€, the sector multiple of 2.9x 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.
Medium reliability: estimate to be confirmed with in-depth analysis.