BOIS CHOPPARD : revenue, balance sheet and financial ratios

In 2018, BOIS CHOPPARD achieves revenue of 156 k€. Over the period 2016-2018, the company shows strong growth with a CAGR (compound annual growth rate) of +16.8%. Vs 2017, growth of +17% (134 k€ -> 156 k€). After deducting consumption (21 k€), gross margin stands at 135 k€, i.e. a rate of 86%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 62 k€, representing 40.0% of revenue. Positive scissor effect: EBITDA margin improves by +8.5 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 30 k€, i.e. 19.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 26%. 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 19%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.4 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 37.9% 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 434.19. 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 1.0x. Coverage is limited: any activity downturn would jeopardize interest payments.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 127 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 24 days. The gap of 103 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 32 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 134 days of revenue, i.e. 58 k€ to permanently finance. Notable WCR improvement over the period (-21%), freeing up cash.

Based on 138 transactions of similar company sales (all years), the value of BOIS CHOPPARD is estimated at 138 629 € (range 47 676€ - 237 368€). With an EBITDA of 62 451€, the sector multiple of 3.3x is applied. The price/revenue ratio is 0.41x (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.