SOCIETE COOPERATIVE AGRICOLE VIGNOBLE DE LA PORTE DES CEVENNES : revenue, balance sheet and financial ratios

In 2023, SOCIETE COOPERATIVE AGRICOLE VIGNOBLE DE LA PORTE DES CEVENNES achieves revenue of 2.6 M€. Activity remains stable over the period (CAGR: -1.7%). Significant drop of -16% vs 2022. After deducting consumption (1.8 M€), gross margin stands at 852 k€, i.e. a rate of 33%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 145 k€, representing 5.6% of revenue. Positive scissor effect: EBITDA margin improves by +6.1 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 133 k€, i.e. 5.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 170%. 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 35%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 19.9 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 4.7% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 1894.63. 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 8.8x. 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: 211 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 15 days. The gap of 196 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 190 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 434 days of revenue, i.e. 3.1 M€ to permanently finance. Over 2016-2023, WCR increased by +63%, requiring additional financing.

Based on 55 transactions of similar company sales (all years), the value of SOCIETE COOPERATIVE AGRICOLE VIGNOBLE DE LA PORTE DES CEVENNES is estimated at 511 451 € (range 270 233€ - 1 265 182€). With an EBITDA of 145 226€, the sector multiple of 2.8x is applied. The price/revenue ratio is 0.34x (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.