40 COURCELLES : revenue, balance sheet and financial ratios

In 2024, 40 COURCELLES achieves revenue of 12.3 M€. Revenue is growing positively over 9 years (CAGR: +0.3%). Significant drop of -11% vs 2023. After deducting consumption (0 €), gross margin stands at 12.3 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 6.7 M€, representing 54.5% of revenue. Warning negative scissor effect: despite revenue change (-11%), EBITDA varies by -16%, reducing margin by 2.8 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 1.8 M€, i.e. 14.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 35%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 69%. 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 5.7 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 35.4% 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 248.91. 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 25.7x. 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: 123 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 49 days. The gap of 74 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Overall, WCR represents 20 days of revenue, i.e. 677 k€ to permanently finance. Over 2016-2024, WCR increased by +31%, requiring additional financing.

Based on 169 transactions of similar company sales in 2024, the value of 40 COURCELLES is estimated at 24 091 978 € (range 6 813 150€ - 43 309 835€). With an EBITDA of 6 675 942€, the sector multiple of 5.6x is applied. The price/revenue ratio is 0.81x (in line with sector norms). 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.