AGRIMER : revenue, balance sheet and financial ratios

In 2024, AGRIMER achieves revenue of 10.4 M€. Revenue is growing positively over 9 years (CAGR: +4.9%). Vs 2023: +8%. After deducting consumption (4.2 M€), gross margin stands at 6.2 M€, i.e. a rate of 60%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 885 k€, representing 8.5% of revenue. Warning negative scissor effect: despite revenue change (+8%), EBITDA varies by -21%, reducing margin by 3.1 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 428 k€, i.e. 4.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 46%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 60%. 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 3.8 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 9.9% 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 439.96. 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 5.9x. 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: 33 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 73 days. Excellent situation: suppliers finance 40 days of the operating cycle (retail model). Inventory turnover is 101 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 113 days of revenue, i.e. 3.3 M€ to permanently finance. Over 2016-2024, WCR increased by +33%, requiring additional financing.

Based on 74 transactions of similar company sales (all years), the value of AGRIMER is estimated at 665 113 € (range 328 036€ - 1 779 689€). With an EBITDA of 884 823€, the sector multiple of 0.6x 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.