APPROVERT - ETABLISSEMENTS BERGERET : revenue, balance sheet and financial ratios

In 2024, APPROVERT - ETABLISSEMENTS BERGERET achieves revenue of 49.3 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +7.6%. Significant drop of -17% vs 2023. After deducting consumption (42.8 M€), gross margin stands at 6.6 M€, i.e. a rate of 13%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 827 k€, representing 1.7% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 106 k€, i.e. 0.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 339%. 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 13%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 26.3 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 0.9% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 213.71. 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 54.8x. 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: 37 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 32 days. The company must finance 5 days of gap between collections and payments. Inventory turnover is 129 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 126 days of revenue, i.e. 17.2 M€ to permanently finance. Over 2016-2024, WCR increased by +222%, requiring additional financing.

Based on 94 transactions of similar company sales (all years), the value of APPROVERT - ETABLISSEMENTS BERGERET is estimated at 2 467 108 € (range 1 648 429€ - 3 506 807€). With an EBITDA of 827 417€, the sector multiple of 0.5x is applied. The price/revenue ratio is 0.15x (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.