BORDEAUX OPERATIONS PORTUAIRES - BOP : revenue, balance sheet and financial ratios

In 2024, BORDEAUX OPERATIONS PORTUAIRES - BOP achieves revenue of 4.1 M€. Over the period 2018-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +55.5%. Slight decline of -1% vs 2023. After deducting consumption (0 €), gross margin stands at 4.1 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 323 k€, representing 7.9% of revenue. Positive scissor effect: EBITDA margin improves by +2.9 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 67 k€, i.e. 1.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at -789%. 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 -12%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 14.7 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 12.6% 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 110.69. 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 49.9x. 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: 57 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 146 days. Excellent situation: suppliers finance 89 days of the operating cycle (retail model). Overall, WCR represents 52 days of revenue, i.e. 585 k€ to permanently finance. Over 2018-2024, WCR increased by +2513%, requiring additional financing.

Based on 205 transactions of similar company sales (all years), the value of BORDEAUX OPERATIONS PORTUAIRES - BOP is estimated at 342 910 € (range 174 094€ - 949 623€). With an EBITDA of 322 621€, the sector multiple of 0.9x 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.