CAENNAISE SOC CAENNAISE DEVELOPP IMMO : revenue, balance sheet and financial ratios

In 2023, CAENNAISE SOC CAENNAISE DEVELOPP IMMO achieves revenue of 14.1 M€. Revenue is growing positively over 8 years (CAGR: +3.9%). Significant drop of -11% vs 2022. After deducting consumption (0 €), gross margin stands at 14.1 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 3.8 M€, representing 26.8% of 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 599 k€, i.e. 4.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 242%. 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 26%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 25.6 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 18.5% 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 203.07. 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 37.0x. 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: 101 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 52 days. The gap of 49 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 121 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 146 days of revenue, i.e. 5.7 M€ to permanently finance. Over 2016-2023, WCR increased by +139%, requiring additional financing.

Based on 215 transactions of similar company sales in 2023, the value of CAENNAISE SOC CAENNAISE DEVELOPP IMMO is estimated at 12 528 734 € (range 3 689 649€ - 21 821 297€). With an EBITDA of 3 762 506€, the sector multiple of 5.2x is applied. The price/revenue ratio is 0.51x (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.