CARRAU CEDRIC SAS : revenue, balance sheet and financial ratios

In 2023, CARRAU CEDRIC SAS achieves revenue of 136 k€. Revenue is declining over the period 2016-2023 (CAGR: -11.8%). Significant drop of -32% vs 2022. After deducting consumption (77 k€), gross margin stands at 58 k€, i.e. a rate of 43%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 17 k€, representing 12.3% of revenue. Warning negative scissor effect: despite revenue change (-32%), EBITDA varies by -52%, reducing margin by 5.1 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Net income is negative at -1 k€ (-1.0% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 207%. 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 43%. 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 5.2 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 11.6% 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 130.87. 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 8.6x. 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: 227 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 202 days. The company must finance 25 days of gap between collections and payments. Inventory turnover is 13 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 14 days of revenue, i.e. 5 k€ to permanently finance. Notable WCR improvement over the period (-73%), freeing up cash.

Based on 104 transactions of similar company sales (all years), the value of CARRAU CEDRIC SAS is estimated at 24 406 € (range 14 696€ - 69 824€). With an EBITDA of 16 668€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.27x (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.