CODEXIAL DERMATOLOGIE : revenue, balance sheet and financial ratios

In 2024, CODEXIAL DERMATOLOGIE achieves revenue of 11.2 M€. Revenue is growing positively over 9 years (CAGR: +3.2%). Significant drop of -10% vs 2023. After deducting consumption (3.4 M€), gross margin stands at 7.8 M€, i.e. a rate of 70%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.3 M€, representing 12.0% of revenue. Warning negative scissor effect: despite revenue change (-10%), EBITDA varies by -33%, reducing margin by 4.2 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 1.0 M€, i.e. 9.0% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 35%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 39%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.8 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 10.5% 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 230.19. 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 0.7x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 34 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 89 days. Excellent situation: suppliers finance 55 days of the operating cycle (retail model). Inventory turnover is 127 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 156 days of revenue, i.e. 4.8 M€ to permanently finance. Over 2016-2024, WCR increased by +113%, requiring additional financing.

Based on 74 transactions of similar company sales (all years), the value of CODEXIAL DERMATOLOGIE is estimated at 893 328 € (range 415 021€ - 2 649 484€). With an EBITDA of 1 337 175€, 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.