COGEDIM PROMOTION : revenue, balance sheet and financial ratios

In 2024, COGEDIM PROMOTION achieves revenue of 114.2 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +48.0%. Significant drop of -54% vs 2023. After deducting consumption (255 k€), gross margin stands at 114.0 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 5.7 M€, representing 5.0% of revenue. Warning negative scissor effect: despite revenue change (-54%), EBITDA varies by -72%, reducing margin by 3.2 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 9.2 M€, i.e. 8.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 20%. 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 3%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.2 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 7.8% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 416.53. 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 34.0x. 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: 284 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 120 days. The gap of 164 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 684 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 45 days of revenue, i.e. 14.2 M€ to permanently finance. Over 2016-2024, WCR increased by +1103%, requiring additional financing.

Based on 80 transactions of similar company sales (all years), the value of COGEDIM PROMOTION is estimated at 16 765 116 € (range 5 969 243€ - 44 156 349€). With an EBITDA of 5 689 809€, the sector multiple of 1.0x is applied. The price/revenue ratio is 0.28x (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.