COGEDIM SAVOIES-LEMAN : revenue, balance sheet and financial ratios

In 2024, COGEDIM SAVOIES-LEMAN achieves revenue of 89.1 M€. Revenue is growing positively over 9 years (CAGR: +4.0%). Significant drop of -12% vs 2023. After deducting consumption (0 €), gross margin stands at 89.1 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 5.5 M€, representing 6.1% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 5.0 M€, i.e. 5.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 89%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 4%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 1.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 5.6% 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 327.57. 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 15.6x. 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: 261 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 94 days. The gap of 167 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 173 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 142 days of revenue, i.e. 35.2 M€ to permanently finance. Over 2016-2024, WCR increased by +61%, requiring additional financing.

Based on 80 transactions of similar company sales (all years), the value of COGEDIM SAVOIES-LEMAN is estimated at 12 582 730 € (range 4 555 315€ - 33 231 089€). With an EBITDA of 5 463 846€, 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.