COGEFISE SARL : revenue, balance sheet and financial ratios

In 2021, COGEFISE SARL achieves revenue of 458 k€. Revenue is growing positively over 4 years (CAGR: +1.7%). Slight decline of -5% vs 2019. After deducting consumption (64 k€), gross margin stands at 394 k€, i.e. a rate of 86%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 35 k€, representing 7.6% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 23 k€, i.e. 5.0% 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 49%. 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 2.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 6.7% 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 241.62. 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 0.1x. 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: 32 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 94 days. Excellent situation: suppliers finance 62 days of the operating cycle (retail model). Inventory turnover is 10 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 34 days of revenue, i.e. 43 k€ to permanently finance. Over 2017-2021, WCR increased by +76%, requiring additional financing.

Based on 53 transactions of similar company sales (all years), the value of COGEFISE SARL is estimated at 108 202 € (range 44 068€ - 180 461€). With an EBITDA of 34 967€, the sector multiple of 2.6x is applied. The price/revenue ratio is 0.35x (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.