COLLECTES VALORISATION ENERGIE DECHETS - COVED : revenue, balance sheet and financial ratios

In 2024, COLLECTES VALORISATION ENERGIE DECHETS - COVED achieves revenue of 434.3 M€. Revenue is growing positively over 9 years (CAGR: +3.1%). Slight decline of -4% vs 2023. After deducting consumption (22.5 M€), gross margin stands at 411.7 M€, i.e. a rate of 95%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 26.9 M€, representing 6.2% of revenue. Warning negative scissor effect: despite revenue change (-4%), EBITDA varies by -32%, reducing margin by 2.6 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 9.3 M€, i.e. 2.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 5%. 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 40%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.3 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 5.7% 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 170.16. 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 4.2x. Financial charges are adequately covered by operations.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 46 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 89 days. Excellent situation: suppliers finance 43 days of the operating cycle (retail model). Inventory turnover is 3 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 152 days of revenue, i.e. 183.8 M€ to permanently finance. Over 2016-2024, WCR increased by +430%, requiring additional financing.

Indicative estimate only : the number of comparable transactions in this sector is limited (33 transactions). This range of 24 336 276€ to 42 970 110€ is provided for information purposes only and requires in-depth analysis to be confirmed.