COMPAGNIE DES SALINS DU MIDI ET DES SALINES DE L'EST : revenue, balance sheet and financial ratios

In 2025, COMPAGNIE DES SALINS DU MIDI ET DES SALINES DE L'EST achieves revenue of 200.7 M€. Revenue is growing positively over 10 years (CAGR: +4.4%). Vs 2024: +3%. After deducting consumption (29.9 M€), gross margin stands at 170.8 M€, i.e. a rate of 85%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 44.1 M€, representing 22.0% of revenue. Warning negative scissor effect: despite revenue change (+3%), EBITDA varies by -11%, reducing margin by 3.4 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 22.2 M€, i.e. 11.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 21%. 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 48%. 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 1.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 17.6% 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 165.75. 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 9.1x. 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: 56 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 86 days. Favorable situation: supplier credit is longer than customer credit by 30 days. Inventory turnover is 117 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 72 days of revenue, i.e. 39.9 M€ to permanently finance. Over 2016-2025, WCR increased by +983%, requiring additional financing.

Based on 112 transactions of similar company sales (all years), the value of COMPAGNIE DES SALINS DU MIDI ET DES SALINES DE L'EST is estimated at 45 574 487 € (range 14 561 458€ - 244 140 476€). With an EBITDA of 44 081 501€, the sector multiple of 1.3x is applied. The price/revenue ratio is 0.17x (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.