COMPAGNIE MARSEILLAISE DE MADAGASCAR : revenue, balance sheet and financial ratios

In 2025, COMPAGNIE MARSEILLAISE DE MADAGASCAR achieves revenue of 128.7 M€. Revenue is growing positively over 6 years (CAGR: +1.5%). Significant drop of -20% vs 2024. After deducting consumption (104.1 M€), gross margin stands at 24.6 M€, i.e. a rate of 19%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 4.9 M€, representing 3.8% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 2.8 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 27%. 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 46%. 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 2.5 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 2.2% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 154.09. 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 19.6x. 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: 11 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 46 days. Excellent situation: suppliers finance 35 days of the operating cycle (retail model). Inventory turnover is 106 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. 25.8 M€ to permanently finance. Over 2020-2025, WCR increased by +54%, requiring additional financing.

Based on 113 transactions of similar company sales in 2025, the value of COMPAGNIE MARSEILLAISE DE MADAGASCAR is estimated at 12 191 989 € (range 5 893 531€ - 22 351 343€). With an EBITDA of 4 938 190€, the sector multiple of 0.7x is applied. The price/revenue ratio is 0.21x (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.