CONDIVEX CONDITIONNEMENT DU VEXIN : revenue, balance sheet and financial ratios

In 2024, CONDIVEX CONDITIONNEMENT DU VEXIN achieves revenue of 14.8 M€. Revenue is growing positively over 7 years (CAGR: +0.8%). Slight decline of -5% vs 2023. After deducting consumption (9.0 M€), gross margin stands at 5.8 M€, i.e. a rate of 39%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.3 M€, representing 8.9% of revenue. Positive scissor effect: EBITDA margin improves by +3.5 pts, sign of improved operational efficiency. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 1.1 M€, i.e. 7.2% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 3%. 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 82%. 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 0.3 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 8.3% 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 590.93. 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 0.5x. 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: 22 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 59 days. Excellent situation: suppliers finance 37 days of the operating cycle (retail model). Inventory turnover is 46 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 354 days of revenue, i.e. 14.6 M€ to permanently finance. Over 2018-2024, WCR increased by +2879%, requiring additional financing.

Based on 158 transactions of similar company sales (all years), the value of CONDIVEX CONDITIONNEMENT DU VEXIN is estimated at 4 500 774 € (range 1 733 485€ - 9 922 889€). With an EBITDA of 1 327 926€, the sector multiple of 3.3x is applied. The price/revenue ratio is 0.36x (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.