COOKIE : revenue, balance sheet and financial ratios

In 2024, COOKIE achieves revenue of 681 k€. Over the period 2017-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +7.5%. Significant drop of -11% vs 2023. After deducting consumption (444 k€), gross margin stands at 237 k€, i.e. a rate of 35%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 19 k€, representing 2.8% of revenue. Warning negative scissor effect: despite revenue change (-11%), EBITDA varies by -53%, 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 3 k€, i.e. 0.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 89%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 45%. 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 14.1 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 1.6% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 494.09. 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 30.4x. 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: 34 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 22 days. The company must finance 12 days of gap between collections and payments. Inventory turnover is 52 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 106 days of revenue, i.e. 201 k€ to permanently finance.

Based on 61 transactions of similar company sales (all years), the value of COOKIE is estimated at 93 194 € (range 25 334€ - 142 549€). With an EBITDA of 19 061€, the sector multiple of 2.5x is applied. The price/revenue ratio is 0.33x (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.