COOPER VISION : revenue, balance sheet and financial ratios

In 2024, COOPER VISION achieves revenue of 69.1 M€. Revenue is growing positively over 9 years (CAGR: +5.0%). Vs 2023, growth of +11% (62.2 M€ -> 69.1 M€). After deducting consumption (51.2 M€), gross margin stands at 17.9 M€, i.e. a rate of 26%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 2.7 M€, representing 3.9% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 1.5 M€, i.e. 2.2% 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 36%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.2 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 2.5% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 123.73. 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 0.2x. 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: 43 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 38 days. The company must finance 5 days of gap between collections and payments. Inventory turnover is 1 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 45 days of revenue, i.e. 8.6 M€ to permanently finance. Over 2016-2024, WCR increased by +140%, requiring additional financing.

Based on 124 transactions of similar company sales (all years), the value of COOPER VISION is estimated at 5 611 749 € (range 2 937 049€ - 17 732 199€). With an EBITDA of 2 698 468€, 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.