COPAS SYSTEMES : revenue, balance sheet and financial ratios

In 2024, COPAS SYSTEMES achieves revenue of 33.3 M€. Over the period 2017-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +8.1%. Vs 2023, growth of +145% (13.6 M€ -> 33.3 M€). After deducting consumption (10.4 M€), gross margin stands at 22.9 M€, i.e. a rate of 69%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 2.4 M€, representing 7.2% of revenue. Warning negative scissor effect: despite revenue change (+145%), EBITDA varies by -3%, reducing margin by 10.9 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 1.8 M€, i.e. 5.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 8%. 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 24%. 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 5.1% 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 133.10. 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: 106 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 102 days. The company must finance 4 days of gap between collections and payments. Inventory turnover is 44 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 91 days of revenue, i.e. 8.4 M€ to permanently finance. Over 2017-2024, WCR increased by +123%, requiring additional financing.

Based on 51 transactions of similar company sales in 2024, the value of COPAS SYSTEMES is estimated at 4 515 073 € (range 2 259 795€ - 6 983 013€). With an EBITDA of 2 401 550€, the sector multiple of 1.6x is applied. The price/revenue ratio is 0.14x (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.