CORDEN PHARMA CHENOVE : revenue, balance sheet and financial ratios

In 2024, CORDEN PHARMA CHENOVE achieves revenue of 52.7 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +7.2%. Vs 2023, growth of +11% (47.3 M€ -> 52.7 M€). After deducting consumption (14.1 M€), gross margin stands at 38.6 M€, i.e. a rate of 73%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 6.6 M€, representing 12.6% of revenue. Positive scissor effect: EBITDA margin improves by +7.4 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 2.5 M€, i.e. 4.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 28%. 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 62%. 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 2.4 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 12.3% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

The liquidity ratio (= Current assets / Current liabilities) stands at 202.32. 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 0.6x. 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: 73 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 79 days. Favorable situation: supplier credit is longer than customer credit by 6 days. Inventory turnover is 101 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 98 days of revenue, i.e. 14.3 M€ to permanently finance. Over 2016-2024, WCR increased by +26%, requiring additional financing.

Based on 74 transactions of similar company sales (all years), the value of CORDEN PHARMA CHENOVE is estimated at 4 074 805 € (range 1 880 839€ - 10 822 426€). With an EBITDA of 6 630 930€, the sector multiple of 0.6x is applied. The price/revenue ratio is 0.11x (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.