CORNILLE SA : revenue, balance sheet and financial ratios

In 2024, CORNILLE SA achieves revenue of 829 k€. Revenue is growing positively over 7 years (CAGR: +3.1%). Vs 2023, growth of +11% (745 k€ -> 829 k€). After deducting consumption (309 k€), gross margin stands at 520 k€, i.e. a rate of 63%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 52 k€, representing 6.2% of revenue. Warning negative scissor effect: despite revenue change (+11%), EBITDA varies by -17%, reducing margin by 2.1 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 31 k€, i.e. 3.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 18%. 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 50%. 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 3.8 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. 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 189.66. 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 5.2x. 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: 19 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 356 days. Excellent situation: suppliers finance 337 days of the operating cycle (retail model). Inventory turnover is 93 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 586 days of revenue, i.e. 1.3 M€ to permanently finance. Over 2016-2024, WCR increased by +83%, requiring additional financing.

Based on 80 transactions of similar company sales (all years), the value of CORNILLE SA is estimated at 94 759 € (range 40 791€ - 180 398€). With an EBITDA of 51 678€, the sector multiple of 1.3x 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.
Medium reliability: estimate to be confirmed with in-depth analysis.