COSMETIQUE ACTIVE PRODUCTION : revenue, balance sheet and financial ratios

In 2024, COSMETIQUE ACTIVE PRODUCTION achieves revenue of 669.0 M€. Over the period 2017-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +15.3%. Slight decline of -3% vs 2023. After deducting consumption (418.5 M€), gross margin stands at 250.4 M€, i.e. a rate of 37%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 39.1 M€, representing 5.8% of revenue. Positive scissor effect: EBITDA margin improves by +2.3 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 19.5 M€, i.e. 2.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 225%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 15%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 4.2 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 3.6% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 130.14. 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 14.5x. 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: 23 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 61 days. Excellent situation: suppliers finance 38 days of the operating cycle (retail model). Inventory turnover is 60 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 58 days of revenue, i.e. 108.7 M€ to permanently finance. Over 2017-2024, WCR increased by +250%, requiring additional financing.

Based on 74 transactions of similar company sales (all years), the value of COSMETIQUE ACTIVE PRODUCTION is estimated at 36 359 151 € (range 19 031 126€ - 94 836 440€). With an EBITDA of 39 097 004€, 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.