C.PING SPORT : revenue, balance sheet and financial ratios

In 2024, C.PING SPORT achieves revenue of 265 k€. Over the period 2017-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +37.6%. Vs 2023, growth of +22% (218 k€ -> 265 k€). After deducting consumption (181 k€), gross margin stands at 84 k€, i.e. a rate of 32%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 23 k€, representing 8.7% of revenue. Warning negative scissor effect: despite revenue change (+22%), EBITDA varies by -13%, reducing margin by 3.4 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 17 k€, i.e. 6.3% 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 57%. 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 0.5 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 7.5% 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 214.96. 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 1.5x. Coverage is limited: any activity downturn would jeopardize interest payments.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 0 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 25 days. Favorable situation: supplier credit is longer than customer credit by 25 days. Inventory turnover is 163 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 125 days of revenue, i.e. 92 k€ to permanently finance. Over 2017-2024, WCR increased by +139%, requiring additional financing.

Indicative estimate only : the number of comparable transactions in this sector is limited (25 transactions). This range of 42 070€ to 224 227€ is provided for information purposes only and requires in-depth analysis to be confirmed.