CSP LOGISTICS : revenue, balance sheet and financial ratios

In 2024, CSP LOGISTICS achieves revenue of 138.3 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +19.0%. Slight decline of -5% vs 2023. After deducting consumption (111.0 M€), gross margin stands at 27.3 M€, i.e. a rate of 20%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 4.1 M€, representing 2.9% of revenue. Warning negative scissor effect: despite revenue change (-5%), EBITDA varies by -54%, reducing margin by 3.1 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Net income is negative at -2.2 M€ (-1.6% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 666%. 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 6%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 206.3 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 0.1% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 168.35. 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 354.0x. 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: 37 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 84 days. Excellent situation: suppliers finance 47 days of the operating cycle (retail model). Inventory turnover is 86 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 125 days of revenue, i.e. 48.0 M€ to permanently finance. Over 2016-2024, WCR increased by +295%, requiring additional financing.

Based on 64 transactions of similar company sales (all years), the value of CSP LOGISTICS is estimated at 25 802 342 € (range 16 120 306€ - 60 182 674€). With an EBITDA of 4 072 138€, the sector multiple of 2.4x is applied. The price/revenue ratio is 0.38x (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.