FCM - FONCIER COOPERATIF MALOUIN : revenue, balance sheet and financial ratios

In 2024, FCM - FONCIER COOPERATIF MALOUIN achieves revenue of 1.5 M€. Over the period 2018-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +60.2%. Vs 2023, growth of +1306% (105 k€ -> 1.5 M€). After deducting consumption (1.4 M€), gross margin stands at 39 k€, i.e. a rate of 3%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 137 k€, representing 9.2% of revenue. Warning negative scissor effect: despite revenue change (+1306%), EBITDA varies by +147%, reducing margin by 43.3 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 45 k€, i.e. 3.0% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 519%. 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 73.5 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 3.0% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 193.71. 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 67.2x. 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: 2 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 11 days. Favorable situation: supplier credit is longer than customer credit by 9 days. Inventory turnover is 40 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 4 days of revenue, i.e. 17 k€ to permanently finance. Over 2018-2024, WCR increased by +102%, requiring additional financing.

Based on 277 transactions of similar company sales (all years), the value of FCM - FONCIER COOPERATIF MALOUIN is estimated at 237 277 € (range 97 065€ - 611 358€). With an EBITDA of 136 740€, the sector multiple of 1.3x is applied. The price/revenue ratio is 0.29x (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.