GRANULATS VICAT : revenue, balance sheet and financial ratios

In 2024, GRANULATS VICAT achieves revenue of 160.0 M€. Revenue is growing positively over 9 years (CAGR: +4.6%). Vs 2023: +3%. After deducting consumption (9.0 M€), gross margin stands at 151.0 M€, i.e. a rate of 94%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 18.6 M€, representing 11.6% of revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 8.1 M€, i.e. 5.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 1%. 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 64%. 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 0.1 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 9.9% 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 136.74. 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 13.2x. 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: 38 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 80 days. Excellent situation: suppliers finance 42 days of the operating cycle (retail model). Inventory turnover is 106 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 111 days of revenue, i.e. 49.5 M€ to permanently finance. Notable WCR improvement over the period (-27%), freeing up cash.

Based on 95 transactions of similar company sales (all years), the value of GRANULATS VICAT is estimated at 23 367 856 € (range 8 267 697€ - 114 044 947€). With an EBITDA of 18 580 242€, the sector multiple of 1.4x is applied. The price/revenue ratio is 0.17x (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.