LA COOPERATIVE DES PISCINIERS : revenue, balance sheet and financial ratios

In 2023, LA COOPERATIVE DES PISCINIERS achieves revenue of 239 k€. Over the period 2017-2023, the company shows strong growth with a CAGR (compound annual growth rate) of +39.6%. Vs 2022, growth of +24% (193 k€ -> 239 k€). After deducting consumption (-581 k€), gross margin stands at 821 k€, i.e. a rate of 343%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 338 k€, representing 141.0% of revenue. Positive scissor effect: EBITDA margin improves by +10.5 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 155 k€, i.e. 64.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 33%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 65%. 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 0.9 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 109.4% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. This high level provides strong self-financing capacity.

The liquidity ratio (= Current assets / Current liabilities) stands at 544.96. 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 0.7x. Danger: operating income does not cover interest charges, unsustainable situation.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 12 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: -186 days. The gap of 198 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Overall, WCR represents 957 days of revenue, i.e. 636 k€ to permanently finance. Over 2017-2023, WCR increased by +2230%, requiring additional financing.

Based on 145 transactions of similar company sales (all years), the value of LA COOPERATIVE DES PISCINIERS is estimated at 556 672 € (range 188 508€ - 1 455 969€). With an EBITDA of 337 695€, the sector multiple of 2.6x is applied. The price/revenue ratio is 0.19x (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.