L'ETOILE ASSOC COOPE PROPRI VITICULTEURS : revenue, balance sheet and financial ratios

In 2023, L'ETOILE ASSOC COOPE PROPRI VITICULTEURS achieves revenue of 2.2 M€. Revenue is growing positively over 8 years (CAGR: +4.0%). Vs 2022: +2%. After deducting consumption (863 k€), gross margin stands at 1.4 M€, i.e. a rate of 61%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 95 k€, representing 4.2% of revenue. Positive scissor effect: EBITDA margin improves by +10.6 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 83 k€, i.e. 3.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 346%. 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 12%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 19.1 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 6.3% 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 228.99. 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 9.3x. 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: 374 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 85 days. The gap of 289 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 505 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 580 days of revenue, i.e. 3.6 M€ to permanently finance. Over 2016-2023, WCR increased by +29%, requiring additional financing.

Based on 55 transactions of similar company sales (all years), the value of L'ETOILE ASSOC COOPE PROPRI VITICULTEURS is estimated at 387 805 € (range 205 870€ - 954 900€). With an EBITDA of 94 560€, the sector multiple of 2.8x is applied. The price/revenue ratio is 0.34x (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.