MINAKEM DUNKERQUE PRODUCTION : revenue, balance sheet and financial ratios

In 2024, MINAKEM DUNKERQUE PRODUCTION achieves revenue of 64.5 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +5.3%. Significant drop of -18% vs 2023. After deducting consumption (26.5 M€), gross margin stands at 38.0 M€, i.e. a rate of 59%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 6.8 M€, representing 10.6% of revenue. Warning negative scissor effect: despite revenue change (-18%), EBITDA varies by -43%, reducing margin by 4.7 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 3.0 M€, i.e. 4.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 34%. Debt remains under control: the company retains capacity to raise new debt if needed. Financial autonomy (= Equity / Total assets x 100) reaches 47%. 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 1.7 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 8.4% 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 207.67. 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 6.4x. 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: 75 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 117 days. Excellent situation: suppliers finance 42 days of the operating cycle (retail model). Inventory turnover is 124 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 179 days of revenue, i.e. 32.1 M€ to permanently finance. Over 2016-2024, WCR increased by +221%, requiring additional financing.

Based on 74 transactions of similar company sales (all years), the value of MINAKEM DUNKERQUE PRODUCTION is estimated at 4 586 550 € (range 2 180 626€ - 12 315 537€). With an EBITDA of 6 835 482€, the sector multiple of 0.6x is applied. The price/revenue ratio is 0.11x (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.