MORCENX BRICOLAGE : revenue, balance sheet and financial ratios

In 2024, MORCENX BRICOLAGE achieves revenue of 1.8 M€. Revenue is growing positively over 9 years (CAGR: +2.4%). Slight decline of -7% vs 2023. After deducting consumption (1.0 M€), gross margin stands at 801 k€, i.e. a rate of 43%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 137 k€, representing 7.4% of revenue. Warning negative scissor effect: despite revenue change (-7%), EBITDA varies by -31%, reducing margin by 2.7 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 58 k€, i.e. 3.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 20%. 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 73%. 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 3.1 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 6.4% 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 541.06. 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 5.5x. 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: 9 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 55 days. Excellent situation: suppliers finance 46 days of the operating cycle (retail model). Inventory turnover is 133 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 106 days of revenue, i.e. 543 k€ to permanently finance. Notable WCR improvement over the period (-21%), freeing up cash.

Indicative estimate only : the number of comparable transactions in this sector is limited (30 transactions). This range of 229 758€ to 1 008 600€ is provided for information purposes only and requires in-depth analysis to be confirmed.