OCEPLAST : revenue, balance sheet and financial ratios

In 2024, OCEPLAST achieves revenue of 23.4 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +11.2%. Slight decline of -3% vs 2023. After deducting consumption (11.6 M€), gross margin stands at 11.8 M€, i.e. a rate of 50%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 2.4 M€, representing 10.2% of revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 1.6 M€, i.e. 6.7% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 16%. 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 61%. 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 0.6 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 8.6% 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 280.09. 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 0.8x. 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: 31 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 45 days. Favorable situation: supplier credit is longer than customer credit by 14 days. Inventory turnover is 44 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 71 days of revenue, i.e. 4.6 M€ to permanently finance. Over 2016-2024, WCR increased by +42%, requiring additional financing.

Based on 76 transactions of similar company sales (all years), the value of OCEPLAST is estimated at 3 483 479 € (range 1 454 762€ - 7 405 873€). With an EBITDA of 2 390 527€, the sector multiple of 1.3x is applied. The price/revenue ratio is 0.20x (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.