PIERRE FABRE DERMO-COSMETIQUE : revenue, balance sheet and financial ratios

In 2024, PIERRE FABRE DERMO-COSMETIQUE achieves revenue of 1.0 Bn€. Revenue is growing positively over 9 years (CAGR: +0.6%). Slight decline of -1% vs 2023. After deducting consumption (234.4 M€), gross margin stands at 800.9 M€, i.e. a rate of 77%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 144.4 M€, representing 14.0% of revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 119.4 M€, i.e. 11.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 2%. 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 67%. 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 0.1 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 12.9% 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 241.23. 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 9.5x. 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: 68 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 65 days. The company must finance 3 days of gap between collections and payments. Inventory turnover is 66 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 152 days of revenue, i.e. 436.1 M€ to permanently finance. Over 2016-2024, WCR increased by +33%, requiring additional financing.

Based on 74 transactions of similar company sales (all years), the value of PIERRE FABRE DERMO-COSMETIQUE is estimated at 92 091 525 € (range 41 716 513€ - 282 865 275€). With an EBITDA of 144 413 758€, 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.