PIGEON CARRIERES : revenue, balance sheet and financial ratios

In 2024, PIGEON CARRIERES achieves revenue of 56.8 M€. Over the period 2017-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +8.5%. Vs 2023: +1%. After deducting consumption (10.1 M€), gross margin stands at 46.8 M€, i.e. a rate of 82%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 8.2 M€, representing 14.4% of revenue. Warning negative scissor effect: despite revenue change (+1%), EBITDA varies by -14%, reducing margin by 2.4 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 3.5 M€, i.e. 6.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 11%. 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 66%. 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 0.9 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 8.0% 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 316.61. 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 7.7x. 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: 30 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 74 days. Excellent situation: suppliers finance 44 days of the operating cycle (retail model). Inventory turnover is 198 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 229 days of revenue, i.e. 36.1 M€ to permanently finance. Over 2017-2024, WCR increased by +61%, requiring additional financing.

Based on 95 transactions of similar company sales (all years), the value of PIGEON CARRIERES is estimated at 9 547 585 € (range 3 226 104€ - 48 539 209€). With an EBITDA of 8 172 656€, the sector multiple of 1.4x is applied. The price/revenue ratio is 0.17x (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.