PONTICELLI FRERES : revenue, balance sheet and financial ratios

In 2024, PONTICELLI FRERES achieves revenue of 347.7 M€. Revenue is growing positively over 9 years (CAGR: +1.2%). Slight decline of -3% vs 2023. After deducting consumption (26.7 M€), gross margin stands at 321.0 M€, i.e. a rate of 92%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches -31.2 M€, representing -9.0% of revenue. Warning negative scissor effect: despite revenue change (-3%), EBITDA varies by -96%, reducing margin by 4.5 pts. This reflects costs rising faster than revenue. Negative EBITDA means operations do not cover current expenses: concerning situation. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 3.9 M€, i.e. 1.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 77%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 35%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 21.6 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 1.4% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 307.83. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 134 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 59 days. The gap of 75 days means the company finances its customers for over a month before being paid relative to supplier payments. This weighs on cash flow. Inventory turnover is 2 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 171 days of revenue, i.e. 165.0 M€ to permanently finance. Over 2016-2024, WCR increased by +134%, requiring additional financing.

Based on 98 transactions of similar company sales (all years), the value of PONTICELLI FRERES is estimated at 41 945 269 € (range 17 846 652€ - 66 169 484€). The price/revenue ratio is 0.18x (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.