RINGARD AGRI : revenue, balance sheet and financial ratios

In 2024, RINGARD AGRI achieves revenue of 43.4 M€. Over the period 2021-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +17.6%. Significant drop of -11% vs 2023. After deducting consumption (38.9 M€), gross margin stands at 4.5 M€, i.e. a rate of 10%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 653 k€, representing 1.5% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 132 k€, i.e. 0.3% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 120%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 31%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 3.6 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 0.8% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

The liquidity ratio (= Current assets / Current liabilities) stands at 140.49. 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 41.3x. 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: 66 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 32 days. The gap of 34 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 13 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 90 days of revenue, i.e. 10.9 M€ to permanently finance. Over 2021-2024, WCR increased by +71%, requiring additional financing.

Based on 94 transactions of similar company sales (all years), the value of RINGARD AGRI is estimated at 2 163 774 € (range 1 444 298€ - 3 036 518€). With an EBITDA of 653 413€, the sector multiple of 0.5x is applied. The price/revenue ratio is 0.15x (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.