SA COOP PRODUCTION D'HLM AIN HABITAT : revenue, balance sheet and financial ratios

In 2019, SA COOP PRODUCTION D'HLM AIN HABITAT achieves revenue of 12.2 M€. Over the period 2016-2019, the company shows strong growth with a CAGR (compound annual growth rate) of +15.7%. Vs 2018, growth of +39% (8.8 M€ -> 12.2 M€). After deducting consumption (4.9 M€), gross margin stands at 7.3 M€, i.e. a rate of 60%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 4.7 M€, representing 38.0% of revenue. Warning negative scissor effect: despite revenue change (+39%), EBITDA varies by +14%, reducing margin by 8.2 pts. This reflects costs rising faster than revenue. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 1.8 M€, i.e. 14.9% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 352%. Critical situation: debt significantly exceeds equity, severely limiting borrowing capacity and exposing the company to default risk. Financial autonomy (= Equity / Total assets x 100) reaches 21%. The balance between equity and debt is satisfactory. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 29.8 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 27.9% 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 452.50. 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 29.3x. 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: 38 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 64 days. Favorable situation: supplier credit is longer than customer credit by 26 days. Inventory turnover is 204 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 219 days of revenue, i.e. 7.4 M€ to permanently finance. Over 2016-2019, WCR increased by +30%, requiring additional financing.

Based on 234 transactions of similar company sales in 2019, the value of SA COOP PRODUCTION D'HLM AIN HABITAT is estimated at 17 575 378 € (range 6 154 662€ - 33 396 492€). With an EBITDA of 4 660 314€, the sector multiple of 5.5x is applied. The price/revenue ratio is 0.69x (in line with sector norms). 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.