SAPINIERE AGRI TP : revenue, balance sheet and financial ratios

In 2023, SAPINIERE AGRI TP achieves revenue of 440 k€. Over the period 2021-2023, the company shows strong growth with a CAGR (compound annual growth rate) of +123.5%. Vs 2022, growth of +50% (294 k€ -> 440 k€). After deducting consumption (116 k€), gross margin stands at 324 k€, i.e. a rate of 74%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 36 k€, representing 8.1% of revenue. Warning negative scissor effect: despite revenue change (+50%), EBITDA varies by -43%, reducing margin by 13.2 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 6 k€, i.e. 1.4% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 3819%. 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 2%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 10.5 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 7.0% 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 269.88. 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 12.9x. 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: 18 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 12 days. The company must finance 6 days of gap between collections and payments. Inventory turnover is 35 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 59 days of revenue, i.e. 72 k€ to permanently finance. Over 2021-2023, WCR increased by +802%, requiring additional financing.

Based on 120 transactions of similar company sales (all years), the value of SAPINIERE AGRI TP is estimated at 58 434 € (range 22 952€ - 141 136€). With an EBITDA of 35 537€, the sector multiple of 1.4x is applied. The price/revenue ratio is 0.22x (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.