SEPAC - COMPAGRI : revenue, balance sheet and financial ratios

In 2025, SEPAC - COMPAGRI achieves revenue of 157.3 M€. Revenue is growing positively over 9 years (CAGR: +4.4%). Significant drop of -13% vs 2024. After deducting consumption (136.7 M€), gross margin stands at 20.5 M€, i.e. a rate of 13%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 2.6 M€, representing 1.6% of revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 738 k€, i.e. 0.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 506%. 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 12%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 26.7 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. 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 334.17. 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 80.2x. 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: 80 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 25 days. The gap of 55 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 6 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 94 days of revenue, i.e. 41.0 M€ to permanently finance. Over 2017-2025, WCR increased by +30%, requiring additional financing.

Based on 94 transactions of similar company sales (all years), the value of SEPAC - COMPAGRI is estimated at 7 960 934 € (range 5 291 017€ - 11 396 073€). With an EBITDA of 2 562 725€, 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.