SIPA MENUISERIES : revenue, balance sheet and financial ratios

In 2024, SIPA MENUISERIES achieves revenue of 15.6 M€. Revenue is growing positively over 8 years (CAGR: +2.7%). Slight decline of -9% vs 2023. After deducting consumption (7.4 M€), gross margin stands at 8.3 M€, i.e. a rate of 53%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 1.1 M€, representing 7.0% of revenue. Positive scissor effect: EBITDA margin improves by +4.7 pts, sign of improved operational efficiency. The operating margin remains fragile, requiring cost vigilance. Net income is negative at -457 k€ (-2.9% of revenue), which will impact equity.

The debt ratio (= Financial debt / Equity x 100) stands at 19%. This very low level reflects a solid financial structure, offering significant room for future investments or acquisitions. Financial autonomy (= Equity / Total assets x 100) reaches 53%. This high autonomy means the company finances most of its assets through equity, a sign of strength. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 0.9 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 5.8% 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 196.07. 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 63.3x. 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: 53 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 49 days. The company must finance 4 days of gap between collections and payments. Inventory turnover is 51 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 86 days of revenue, i.e. 3.7 M€ to permanently finance. Over 2016-2024, WCR increased by +34%, requiring additional financing.

Based on 76 transactions of similar company sales (all years), the value of SIPA MENUISERIES is estimated at 2 053 290 € (range 913 278€ - 3 517 629€). With an EBITDA of 1 093 001€, the sector multiple of 1.3x is applied. The price/revenue ratio is 0.20x (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.