SOC COOPER OUVRIERE THERMOFORMAGE : revenue, balance sheet and financial ratios

In 2023, SOC COOPER OUVRIERE THERMOFORMAGE achieves revenue of 6.2 M€. Revenue is growing positively over 8 years (CAGR: +2.3%). Significant drop of -11% vs 2022. After deducting consumption (2.6 M€), gross margin stands at 3.6 M€, i.e. a rate of 59%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 981 k€, representing 15.8% of revenue. Warning negative scissor effect: despite revenue change (-11%), EBITDA varies by -34%, reducing margin by 5.5 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 812 k€, i.e. 13.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 27%. 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 71%. 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 1.5 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 15.5% 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 815.26. 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 3.6x. Financial charges are adequately covered by operations.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 34 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 37 days. Favorable situation: supplier credit is longer than customer credit by 3 days. Inventory turnover is 104 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 224 days of revenue, i.e. 3.9 M€ to permanently finance. Over 2016-2023, WCR increased by +114%, requiring additional financing.

Based on 76 transactions of similar company sales (all years), the value of SOC COOPER OUVRIERE THERMOFORMAGE is estimated at 1 279 361 € (range 515 391€ - 2 987 833€). With an EBITDA of 981 224€, 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.