SOCIETE IMMOBILIERE DE KOUROU : revenue, balance sheet and financial ratios

In 2022, SOCIETE IMMOBILIERE DE KOUROU achieves revenue of 77.4 M€. Over the period 2017-2022, the company shows strong growth with a CAGR (compound annual growth rate) of +8.7%. Vs 2020, growth of +25% (61.8 M€ -> 77.4 M€). After deducting consumption (826 k€), gross margin stands at 76.6 M€, i.e. a rate of 99%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 38.7 M€, representing 50.1% of revenue. Positive scissor effect: EBITDA margin improves by +2.1 pts, sign of improved operational efficiency. This high EBITDA margin provides strong self-financing capacity and resilience to uncertainties. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 10.5 M€, i.e. 13.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 114%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 46%. 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 16.9 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 57.1% 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 757.57. 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 29.4x. 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: 42 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 0 days. The gap of 42 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 43 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. Overall, WCR represents 802 days of revenue, i.e. 172.5 M€ to permanently finance. Over 2017-2022, WCR increased by +198%, requiring additional financing.

Based on 241 transactions of similar company sales in 2022, the value of SOCIETE IMMOBILIERE DE KOUROU is estimated at 87 376 093 € (range 36 183 155€ - 204 055 806€). With an EBITDA of 38 734 406€, the sector multiple of 3.3x is applied. The price/revenue ratio is 0.68x (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.