STE D'ETUDES ET DE RECHERCHES DE PRODUITS S.E.R.P. : revenue, balance sheet and financial ratios

STE D'ETUDES ET DE RECHERCHES DE PRODUITS S.E.R.P. is a French company founded 37 years ago, specialized in the sector Commerce de gros (commerce interentreprises) de parfumerie et de produits de beauté. Based in GRAGNAGUE (31380), this company of category PME shows in 2021 a revenue of 1.5 M€. Find below the complete financial statements, solvency ratios, working capital requirements and sector comparison.

Data updated on 2026-05-09

Sources : INPI & INSEE SIRENE - Processing : Ministry of Economy

Financial history - STE D'ETUDES ET DE RECHERCHES DE PRODUITS S.E.R.P. (SIREN 345399737)
Indicator 2021 2020 2019 2018 2017 2016
Revenue 1 485 053 € 1 264 685 € 2 550 497 € 2 782 146 € 2 683 887 € 2 545 393 €
Net income 3 457 € -695 675 € -117 691 € 1 680 € 788 559 € 125 630 €
EBITDA 126 469 € -543 090 € -25 912 € 126 172 € 117 229 € 232 092 €
Net margin 0.2% -55.0% -4.6% 0.1% 29.4% 4.9%

Revenue and income statement

In 2021, STE D'ETUDES ET DE RECHERCHES DE PRODUITS S.E.R.P. achieves revenue of 1.5 M€. Revenue is declining over the period 2016-2021 (CAGR: -10.2%). Vs 2020, growth of +17% (1.3 M€ -> 1.5 M€). After deducting consumption (534 k€), gross margin stands at 951 k€, i.e. a rate of 64%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 126 k€, representing 8.5% of revenue. Positive scissor effect: EBITDA margin improves by +51.5 pts, sign of improved operational efficiency. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 3 k€, i.e. 0.2% of revenue. This profit can be retained or distributed to shareholders.

Revenue (2021) ?
Revenue
Definition
Total amount of sales of goods and services made by the company.
Formula
Sales of goods + Sold production

1 485 053 €

Gross margin (2021) ?
Gross margin
Definition
Difference between revenue and cost of goods sold.
Formula
Revenue - Cost of goods consumed

950 910 €

EBITDA (2021) ?
Gross Operating Surplus (EBITDA)
Definition
Resources generated by current operations, before depreciation and financial expenses.
Formula
Value added - Personnel expenses - Taxes
Interpretation
Positive = profitable activity

126 469 €

EBIT (2021) ?
EBIT (Operating Income)
Definition
Operating income, including depreciation and provisions.
Formula
EBITDA - Depreciation and provisions + Reversals

17 806 €

Net income (2021) ?
Net income
Definition
Profit or loss after all expenses, including taxes and exceptional items.
Formula
Current income + Exceptional income - Income tax

3 457 €

EBITDA margin (2021) ?
EBITDA margin
Definition
Measures the company's operating profitability.
Formula
(EBE / CA) x 100
Interpretation
> 10% : Good profitability
5-10% : Average
< 5% : Low

7.3%

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Assets

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Liabilities

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Solvency and debt ratios

The debt ratio (= Financial debt / Equity x 100) stands at -2014%. 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 -3%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 13.7 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 4.5% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment.

Debt ratio (2021) ?
Debt ratio
Definition
Measures the proportion of debt to equity.
Formula
(Financial debt / Equity) x 100
Interpretation
< 50% : Low
50-100% : Moderate
> 100% : High

-2013.799%

Financial autonomy (2021) ?
Financial autonomy
Definition
Share of equity in the company's total financing.
Formula
(Equity / Total assets) x 100
Interpretation
> 30% : Good autonomy
20-30% : Average
< 20% : Low

-3.455%

Cash flow / Revenue (2021) ?
Cash flow / Revenue
Definition
Self-financing capacity relative to revenue.
Formula
(CAF / CA) x 100
Interpretation
The higher the ratio, the more cash the company generates

4.518%

Repayment capacity (2021) ?
Repayment capacity
Definition
Number of years needed to repay debts with cash flow.
Formula
Financial debt / Cash flow
Interpretation
< 3 years : Excellent
3-5 years : Fair
> 5 years : Warning

13.665

Asset age ratio (2021) ?
Asset age ratio
Definition
Measures the degree of wear of tangible assets.
Formula
Accumulated depreciation / Gross fixed assets x 100
Interpretation
< 50% : Recent assets
50-70% : Normal wear
> 70% : Aging assets

32.2%

Solvency indicators evolution
STE D'ETUDES ET DE RECHERCHES DE PRODUITS S.E.R.P.

Sector positioning

Debt ratio
-2013.8 2021
2019
2020
2021
Q1: 0.0
Med: 17.5
Q3: 89.09
Excellent -50 pts over 3 years

In 2021, the debt ratio of STE D'ETUDES ET DE RECHER... (-2013.80) ranks in the bottom 25% of the sector, which is positive. This ratio measures the weight of debt relative to equity. A low ratio indicates a solid financial structure with little dependence on creditors.

Financial autonomy
-3.46% 2021
2019
2020
2021
Q1: 9.99%
Med: 33.18%
Q3: 58.7%
Average -19 pts over 3 years

In 2021, the financial autonomy of STE D'ETUDES ET DE RECHER... (-3.5%) ranks below the median of the sector. This ratio represents the share of equity in total financing. An improvement would strengthen the competitive position.

Repayment capacity
13.66 years 2021
2019
2020
2021
Q1: 0.0 years
Med: 0.0 years
Q3: 1.84 years
Average +50 pts over 3 years

In 2021, the repayment capacity of STE D'ETUDES ET DE RECHER... (13.66) ranks above the median of the sector. This ratio indicates the number of years needed to repay debt with cash flow. A reduction effort could improve financial strength.

Liquidity ratios

The liquidity ratio (= Current assets / Current liabilities) stands at 124.10. 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 24.3x. Operating income very largely covers interest expenses: high safety margin.

Liquidity ratio (2021) ?
Liquidity ratio
Definition
Ability to meet short-term debts with current assets.
Formula
Current assets / Current liabilities
Interpretation
> 1.5 : Very good
1-1.5 : Fair
< 1 : Liquidity risk

124.097

Interest coverage (2021) ?
Interest coverage
Definition
Ability to cover interest charges with operating income.
Formula
EBIT / Interest expenses
Interpretation
> 3 : Comfortable
1.5-3 : Acceptable
< 1.5 : Risk

24.266

Liquidity indicators evolution
STE D'ETUDES ET DE RECHERCHES DE PRODUITS S.E.R.P.

Sector positioning

Liquidity ratio
124.1 2021
2019
2020
2021
Q1: 128.39
Med: 209.25
Q3: 357.22
Watch

In 2021, the liquidity ratio of STE D'ETUDES ET DE RECHER... (124.10) ranks in the bottom 25% of the sector. This ratio measures the ability to cover short-term debt with current assets. A ratio below 1 may signal potential cash flow tensions.

Interest coverage
24.27x 2021
2019
2020
2021
Q1: 0.0x
Med: 0.0x
Q3: 2.75x
Excellent +51 pts over 3 years

In 2021, the interest coverage of STE D'ETUDES ET DE RECHER... (24.3x) ranks in the top 25% of the sector. This ratio indicates how many times operating income covers interest expenses. High coverage means financial charges weigh little on profitability.

Working capital requirement (WCR) and payment terms

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 100 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 121 days. Favorable situation: supplier credit is longer than customer credit by 21 days. Inventory turnover is 181 days (= Average inventory / Cost of goods x 360). This high level ties up cash and potentially creates obsolescence risk. Overall, WCR represents 334 days of revenue, i.e. 1.4 M€ to permanently finance.

Operating WCR (2021) ?
Operating WCR
Definition
Financing requirement generated by the operating cycle (inventory + receivables - trade payables).
Formula
Inventory + Customer receivables - Trade payables
Interpretation
Negative = cash released
Positive = financing needed

1 378 887 €

Customer credit (2021) ?
Customer credit (days)
Definition
Average payment term granted to customers.
Formula
(Customer receivables / Revenue incl. VAT) x 360
Interpretation
< 45j : Good
45-60j : Average
> 60j : Long

100 j

Supplier credit (2021) ?
Supplier credit (days)
Definition
Average payment term obtained from suppliers.
Formula
(Trade payables / Purchases incl. VAT) x 360
Interpretation
The longer the term, the better for cash flow

121 j

Inventory turnover (2021) ?
Inventory turnover (days)
Definition
Average storage duration for goods or materials.
Formula
(Inventory / Cost of goods) x 360
Interpretation
The lower the ratio, the faster the turnover

181 j

WCR in days of revenue (2021) ?
WCR in days of revenue
Definition
Expresses working capital requirement in days of revenue.
Formula
(Operating WCR / Revenue) x 360
Interpretation
The fewer days, the better the working capital management

334 j

WCR and payment terms evolution
STE D'ETUDES ET DE RECHERCHES DE PRODUITS S.E.R.P.

Positioning of STE D'ETUDES ET DE RECHERCHES DE PRODUITS S.E.R.P. in its sector

Comparison with sector Commerce de gros (commerce interentreprises) de parfumerie et de produits de beauté

Valuation estimate

Based on 64 transactions of similar company sales (all years), the value of STE D'ETUDES ET DE RECHERCHES DE PRODUITS S.E.R.P. is estimated at 320 701 € (range 187 368€ - 985 284€). With an EBITDA of 126 469€, the sector multiple of 2.4x is applied. The price/revenue ratio is 0.38x (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.

Estimated enterprise value 2021
64 tx
187k€ 320k€ 985k€
320 701 € Range: 187 368€ - 985 284€
NAF 5 all-time

Valuation detail by method

Ajustez les pondérations selon votre analyse

EBITDA Multiple 50%
126 469 € × 2.4x
Estimation 299 061 €
147 533€ - 1 406 876€
Revenue Multiple 30%
1 485 053 € × 0.38x
Estimation 566 418 €
376 524€ - 912 454€
Net Income Multiple 20%
3 457 € × 1.8x
Estimation 6 229 €
3 223€ - 40 553€

Valuation evolution

How is this estimate calculated?

This estimate is based on the analysis of 64 actual transactions of similar company sales (same NAF code) registered with BODACC between 2016 and 2025.

  • EBITDA Multiple: Preferred method for profitable SMEs. EBITDA reflects the ability to generate cash.
  • Revenue Multiple: Used for growing companies or those with low profitability. Reflects commercial potential.
  • Net Income Multiple: Relevant for mature companies with stable results.

This estimate is provided for information purposes only. A precise valuation requires in-depth analysis (assets, liabilities, prospects, market...).

Similar companies (Commerce de gros (commerce interentreprises) de parfumerie et de produits de beauté)

Compare STE D'ETUDES ET DE RECHERCHES DE PRODUITS S.E.R.P. with other companies in the same sector:

Voir toutes les statistiques du secteur Commerce de gros (commerce interentreprises) de parfumerie et de produits de beauté

Frequently asked questions about STE D'ETUDES ET DE RECHERCHES DE PRODUITS S.E.R.P.

What is the revenue of STE D'ETUDES ET DE RECHERCHES DE PRODUITS S.E.R.P. ?

The revenue of STE D'ETUDES ET DE RECHERCHES DE PRODUITS S.E.R.P. in 2021 is 1.5 M€.

Is STE D'ETUDES ET DE RECHERCHES DE PRODUITS S.E.R.P. profitable?

Yes, STE D'ETUDES ET DE RECHERCHES DE PRODUITS S.E.R.P. generated a net profit of 3 k€ in 2021.

Where is the headquarters of STE D'ETUDES ET DE RECHERCHES DE PRODUITS S.E.R.P. ?

The headquarters of STE D'ETUDES ET DE RECHERCHES DE PRODUITS S.E.R.P. is located in GRAGNAGUE (31380), in the department Haute-Garonne.

Where to find the tax return of STE D'ETUDES ET DE RECHERCHES DE PRODUITS S.E.R.P. ?

The tax return of STE D'ETUDES ET DE RECHERCHES DE PRODUITS S.E.R.P. is available on this page. Click on a year in the 'Data by year' section to view the account details (assets, liabilities, income statement). Data comes from INPI (National Institute of Industrial Property).

In which sector does STE D'ETUDES ET DE RECHERCHES DE PRODUITS S.E.R.P. operate?

STE D'ETUDES ET DE RECHERCHES DE PRODUITS S.E.R.P. operates in the sector Commerce de gros (commerce interentreprises) de parfumerie et de produits de beauté (NAF code 46.45Z). See the 'Sector positioning' section above to compare the company with its competitors.