THEPENIER PHARMA ET COSMETICS : revenue, balance sheet and financial ratios

In 2024, THEPENIER PHARMA ET COSMETICS achieves revenue of 29.1 M€. Over the period 2016-2024, the company shows strong growth with a CAGR (compound annual growth rate) of +9.2%. Slight decline of -3% vs 2023. After deducting consumption (11.8 M€), gross margin stands at 17.3 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 1.9 M€, representing 6.6% of revenue. Warning negative scissor effect: despite revenue change (-3%), EBITDA varies by -55%, reducing margin by 7.6 pts. This reflects costs rising faster than revenue. The operating margin remains fragile, requiring cost vigilance. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 892 k€, i.e. 3.1% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 79%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 44%. 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 6.0 years of cash flow to repay all financial debt. This ratio remains within usual banking standards. Cash flow represents 5.1% 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 205.37. 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 18.9x. 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: 63 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 52 days. The company must finance 11 days of gap between collections and payments. Inventory turnover is 51 days (= Average inventory / Cost of goods x 360). Overall, WCR represents 110 days of revenue, i.e. 8.9 M€ to permanently finance. Over 2016-2024, WCR increased by +135%, requiring additional financing.

Based on 74 transactions of similar company sales (all years), the value of THEPENIER PHARMA ET COSMETICS is estimated at 1 660 000 € (range 852 766€ - 4 332 676€). With an EBITDA of 1 931 982€, the sector multiple of 0.6x is applied. The price/revenue ratio is 0.11x (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.