UP COOP : revenue, balance sheet and financial ratios

In 2024, UP COOP achieves revenue of 198.6 M€. Revenue is growing positively over 8 years (CAGR: +2.8%). Vs 2023: +4%. After deducting consumption (1.9 M€), gross margin stands at 196.7 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 21.6 M€, representing 10.9% of revenue. Warning negative scissor effect: despite revenue change (+4%), EBITDA varies by -18%, reducing margin by 2.9 pts. This reflects costs rising faster than revenue. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 9.2 M€, i.e. 4.6% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 93%. Debt level is high: negotiating margin with banks is reduced. Financial autonomy (= Equity / Total assets x 100) reaches 14%. Low autonomy: the company heavily depends on external financing (banks, suppliers). Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 17.5 years of cash flow to repay all financial debt. Beyond 7 years, banks generally consider credit risk as high. Cash flow represents 5.3% 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 97.58. 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 37.3x. 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: 0 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 139 days. Excellent situation: suppliers finance 139 days of the operating cycle (retail model). Inventory turnover is 11 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. WCR is negative (-1191 days): operations structurally generate cash. Notable WCR improvement over the period (-75%), freeing up cash.

Based on 103 transactions of similar company sales (all years), the value of UP COOP is estimated at 51 887 691 € (range 24 196 097€ - 120 283 644€). With an EBITDA of 21 647 000€, the sector multiple of 2.5x is applied. The price/revenue ratio is 0.30x (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.